<p>Fin-Tech has brought numerous innovations to advance the business and banking world. Accounting software is one of such revolutionary tools that can scale up your business game. As we know, accounting is a critical pillar of any business. However, you cannot deny that it is a complex and challenging job. Taking this into account, businesses are now incorporating accounting software into their team.</p><p>You will be amazed how quickly you can pull off all the tedious tasks with it. Besides this, it can simplify all your bookkeeping processes including invoices, transaction-tracking, decision-making, and reporting.</p><p>Well! There are many reasons why it can act as a trump card for your business productivity. Here I will be discussing 7 ways it can power your business and keep you ahead in the growing competition.</p><h3 id="1-business-intelligence-for-reporting">1. Business Intelligence for Reporting</h3><p>The accounting software uses Business Intelligence (BI) technology to analyze the data for effective decision-making. Business reports are crucial for maintaining your financial health. They help you track performance, flag issues, and take decisions accordingly. Then you can map out better plans and strategies to increase your revenue. Furthermore, if you have proper reports, you can breeze through tax filing and loans processes without any worry.</p><p>But you need to compile, compute and calculate data for all these. It is indeed a long challenging process. However, you can lighten your head using BI technology. Most of the software offers a dashboard that is both informative and interactive. The dashboard includes tables, graphs, reports, KPIs, and all the metrics to monitor your financial standing.</p><p>It shows all the transaction records, financial statements, and reports at your fingertips. You can also track cash flow, inventory, assets, sales, exchanges, and almost everything in it.</p><h3 id="2-save-your-time">2. Save Your Time</h3><p>Technology coupled with automation gives you the privilege to accelerate the processes and save hours for better things. Repetitive tasks like invoicing, payment reminders, journaling, calculations, and data entry can be time-taxing.</p><p>But a businessman should invest time in new ideas, strategies, customers, and sales rather than wrestling with sheets. With the new age software, you can automate almost all such tasks. Everything is organized and automated so you can relax and see your work getting done.</p><h3 id="3-secure-your-business-data">3. Secure Your Business Data</h3><p>Data security is a matter of concern even for big firms like Google and Facebook and so definitely for small businesses. Any data breaches or data corruption can prove to be very costly and time-consuming for you. Additionally, this can also affect your reliability as a brand. So you should be careful about your transaction records and customers? data.</p><p>Fin-Tech can shield your business from such risks. It provides a convenient defence system to prevent serious risks using various technologies:</p><p><em><strong>i)Tokenization:</strong> </em>This method uses special words or symbols instead of original sensitive information.</p><p><strong><em>ii)Encryption:</em></strong> It converts the normal readable text into ciphertext. The ciphertext is the random code that only authorized users can decrypt. It means only those who have confidential keys or passwords.</p><p><em><strong>iii)Cloud storage:</strong></em> It is based on cloud computing technology. It saves your data on the internet (remote servers) and lets you access it via the internet or a dedicated private network.</p><p>They are much better than sensitive storage mediums like hard drives, selves, and even spreadsheets. Further to this, automation also makes things safer from manual interference. With this software, you can carry on your transactions and tasks without worrying about any cyber threats.</p><h3 id="4-accessibility-anywhere">4. Accessibility Anywhere</h3><p>It won?t be wrong if I say, technology has free up human beings from limitations. Gone are the days when you had to be tied to your desk and cupboard to control your finances. Now, a cloud storage system lets you access the business from anywhere and anytime.</p><p>Whether you are in a flight, caf?, bedroom, or office, you can carry all the data and documents in your pocket. You only need a device to be it an android phone, tablet, or laptop to check your financial reports, send invoices, track inventory, receive payments, and do many more tasks.</p><h3 id="5-reduce-errors-and-improve-accuracy">5. Reduce Errors and Improve Accuracy</h3><p>A major part of accounting tasks involves data entry and calculations. There are records to add, modify and compute. An accountant or businessman must be aware of the struggle when balancing takes hours just because of a minor error. We know it well that manual methods are subject to mistakes.</p><p>However, the advent of automation has gifted us an errorless work environment. Accounting software uses machine learning and artificial intelligence to monitor your actions. In accounting software, AI can correct errors as per your previous data. It can also auto-modify your financial statements. On top of this,  calculations of totals and taxes are no more on your shoulders</p><h3 id="6-easy-invoicing-system">6. Easy Invoicing System</h3><p>Invoicing plays a crucial role in timely payments and maintaining the cash flow. Some prefer to use excel or word or even hand to create invoices. It can be enough for a few customers. However, if you are dealing with a lot of customers, it can result in errors, design inconsistencies, and a huge time sink.</p><p>Accounting software can make invoicing a cakewalk for you. You can create well-structured and accurate invoices in just a few minutes. Plus it is packed with many amazing features:</p><ul><li>Customize the colour, font, fields, and logo to give you brand look.</li><li>Send/download the invoice directly from the software</li><li>Invoice templates for different industries</li><li>Track paid/unpaid invoices</li></ul><p>The accounting software is not limited to just invoicing. Some of them also include other documents like quotations, export invoices, estimates, proforma, and many more.</p><h3 id="7-backup-system">7. Backup System</h3><p>Another perk of cloud-based software is a backup system. Traditional storage is not only prone to data loss but very expensive too. In contrast, the computerized method allows you to save all your financial data safely with backup. You can also set automatic backup in small intervals so you can restore data anytime. It let you backup both online as well as in local drives.</p>

Gayatri Barnwal

Premium reporting on technology, startups, VC funding, and software from Techfastly tagged with Business. Read about trends and strategies for Business.

Business

7 Ways Fin-Tech Accounting Software Can Empower Your Small Business

Technology is continuously driving the world towards development and evolution. Now, the education industry is also embracing innovative tools to scale up the learning system.

5 New Technologies That Can Enhance The Education World

<p>Technology is continuously driving the world towards development and evolution. In the same way, it is reshaping how the education industry works.</p><p>Everyone knows how the 2020 pandemic made technology a critical part of education and rolled out virtual classrooms into our lives. Now, the education industry is also embracing innovative tools to scale up the learning system. Let us see how switching to technological tools has become a game-changer for the industry.</p><h3 id="1-ai-powered-learning">1. AI-Powered Learning</h3><p>AI has transformed our world in various magical ways. Likewise, it is bringing exceptional growth and wonders to the learning system.&nbsp;<span style="font-size: 0.9rem; background-color: rgb(249 249 252/var(--tw-bg-opacity));">AI can act as a great support arm for teachers. They can share some of their work to free up time for other productive tasks. As a teacher, it allows you to dedicate your time and efforts to the benefit of students.</span></p><p><ol><li>It can automate several tasks like grading and exam schedules.</li><li>It can help in the performance analysis of students. Teachers can identify improvement areas of a student using AI feedback.</li><li>Teachers can also set up a general question-answer system using AI to clear the doubts of students.</li><li>AI tutors are a new twist in the Ed-Tech industry. They can teach basic maths and writing skills to children.</li><li>AI can offer a personalized experience with the help of adaptive programs and thus can solve individual needs.</li></ol></p><h3 id="2-cloud-system">2. Cloud System</h3><p>Cloud technology lets you store and access data on the internet. You can safely keep all your e-books, assignments, lecture videos, and notes in a centralized location. It is packed with a wealth of benefits for students:</p><p><ul><li><strong>Accessibility:</strong> It gives you the privilege to access your study materials from anywhere in the world. Whether you are in a car, in class, or at home, you can submit your assignments easily with your device.</li><li><strong>No Heavy bags:</strong> Cloud can free the student from the bags that weigh like stones. As your resources are in the cloud, you don't need to carry any hard copies in the bag pack.</li><li><strong>No lame excuses:</strong> Students used to cook up false excuses for not showing homework and assignment. Now, with the new storage model, you can neither lose them on the way nor forget them at home. The good old days of excuses are gone!</li><li><strong>Flipped classrooms:</strong> It has introduced a new way to improve education. Students can study through lecture videos beforehand and utilize the class hours for doubts, discussion, and analysis.</li><li><strong>Safety:</strong> There is no need to keep notes and books in locked cupboards. You can never miss anything while travelling or in school because all your treasure trove is on the internet.</li><li><strong>Better research:</strong> You can find references for your projects and assignments easily and quickly when everything is organized in one place.</li></ul></p><h3 id="3-augmented-reality-virtual-reality">3. Augmented Reality &amp; Virtual Reality</h3><p>One of the most emerging trends in the education world is virtual reality and augmented reality. Along with bringing a major impact on the visual world, AR and VR have made education more interesting and immersive for students.&nbsp;<span style="color: rgba(0, 0, 0, 0.7); font-size: 0.9rem; background-color: rgb(249 249 252/var(--tw-bg-opacity));">Virtual reality utilizes digital simulation and models to create an artificial environment. In VR, a person can interact with the virtually-made environment using a visual or sensory device like a stereoscopic screen and headphones.</span></p><p><span style="color: rgba(0, 0, 0, 0.7); font-size: 0.9rem; background-color: rgb(249 249 252/var(--tw-bg-opacity));">AR uses technology to enhance your interaction with the real world. It improves the user's environment with the help of additional data and digital elements like sounds, sensory devices, or visuals.&nbsp;</span><span style="font-size: 0.9rem; background-color: rgb(249 249 252/var(--tw-bg-opacity));">Including AR and VR in the system can boost the understanding and experience of concepts. Moreover, they can prove to be a boon to visual learners. Understanding complex topics with just texts and normal visuals can be difficult. AR and VR can assist teachers in overcoming such constraints and makes learning effortless. Additionally, they also enable students to learn abstract notions.</span></p><p>Some instances to demonstrate the use of AR and VR are virtual field trips, medical models, architecture models, and various machines. Students can visit inaccessible locations like historical places, mountains, and even volcanoes. They can also use VR to understand body parts, including muscles and skeleton, in a better way. 3D models also assist in practice sessions for students</p><h3 id="4-3d-printing">4. 3D Printing</h3><p>3D Printing is the new charm of the Ed-Tech industry and a very engaging solution for students.&nbsp;<span style="font-size: 0.9rem; background-color: rgb(249 249 252/var(--tw-bg-opacity));">With 3D prints, students can interact with hand-on-models to understand complex concepts. From artificial body parts in medicine to prototype engineering models, it makes learning easy in various domains. Some examples are automotive parts, 3D geography maps, and machine models. Moreover, it is an efficient tool for students with visual and kinesthetic minds.</span></p><h3 id="5-gamification">5. Gamification</h3><p>The gamified learning system aims at providing information coupled with fun. Many students perceive learning as tedious due to boring texts and homework. However, with Gamification, you can learn playfully. Learning by playing is not only for kids. It can be a perfect solution for adults who have concentration issues.</p><p>In gamification, study content and tests are designed using innovative game elements. This makes the content easy to grasp and concentrate on. For example, typing games, quiz challenges, and level-wise chapters.&nbsp;<span style="font-size: 0.9rem; background-color: rgb(249 249 252/var(--tw-bg-opacity));">Many websites and apps provide such services. A popular app is Duolingo, a language-learning app based on gamification.</span></p><p><ol><li>Gamification can make the learning process exciting and engaging.</li><li>It helps to practice concepts and track performance and results.</li><li>It also inculcates competitive behaviour and enthusiasm in students.</li><li>It is a blessing for students with low concentration.</li></ol></p><h3 id="wrapping-up">Wrapping up</h3><p>The new players like the cloud, AR, big data, video lectures, and AI have brought huge waves in the education industry.&nbsp;<span style="font-size: 0.9rem; background-color: rgb(249 249 252/var(--tw-bg-opacity));">These tools have made classrooms more interesting and motivating for students. And teachers can utilize them to organize and streamline various tasks. They also help to promote collaboration, connectivity, inclusive learning, and better performance analysis. You can miss unlocking many amazing benefits if you are still following the traditional system</span><span style="font-size: 0.9rem; background-color: rgb(249 249 252/var(--tw-bg-opacity));">.</span></p>

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