Business isn’t pen and paper bookkeeping and red tape anymore. Technology allows us to achieve our goals quickly and efficiently, and its had a significant impact on the way people start and run their small businesses.
Financial technology, or Fintech, solves so many cashflow problems that small businesses often face. Best of all, it’s easily accessible to any business owner.
Automation saves time and money, two resources small businesses often have in short supply. You probably automate your email lists or even your social media posts, but are you automating where it really counts?
Automating outgoing payments and making automated payments available to people who shop with you makes invoices less likely to go unpaid. Set up a bill account, and put your bills on autopay. Allow customers to render payments for monthly or weekly services via autopay – they won’t forget they owe you money.
Accounting and Invoicing Made Easy
Tools like Wave help small and medium businesses consolidate and handle all of their important financial documents. Wave and tools like it often come with free and paid options, allowing small businesses to add and only pay for services they need, rather than spending money on specialty tools that won’t apply to them.
Look for fully functional accounting software and invoicing tools to help you keep track of every penny.
When small businesses need loans to expand and grow, they often find it difficult to work with big banks. Big banks are very risk averse – they’d rather stick with the sure thing, and they’re willing to dole out a lot of money to absolutely ideal candidates.
Small or specialty banks use Fintech to offer online lending, oftentimes without a hard pull of credit scores that might be damaging. Securing growth capital is easier with fintech banks.
Processing Payments Securely
Fintech is at the cutting edge of security. Any payments processed online through top notch Fintech tools are protected against threats much more than other payment methods would be. Keeping customer information secure and minimizing the potential for data breaches is important for small businesses who want to survive.
Customers won’t shop with small businesses that don’t use the most secure payment processing methods. Don’t ever cut corners, especially not when Fintech makes it easier to protect your customers.
Keeping Track of Properties and Tenants
Fintech has tons of niche applications, and one of the industries its had the biggest impact on is the rental industry. Small property management companies and solo landlords use Fintech to manage tenants and rent payments.
Anything you manage as a rental can easily be handled through Fintech apps and software that do all the hard work for you – whether it’s cars, tools, or sporting equipment.
When you’re busy trying to run your small business, you need all the help you can get. Great Fintech tools behave like helpful experts that have your best interest in mind.
There’s probably a Fintech tool for every money related task you have to accomplish – it’s all a matter of choosing the right tool for you.
About the Author
Alana Downer is an experienced financial advisor, a well-established money blogger and a proud coffee addict. She is also a part of the team behind Learn to Trade, an educational platform for traders and investors. Feel free to reach out to her on @alanadownerLTT with questions, or just to say “hi”.