Fintech plugins in online accounting software
In the cloud accounting world Fintech has been an clinched and extensively expertise and experienced solution from past few years in the automation of accounting system in relation to the old ways, where the accounts are maintained either in paper or on excel spreadsheets. Just dethrone traditional accounting methods in order to give a new phase to your business world. It can make the system more sophisticated by incorporating innovative modern technologies like Fintech which can give you an edge over to your competitors in small and medium businesses. Through the Fintech systems development and third party integration systems of business along with data integration technology is designed to the core functional areas of business. You can also integrate with other information technological products through Fintech which can process all the data implementation of all the functional areas in a predictable manner.
Fintech plugins in your accounting can provides you with the advance demarcated task based work plans and from ready made templates to your own customized templates. It also gives you scope of work deliverables for rapid implementation of the Fintech processes automation in the cloud Accounting software
Here are some of the Fintech plugins and add ons used to make your business easy
Automatic data entry
Data entry is a very time consuming and tedious job with the Fintech plugins and add ons you can make your data entry more efficient and cut down on the time spent on it. You can just speed up the time consuming accounting processes such as bookkeeping, maintaining ledger books or helping your clients track the debit automatically.
By incorporating a Fintech accounting solution in your business, just by scanning the bank statements, remittances, quotes, invoices and expenses you can extract the data automatically into print text and all your data from the receipt can be extracted into your online accounting software where that data is segregated into the respective reports and this way you can minimise the time wasted on the data entry process and also can have all your key transactions and current actual real time numbers of your bank accounts. You can also get real time business reports with actual current numbers Fintech just makes everything simpler easier and quicker.
To improve the cash flow
Some of the Fintech plugins are incorporated so that you can speed up your payment by automating your clients credit control limit. It works by integrating your accounting software with Fintech Solutions which can automatically send invoices which becomes overdue to your customers by email. This way you can get paid fast and the chasing payments can be controlled by keeping a watch over your customer’s credit limit and you can also prioritize highest risk customers and risk free customers. So that you can have more transparency and reliable view of your cash flow situation.
Card less payment methods
You can get paid via direct debit method, this is another method of getting paid faster and a lot more hassle free than getting paid through banking mode. Going card less is a direct Fintech debit solution. It works when you sign up your customers with online payment method by integrating their online accounting software with their bank account. You will get paid directly from their bank account. You can set the payment mode on a monthly, quarterly, half yearly or yearly basis. By going card less you need not have to worry about chasing payments nor intimating invoice payment dates as you will get automatically paid up. Card less payments are more efficient and cost effective in order to maximize you company’s cash flow.
Smart business advisor and Intellectual reporting
Small business entrepreneur’s are searching for more pro active and tech savvy smart business advisor rather than a mere accountant who can do just compliance work. Business owners wants the advisors to provide them with actual numbers, accurate and efficient up to date instant reporting, clear financial idea and helping them to avoid any risks, challenges and downfalls. This Fintech plug in helps you to predict business forecasting, budgets and product or service performances. It also works for non financial data such as clients information, their status with your company, advice on best customer segments to increase sales and predicting best niche markets for your business.
Innovative way to run your business practices
Fintech can change the way you practise the business to make it easy and accurate. It can help you to serve your clients with better service and support. Its helps in better internal and external business communications from any place and
from any device such as tablet, mobile phone, laptop and desktop. You can make your virtual presence felt and manage your business and employees and get complete update on your business and work even when you are on a vacation. Fintech provides your business practice the ability to create a totally precise business system that can really make a difference to your long term success of your business.
Fintech can revolutionize and evolve the way you operate the small and medium businesses and provide the service to your customers. By embracing Fintech your company can create a far more business compliance and attractive proposition in the competitive market place. For further reading on Fintech you can go through our articles here.