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Online Accounting Software Small Business Accounting

Digital Transformation for Small Businesses – Optimizations with Digital Software

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The business world has become highly competitive over the years. While the big giants compete at a completely different level, the playing field is not so easy to navigate for small businesses either. The small business industry has become saturated as well; making it difficult for owners to maintain a competitive advantage.

One of the fastest growing trends within the small business industry is digitization. With technology improving so rapidly, we now have software and applications that specifically benefit the small businesses.

Why Do Small Businesses Need Digital Transformation?

When we look around us, there is hardly any elements of our life that have not been impacted by technology. Customers are highly familiar with the use of technology in their daily life. This trend should be used by small businesses as an opportunity. People want to ease their routines and the best source they know for it is digitization. Therefore, small business owners need to respond this consumer need accordingly. This is not only a way to provide better services for their existing market but expand the audience too. Not to mention that it gives them a competitive boost within the industries they operate.

How to Digitize Small Businesses?

Your small business, like any other business, has multiple daily operations. With just manpower to handle them, they take more time and cost. However, digitization of the business operations can not only save time and money but make them optimized. They will begin yielding better results for your customers, which in turn brings profit to your business.

You can now install digital platforms within your business departments like Accounting, HR, Finance, and more. These software or applications bring large data in one place; making it easily accessible and available for smart analysis.

For example, myBooks is an online accounting software from Zetran. It not only simplifies the daily accounting needs of the business but provides better data security and automation. Just like this small business accounting software, there are other software platforms that digitize the daily business operation. In turn, you will experience a maximized productivity and performance.

Latest Small Business Digitization Trends

With each passing year, the small business industry is only going to become more competitive. Therefore, a proactive approach towards digitization should be implemented. Staying up to date with latest digital trends is significant to maintain the competition. Here are a few latest digital trends to follow:

  • Transparency in digital marketing campaigns: Your customers should not be tricked into buying. In fact, marketers need to be upfront about their selling strategy; making customers interested and intrigued enough to make a buying decision
  • Personalization: Customers want solutions that are adaptable to their specific needs. And now these are possible without asking for a high price
  • Education and Training: Digitization will not work at optimum level if your employees are not trained to use the latest technologies

Zetran is your source for quality digital software including online accounting software. Learn more by contacting us.

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Online Accounting Software Small Business Accounting

Optimizing Finance and Accounting with Machine Learning

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Machine learning is one of the many advanced technologies that are making roots fast within the business industry. Small businesses are also catching up to the benefits that are provided by machine learning. Similar to many small business operations, accounting and finance can be greatly optimized through this technology.

What is Machine Learning?

Not just a buzzword any longer, machine learning is to stay and make small business software more productive. But to understand the benefits of machine learning, one must understand the concept as well.

Machine learning is like teaching the machines the way we teach humans. It is the ability of machines to identify patterns on their own and respond accordingly. It can be used in multiple types of small business software.

Machine Learning for Accounting

Many accounting tasks require a lot of labor and time. For example, data entry. Your business could reap better benefits if your accountants were spending all those hours on deriving analytics and making smart strategies for the future. And it is possible if machine learning is introduced along with online accounting software.

In no way, machine learning diminishes the use of human intelligence. In fact, machine learning allows a chance to better utilize it. The main function of an artificially intelligent software is to process the tons of data produced on daily basis. This is readily available for the professionals to access and they can better use their expertise to deduce the right decisions for the business from it.  With machine learning, more accuracy can be introduced into the accounting operation and professionals can be more productive about strategic conclusions.

Machine Learning for Finance

The finance operation of a small business is always vulnerable to fraud. Of course, the risk has been reduced through many measures over the years but your business will only benefit with more protection. Machine learning can effectively prevent fraud by staying ahead of the criminals. With advancement in security, criminals have also advanced their techniques. But machine learning uses algorithms that know how to continually stay ahead.

Furthermore, machine learning benefits your small business when it comes to investments and risk management. It helps in identifying the market changes earlier than the traditional investment models; allowing for a more proactive approach in investment decisions. It allows determining more accurately about an applicant’s financial status, which reduces the risk considerably when it comes to unreliable investors.

In conclusion, the accounting and finance functions of your small business can become more efficient with machine learning. It allows you to direct the expertise of your professionals where it is needed more. Machine learning equips your professionals rather eliminating their efforts. If you are already using small business software, then you can automate them with machine learning integration. Your business will definitely experience a boost in performance.

Learn more about our cloud accounting software and services by visiting Zetran.com. Consult our experts to learn how you can integrate machine learning with our software.

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Online Accounting Software Small Business Accounting

Use of Blockchain Technology for Small Businesses

Anyone who is up to date with the current affairs knows a thing or two about Blockchain technology. It is one of the advancements that is rapidly changing the face of the financial sector. However, it generally has benefited multiple business sectors. And it can also be of great significance to small businesses.

How Can Small Businesses Benefit from Blockchain Technology?

Small businesses provide a lot for a country’s economy. However, they are often vulnerable to certain market conditions, unlike the business giants. Not to mention that small businesses have to put in much harder efforts to even get into the industry, which only gets more competitive each year. Furthermore, the small business industry in itself has intensified when it comes to market competition.

With Blockchain technology, small businesses can resolve multiple risks. It creates a more self-reliant business infrastructure that eliminates a high cost of installing quality security measures. It conveniently allows businesses to compete across a more leveled-out playing field too.

Small businesses are also quite focused on expanding. This can often cause a lack of attention towards the essential business operations. These include functions like inventory and payroll. Not advancing these internal functions is counterproductive the performance of the business despite growth. But it can be costly to do so. Instead of hiring extra manpower or expensive small business software for optimization, Blockchain is a smarter option.

It allows the many users within the business to hold smart contracts. Clients, customers, suppliers, distributors, and other involved business entities can use the smart contracts to reliably open and close deals among them. No middle intervention is needed, security is better, and all data is accessible and verifiable by authorized users. This entire process creates a positive financial environment for the small business.

Integrating Blockchain Technology for a Small Business

If you are deciding to get Blockchain technology for your small business, it is a smart decision. It is even better given the current knowledge of Blockchain technology. We have mentioned earlier that most people are aware of the concept but it is still limited. The common knowledge about this technology is limited to its involvement with crypto currency like Bitcoin. Therefore, this is a great time to pioneer the integration of Blockchain technology within the small business industry. More and more applications are being developed and tested, including small business software, that are helping to discover the wide range of uses of the technology. If you optimize your small business now, you will not only be ahead of the competition but be the gateway for other businesses to find their way into a tough market.

At Zetran.com, you can find quality small business software like online accounting software. Our experts are constantly working to make more intelligent software that will optimize your accounting operations. We are also researching ways Blockchain technology can be used to make cloud accounting software better for a small business. Contact us today to learn more.

 

 

Categories
Online Accounting Software Small Business Accounting

Emerging Trends in Fintech

Emerging Trends in Fintech

It is not a surprise that the banking and finance sector is also reaping the benefits of constantly evolving technology. And even now, Fintech is still an area that is yet to be discovered by many countries or is being just minutely explored. So yes, there are still multiple opportunities just waiting to happen.

With each passing year, we see a plethora of trends circulating related to different kinds of technologies in the business sector. Some trends also make a reappearance. The pattern is the same for Fintech.

Fintech is not just about making the banking and Finance sector more lucrative business wise but it also aims to improve the function for the average consumer. Therefore, the latest trends will not only impact the businesses but end users as well. Also, Fintech can be used by small businesses for more optimization along with other small business software.

Here is what we can expect from Fintech trends in 2018:

More Security

One of the biggest concerns in the banking and finance sector is the prevention of fraud. While newer security measures are always reducing the risk, criminals are always evolving too. Therefore, upgrading the existing technology and introduction of better ones is important. Fintech trends in 2018 will focus on improved validation for identity and automation against fraud.

Digital Wallets

Exchanging currency when in foreign countries is a big hassle. You definitely don’t want to use that suspicious corner to save cost on exchange fee but you also don’t want to pay too much at the airport. With better Fintech run digital wallets, 2018 will experience better travel experiences when it comes to money exchange. No longer will you have to waste your travel time or get stressed over this. Exchange systems have been dominated by the traditional players for too long but latest technologies are making way. Also, people are more privy to using them because of easier, quicker, and better-secured transactions.

Biometric Technology

Hacking is no new thing in the financial markets. More and more people are prone to making online payments to save time and hassle. But hacking has been an issue in the market that has forced a demand for optimized security. Fintech is introducing biometric technology to reduce the risk of such breaches. This not only includes fingerprint technology but iris and face detection as well.

Artificial Intelligence

Financial advisors may have a hard time in the future as the trend of artificial intelligence takes off within the sector. Many wealth management services are now making use of machine learning. These provide a more accurate prediction of the market changes so people can have a proactive and smarter approach to investment decisions.

We are almost near half of 2018 and it is safe to assume that more Fintech trends may emerge by the end. Possibly, more specific ones for small businesses.

For learning about small business software and to buy cloud accounting softwarehttps://www.zetran.com/mybooks/, visit https://Zetran.com/mybooks.