Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

The New Digital Financial Tools Made For Businesses

By Ankur Shah. Originally published at ValueWalk.

Digital Finance Uncertainty Metaverse Stocks InterContinental Hotel worst performing mega cap stocks in January 2022

Businesses are moving into the digital world more and more in today’s technological world, with companies increasing their effectiveness and productivity by leaning more heavily toward digital tools. But to set themselves apart from the competition, companies can’t just rely on flashy front-end technology in order to be better than the rest. They also need to now take into consideration the back-end, the unglamourous parts of business management and ensure that these systems, too, have their efficiency maximised. Digital finance is one of these areas that need to be brought up to speed with the rest of the company’s efficiency, and here are the newest tools that are helping them do just that.


Q4 2021 hedge fund letters, conferences and more

Spend Management

One of the hardest things for a company to keep up to date on can be their payments, whether that be to ensure they can forecast costs or even find cheaper alternatives, having a spend management platform prove to be one of the most useful digital tools for a company, especially the financial team. These management tools allow full visibility of all payments in real time from one platform, complete with visibility tools that allow the admin to set permissions for every level of user in the company. This way, it’s not just a financial lead that needs to oversee everything. Real time reports also avoid an end-of-month report, with the platform cataloguing and categorizing every payment as they are sent, along with uploaded and matched receipts to save hours of manual work and keep the financial side of the business running smoothly and efficiently. Ensuring that a company has a fully optimised platform to track spending is vital, not only for the purpose of tracking spending but also in automating the rest of the business’ finances by tracking data into a centralised location, further pushing the boundaries of speed and efficacy.

New Payment Methods Adopted

Many businesses have opened up their reach in the market by adopting new payment methods. Over the past few years more and more methods of payment have been created, and the faster a company can adopt these new ways, the faster they open up to a wider audience. Two new payment methods come to mind with the new digital finance tools that companies need: Contactless and cryptocurrency-based. Contactless payment is a method that has grown rapidly in recent years thanks to its ease of use by customers, as well as how quickly banks took to adding it to their cards. A business that doesn’t have the technology or tools to make use of contactless payments simply won’t be within a customer’s favor as so many people have gotten used to the speed of contactless, which is why it can be found incorporated into so many companies. On the other hand, few companies have yet incorporated the ability to process payments using cryptocurrencies. Cryptocurrency is rapidly increasing in popularity, and more people are looking to use their crypto to pay for things. However, few companies actually allow people to use crypto for payments, due to the digitals tools needed to handle blockchain transactions. The sooner a company adopts crypto payments, the sooner they will be in greater public favor.

Accounting Software

There are a large number of options when it comes to accounting software, with tools designed for small and large companies, sales companies, tech or furniture companies and more. The solution a company will need will change per company and even per individual transaction. However, all businesses must move past the stage of using convoluted Excel spreadsheets if they want to remain on top of things and keep a consistent schedule. Regardless of the tool that a company uses, it’s vital that they ensure that the software is cloud-based, to make sure that the whole financial team has access at all times, regardless of where they are. In the age of remote working, allowing employees access from anywhere can mean the difference between a company keeping going no matter what and a company that comes to a grinding halt due to a sickness or holiday. The best tools to look at will feature automated reports and budgets and be audit-friendly, amongst other automated features. To stay ahead of the game, automation is the best feature you can look toward.

Payroll Management

Another important financial tool that you will need, having an automated payroll manager can mean that the financial team’s job is sped up exponentially. A company needs to make sure they get a system that grows with their business, that works with the other tools the company utilizes and. Most importantly, it is secure. This will keep payroll a manageable tool for the finance team, regardless of how many names appear on it, ensuring that there is always time in the day for any other essential task.

Conclusion

As can be seen, there are a vast array of tools that are available to speed up the financial section of all companies, be they big or small. A company that focuses on revolutionizing the way they handle every part of their business, from the front to the backend, is the company that will always perform the best, so all businesses need to focus on efficiency, finding the best ways to get ahead.

Updated on

Sign up for ValueWalk’s free newsletter here.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!