The business world is constantly changing to become more efficient and profitable. Now-a-days, more and more innovative technologies are making an impact on the business world, setting trends by proving to be more profitable than human labour.
In order to not fall behind your competitors, it is important to understand these up and coming business tech trends and how you can successfully incorporate them into your own business.
E-invoicing
E-invoicing is a growing trend in business which involves using advanced computer software to automatically scan and read invoices, as well as sort out their data into existing accounting systems.
It eliminates the need for manual analysis and time-consuming processes of sending and documenting invoices – whether those that are paper-based or formatted as a PDF. It also allows computer systems to instantly receive data from invoices without having individuals to sift through documents for approval.
According to the Australian Taxation Office (ATO), e-invoicing is the future of business invoices due to its low cost and high productivity and efficiency levels. This is because the average processing cost of e-invoicing costs is almost half that of processing paper invoices or PDF ones.
Due to its elimination of manual data entry and its use of standardised information requirements, it is also much easier to incorporate accounting softwares into e-invoicing, in comparison to paper-based invoices or the PDF ones in your email inbox.
Depending on the network used to support e-invoicing (e.g. the Pan-European Public Procurement Online network), e-invoicing is also much more secure than sending and receiving paper-based and PDF invoices. This is due to businesses having to adhere to certain regulations and being registered with the network before being able to send and receive invoices.
Due to its many benefits for little to no cost, e-invoicing is certain to become a staple in the business world incredibly soon.
Automatic expense management
Gone are the days of in-house bookkeeping. Instead, automatic expense management computer programs are slowly taking over the role, with the ability to sort out the finances of a business objectively, accurately and quickly. Automatic expense management softwares can code business expenses to the chart of their existing accounts to generate financial reports as well.
They do this by collecting every single receipt recorded by a business (in a frictionless manner) and running the information collected from the receipts into the operating expense management software. Expense management software can also be helpful to businesses in the sense that they digitally remind business owners of their financial standings with automatic reminders and follow ups, and can be customisable to a person’s categorical preferences.
Automatic expense management software is the future for financial management in business, especially as more and more human roles in the space become redundant. It is never too early to start adapting expense management softwares into your business model – for example, those at DiviPay.
Watching Out for Up and Coming Business Trends
The business world is certainly becoming more open to the idea of human labour-replacing technology, as seen with the growing trends of e-invoicing and automatic expense management software.
Due to being much more efficient and low on costs, such tech trends are becoming the future of the business world. Make sure to understand these trends so that you can take advantage of them as the business world continues to develop.
