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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.

 

 

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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.

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