Growth never happens when you sit in the comfort zone with your seat belt on. If you haven’t already integrated Fintech into your business, take the time to discover its amazing benefits.
If you have been in business for longer than the internet has been around it might feel counter-intuitive to put your faith into financial technology. That’s completely understandable – it’s a confusing subject. How do we store data to a cloud? Where is that cloud? What about online banking? Can that be secure? If you feel strange watching someone pay in a shop with their smart phone, then you probably belong to this group, and that’s OK. Remember how it felt to embrace the ‘chip and pin’ payment method when it came in? That’s worked out wonderfully. Well Fintech has grown up alongside the internet, it’s fully mature and ready to help your business grow.
Data Analytics
Having the ability to look at your own financial records to make forecasts and see trends is a very useful but specific skill that not all business people possess. It has predominantly been the domain of the accountant or financial director to detect where the growth is likely to happen and interpret data in an easy to understand format. Given the right information good data analytics software can do this for you and will even provide graphs and charts that enable you to visualise the information.
Good analytics will present you with solid facts that show your business strengths (or weaknesses), and give you the confidence to move forward knowing you are making the right choices. It will often inspire the adventurous entrepreneur into a new direction.
Knowing your strengths is so important when making business decisions and discovering where those strengths are is much easier with quality analytics.
Simplified Payment Systems
Before the financial world embraced technology a payment from a client could take a while. A cheque might clear in a few days if it was from a trusted source, but if it was a first time payment from overseas the wait time could be much longer. We all lived with this and couldn’t imagine a safe environment that could speed up payment times, but Fintech has changed all that.
Online banking happens at lightning speed now and the union of financial services and technology has enabled the creation of online banking and mobile apps that give businesses a better picture of their financial status and more free time that would traditionally be spent writing in ledgers and filing pieces of paper.
Debt collection
Using a simple accounting system can be a real time saver when you are creating invoices, but it goes far beyond that for the customer. If they are able to pay you more easily because it’s a button click in an email rather than a complicated process, your bad debts will become much easier to manage. The easier you make your payment method, the more your customers will want to pay you.
Human Resources
Paying employees directly into their bank accounts is not new, but modern fintech solutions offer so much more than the ability to calculate salaries and pay your staff on time. You can organise shifts and holidays more easily, store personnel information securely, keep records of sickness and even track covid vaccinations.
Communication is also improved and a simple piece of software can be used to approve holiday requests quickly, post shift rotas and keep employees informed via email or an app on their mobile phones. You’ll get user dashboards that show calendars at a glance where ever you are. You’ll see who’s working from home, who’s on holiday and who’s off sick. You can prevent holiday clashes, and be well prepared when appraisals are due.
What now?
If you do what you always did, you get what you always got! A phrase that is usually attached to relationships, but it can apply to business too. Fintech is secure, time saving, money saving and easy to use. Unbuckle the seatbelt on your comfort zone, research the various Fintech solutions out there and discover the benefits for your business. Call one of our experts here at System Holdings for an informal chat. We’d love to hear all about your business and advise you on the best Fintech options. System Holdings contact details
