What if a simple tech tool could make running your business easier? New types of financial technology can save time, boost your efficiency and ensure you always stay well within the law. At Dutton Legal, we assist people with tax resolution and financial management. We are familiar with tech solutions that could make the finance departments of Indiana’s small businesses run more smoothly. Here’s a look at seven ways technology could help your company’s finances.
How Do Tech Apps Standardize Invoicing, Collections and Payments?
1- Invoicing. By automating your invoicing, you can get paid more quickly by your customers and keep a firm grip on your cash flow. Electronic invoicing can also offer the benefit of handling worldwide payments, including cryptocurrency and international currency, so your business can expand around the globe.
2- Collections. Collecting on overdue bills usually sucks up manpower. With electronic collections, you can send automated messages that encourage faster payment and shorter collection cycles.
3- Payments. Your company can also make payments with electronic invoicing. Whether it’s a one-off payment, monthly billing or complex contract, a finance program can handle the details and ensure everything keeps flowing. It limits the possibility of human error, which can cause delays and costly late payments.
Can Technology Help with Funding and Investing?
4- Funding. When you need to obtain loans, funding is made easier through the use of technology. The system can be set up to fund certain amounts to certain accounts, so funds are available almost instantaneously from your financial institution.
5- Investing. Most financial systems include some type of investment tool or calculator, which makes investing much easier. An earnings calendar, for example, provides a small business with a clearer look at its overall investment picture.
How Can My Company Benefit from a Cybersecurity Program?
6- Cybersecurity. Data leaks are always a risk. A staggering 60% of small businesses close permanently within six months of a cyber-attack due to the toll it takes on the business. Another way technology can strongly benefit a company’s business finances is security. By protecting your company’s assets, you’re also protecting your customers’ valuable financial information. Use your monitoring system to identify risks and minimize cyber-opportunities for data breaches. If a breach occurs, technicians can use your financial technology to troubleshoot the issue and plug the gaps.
What if the Company Owns Real Estate?
7- Real estate/rental management. If your company owns real estate or rents property, technology can streamline all routine paperwork and even create a paperless work environment. Leases and rent notices and payments can be handled right from a smartphone. This makes it much easier to manage properties without being physically present at every location. Plus, at tax time, all the necessary information can be pulled from your tech app and shared with your tax attorney.
Dutton Legal Group – Indiana’s Tax Resolution Law Firm
The Dutton Legal Group helps the people and businesses of Indiana navigate ever-changing State and Federal tax codes. Our goal as experienced tax attorneys is to assist you in finding an immediate, cost-effective answer to your tax challenges. We provide a variety of tax services from balance resolution and return preparation to wage garnishment relief and audit assistance. Make Dutton Legal Group your next call at 1-800-334-0255 or send an email to request a free consultation. Trustworthy and affordable, for over 15 years.