Software is at the heart of our lives in this modern, hi-tech age. Just think how commonplace apps have become and how much of our day-to-day time is spent using our smartphones, tablets and laptops to make our lives easier.
So, if software can make our everyday lives easier, it makes sense to apply the same benefits to our business lives as well.
And this is where finance technology, or ‘FinTech’, comes in. FinTech solutions exist for just about every part of running a small business in London or abroad, from bookkeeping to invoicing, to reporting, Point of Sale and credit control.
So, how could FinTech help your business?
Online accounting: your FinTech hub
Cash is the beating heart of your business. And to manage your money well, you need a great accounting system that’s flexible enough, and powerful enough to deliver your financial needs.
Cloud accounting is the FinTech solution for your financial management needs. A package like Xero online accounting replaces your old-fashioned desktop accounting system and moves the whole process to the cloud.
And cloud accounting has some major advantages over a desktop approach.
- You work in the cloud through your web browser, so there’s no software download needed and nothing sat on your hard drive.
- Working in the cloud means you’re totally mobile and not tied to the office – check your financials on the move, wherever you are.
- Your advisers can log in online and access all your numbers too, so collaboration is easier.
- You have a live bank feed and a view of your real-time numbers, so you’re always on top of your cash flow and bank balance.
- Bookkeeping is a breeze and all your data is safely and securely backed up
- You have reporting, forecasting and performance tools built in to help you get real control of your business.
So that’s your accounting needs take care of. But Xero is just the start in your FinTech transformation.
Xero add-ons and FinTech plug-ins
Xero is your financial foundation stone. But what really gives your business some FinTech power are the Xero Add-on solutions that can be integrated into your base Xero system.
There’s a whole community of Xero Add-ons and business plug-ins that work alongside Xero to create a tailored business system that’s completely bespoke for your business.
- Efficient data entry and management – Bookkeeping and recordkeeping takes up a lot of your time. A FinTech solution like Receipt Bank gives you back that time by scanning in all your receipts, bills and expenses and pulling the data straight into your Xero system. No more keying in, and more time left to focus on the business.
- More ways to get paid – The more payment options you give your customers, the easier it is for them to pay their bill. Payment gateways like Stripe, Square and PayPal give your customers the most convenient way to pay your invoice – and that means you get paid faster and see a positive impact on your overall cash flow.
- Automate your credit control – Chasing up those late-paying customers takes up a big chunk of time, not to mention the negative effect of late payments on your cash flow. FinTech solutions like Chaser automate your whole credit control process, sending automatic emails to customers as soon as invoices are left unpaid.
- Get in control of your reporting – Having a brilliant overview of your key numbers is a huge help when you’re aspiring to make your business more profitable and more efficient. Business intelligence software, like Futrli, integrates with your core Xero system to provide beautifully visual representations of your core business data. See your performance over time, build forecasting into your reporting and set clear KPIs to understand how the business is measuring up against targets.
The power of a bespoke FinTech system
Where FinTech really adds value for your small business is not in delivering one singular solution. The real power comes from integration and the benefits of working in the cloud.
The business needs of your company will be unique and dependent on your industry, your core audience, the age and size of your business and the point you’re at in your overall business journey.
By utilising the relevant FinTech software be it in London or anywhere in the world, you can take an accounting system, like Xero, and build up a collection of integrated solutions around this finance hub. Add new solutions and functions as they’re needed in the business and create a system that’s unique to your company and your current requirements.
And because cloud integration is built in at base level, your FinTech system can grow along with you. As the business moves through its journey, you can add more solutions, upgrade others and lose the apps that you no longer need.
It’s a modular approach to doing business that gives you true flexibility.
Talk to us about how FinTech can help your business
If you’re looking to up your game, then make moving to Xero and FinTech solutions one of your priorities.
Talk to us about your aspirations and goals for your business over the next 12 months, and we’ll help you create a bespoke software system that will help you deliver on those objectives.
Drop us a line to arrange a Xero demo and find out how software can transform your business.