For centuries, gadgets have helped us improve efficiency and provide better experiences. The abacus, for example, is the most primitive counting device. It allowed merchants to add and subtract big numbers and keep track of the goods they bought and sold. The abacus eventually evolved into the mechanical calculator which blazed the trail for personal computers and smartphones.
Gadgets get more capable every day. In fact, the smartphones we all seem to be dependent on today have a faster processor than the guidance computers NASA used during the Apollo 11 mission. While none of us need equipment sophisticated enough to land on the moon, embracing financial technology is the only way to keep up and stay competitive in a changing business environment.
From the services you use to the ones you provide, here are a few ways financial technology may change the way you do business in 2021.
Traditional Lending.
Businesses are increasingly turning to digital financial institutions to get the financial help they need. What’s more, these digital competitors are creating more attractive loan packages than traditional banks, causing many business owners to turn to alternative digital providers for help in managing and growing their business.
Digital Payments.
Now that so many consumers are relying on online transactions, there’s an even greater need for digital payment options. Whether it’s PayPal, Venmo, or Zelle, digital payment options allow customers to pay for items from anywhere, which enables businesses to grow.
Tracking Expenses.
The best way to make an informed financial decision is to have a clear picture of your business’ financials. Expense monitoring tools help paint the clearest picture. They help business owners monitor all the money coming in and going out, as well as how that money is being spent.
Electronic Invoicing.
Implementing an electronic invoicing solution can help a business 10-fold. It simplifies the accounting process and improves cash flow. More importantly, it allows administrative personnel time to dedicate to more strategic activities.
Financial technology has been a game changer for businesses. And even bigger things lie ahead. As a wave of new technologies begin to play a role in business and commerce, creating the right balance between financial knowledge and technological knowledge will be critical for crafting new opportunities. Executive teams looking to make the most of new technologies are repeatedly turning to Miami CFO. Our financial professionals are skilled at pairing various tech solutions with hands-on, personalized service to help clients improve their financial well-being.
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