The necessity of keeping up with technological innovation in business is inescapable and in the field of financial management, the benefits which tech can bring to your business cannot be ignored. With this in mind, here are five reasons why businesses should update their finance management.
The pace of technological development is exhausting and bewildering. Businesses experience an incessant onslaught of new tech and its attendant promises of miraculous innovation. It’s understandable that many businesses just want to get on with what they do best and are reluctant to invest the time and money in innovations which could turn out to be technological cul de sacs. Understandable but wrong. The necessity of keeping up with technological innovation in business is inescapable and businesses must devote appropriate time and money to ensuring that they are at the forefront of technological innovation.
In the field of financial management, the benefits which tech can bring to your business cannot be ignored. A major innovation would be to adopt ‘Robotic Process Automation’, an overarching system which ensures that your computer systems are reliable, efficient and productive. If that seems a step too far, consider automating your payroll system by using software such as Quickbooks which will save you time and money. Quickbooks deals with overtime, bonus payments, PAYE, NI and pension contributions. It produces professional payslips, auto updates in line with HMRC requirements and links to an online accounting system.
Another way to update your finance management is to provide your employees with a prepaid credit card for their expenses. This will enable you to prevent overspending and track expenditure in real time. Setting up payments with online banking and using electronic invoicing will also help liberate your finance personnel so that they can develop other roles which will actively drive the business forward.
- Increased productivity
Automating processes and using specialist software saves time and enables you to redeploy personnel to roles which will facilitate further development.
- Fewer mistakes
More automation means less human error and more reliability. Liberate your employees to work in ways which use their skill set and let software do what it is good at.
- Improve you employees’ job satisfaction
All too often technology is viewed by employees as a threat to their jobs. Well managed technology should enhance employees’ job satisfaction, giving them the opportunity to learn new skills and a bringing a sense of being in control of technological development rather being intimidated by it.
- Greater financial security
The use of prepaid credit cards enables all employees to have access to funds when they need to spend money on behalf of the company. Money is loaded onto the card and therefore there is no opportunity to overspend. Expenditure can be monitored in real time and should the card be lost or stolen it can be frozen, without the need to close an entire account. Online purchases with a conventional credit card reveal a billing address, card number, expiration date and security code. A prepaid credit card is not linked to a bank account and therefore your employees can make online purchases without exposing the company account to hackers.
- Easier to predict cash flow needs
Automating your company payroll and using prepaid cards for employee expenses will give you a much tighter grip on expenditure. Real time data gives you an instant overview of expenditure and makes for much more accurate financial planning.