Can Technology Support Small Business Finance?

0
123

Share on LinkedIn

Technology small business
Image credit: https://www.pexels.com/photo/photo-of-person-holding-black-pen-990818/

Launching a startup can feel like you’re running a one-person corporation. When you have to lead all departments, it can be difficult to find time to optimize your business finance.

But, your rivals will be using the latest tech, so it’s important to think about best practice financial operations early on. As you start to make serious money, your finances will become more complex – and having the best infrastructure in place can make for smoother growth.

Whether you run an established SME or a brand new startups, there are a number of ways tech can help your business to thrive.

Saving you time on regular payments

Whether you’re launching a consultancy or nurturing a small agency, any business is built on its transactions. Paying your dues is a necessary job, but it can become time-consuming, draining vital time and enthusiasm from your business.

If you’d rather spend more time on what really matters, you should invest in time-saving tech. Options like QuickBooks Business Checks mean you can spend less time printing out paperworkd, while ensuring all-important protection against fraud.

Boosting efficiency with automation

Automation and robotics are no longer science fiction: they’re here to stay, making waves in the corporate world. Don’t make the mistake of believing automation is only for large firms with big budgets – simple and affordable software investments are available, perfect for growing organizations.

Using tech to make simple changes to your operation can revolutionize how you view financial tasks. From business expenses automation through to streamlining rates of contract, tech could change your experience of financial work, reducing the need to take on the additional overheads that come with hiring staff to plough through the numbers for you.

Helping you raise funds

In the past, if an individual wanted to raise money to grow their business, they had to visit a bank to apply for a loan, or secure wealth from personal investors. Technology is at the crux of any modern fundraising process, so it’s a good idea to consider how the digital age could sharpen your next project.

SMEs are using social platforms to generate leads, with impressive results. LinkedIn allows you to connect with more high-capital industry professionals than ever before. If your business has a socially conscious side or your products and services are high in demand, crowdfunding for business growth could also be a viable option – and help build a band of engaged backers to spread the word of your enterprise.

Streamlining tax and payroll

Tech doesn’t have to be ground-breaking to be a fundamental part of how your business operates. Excel has been around for years, but a surprising number of business owners don’t know how to get the most of it.

Even if you think you’re a spreadsheet whiz, it’s useful to take the time to learn neat excel hacks. You can use this for quick financial analysis, or complex projections.

As your business grows, you need to make sure you’re making the right investments for a business that can scale efficiently. To do this, keep a tight hold of monthly profits and calculate the best amount to spend. Smart use of software has made financial organization simpler and more affordable than ever before.

Once you start to hire, it makes sense to ditch manual administration, and to invest in great payroll software. Boosting payroll efficiency early on means you can stay protected and primed for growth – well into the future.

Philip Piletic
Techloot
I have several years of experience in marketing and startups, and regularly contribute to a number of online platforms related to technology, marketing and small business. I closely follow how Big Data, Internet of Things, Cloud and other rising technologies grew to shape our everyday lives. Currently working as managing editor for a UK tech site.

ADD YOUR COMMENT

Please use comments to add value to the discussion. Maximum one link to an educational blog post or article. We will NOT PUBLISH brief comments like "good post," comments that mainly promote links, or comments with links to companies, products, or services.

Please enter your comment!
Please enter your name here