No entrepreneur features a ball which will show them what is going to happen within the future, but most small businesses would like to get a hop on upcoming trends. That’s particularly true when it involves their financial processes, like banking transactions, accounting, security, payroll or anything that involves their money.
Take a glance at a number of the potential upcoming trends that are only expected to strengthen as we get deeper into the last decade, and determine whether it’d be an honest time for your small businesses to dive into these areas of opportunity.
1. Big Data
Although big data has been in use for years now, its utility is merely getting to grow within the future. Financial companies and their customers are seeing the advantages of massive data in making financial decisions by modelling future income or market performance, predicting when big expenses may arise, and evaluating future trends. Your employees may enjoy using big data in evaluating their 401(k) options, among other uses.
2. Mobile-First Transactions
Banks are now ready to handle most banking and financial services via a mobile format, with customers ready to do things like deposit checks, make stock trades, check balances and pay bills, during their phones. Additionally, customers’ mobile devices are often the right source for reporting potential instances of account breaches. By texting customers directly when a possible cyber security attack happens, the difficulty are often identified and rectified quickly. Many companies are bringing their HR portals into a mobile format also, so employees can quickly check their vacation hours, benefits and other features right from their portable devices.
3. Automated Payroll
Companies that are still handling payroll manually are potentially dalliance and setting themselves up for error-prone payment systems. Instead, the longer term is in using automated payroll platforms, which may make wage calculations much simpler. Additionally to allowing them to calculate salary and hourly pay quickly by taking state and federal taxes and other components into consideration, automation helps them avoid the slow process of manually writing checks to their employees.
4. Enhanced Security
Businesses that affect financial information are increasingly utilizing tools like AI that search for outliers to make sure that fraud won’t occur. These sorts of programs allow bookkeeping services for small business to act immediately when fraud is suspected, and customers are often alerted swiftly of potential issues.
In addition, banking services are stepping up the cyber security programs they use to stop larger-scale attacks and to stay customers’ finances well protected so hackers and other scammers aren’t ready to penetrate banking systems. Financial services firms have such systems as two-step authentication and instant fraud alerts to make sure that breaches are minimized.
5. Outsourcing Financial Services
More businesses are starting to outsource their financial services to save lots of time and make sure that their transactions are happening compliantly and securely. When small businesses use a financial outsourcing company, they know that their transaction-level activities are being handled by experts therefore the business owner can release time to handle more important responsibilities.
6. Integration between Software Programs
Companies are still quite silted when it involves their software programs. While the HR department could be using one program, the advantages vertical could also be on one that’s completely different, with the platforms incompatible. Going forward, accounting services for small business will see tons more integration between software systems to enhance efficiency in managing employee data and financial information.
By integrating it with payroll, business owners can pool together relevant data and simply share it across systems to get actionable insights, like personalized reports that include details on employees and their compensation packages, also as applicable payroll taxes.
7. Increased Use of Cloud and AI Technologies
The days of keeping financial information on one person’s office computer are over. With cloud-based financial systems, your applicable staff members can access financial, payroll, accounting and other data in real time from anywhere. These systems also help business owners protect their on-premise financial software from cybercrime.
In today’s data-driven world, it’s become important to research the vast amounts of monetary information being generated daily. AI helps thereupon, by providing actionable insights which will help shape an organization’s finances, identify non-essential expenses and contribute to the general success of a corporation.
AI also helps with automatically classifying employees and ensuring that they’re within the correct tax brackets. Additionally, AI chatbots are often employed to handle non-urgent requests from staff members.
By staying on top of those new trends on your own or by hiring an outsourcing service to handle it for you, your business can evolve with the shifting payroll landscape.