The world of finance and accounting has been transformed by the arrival of FinTech. But what is FinTech, and is it the revolutionary new force some claim it to be? Here, Dua & Co take a look at how FinTech could help your business.
What is FinTech?
Fintech is the broad term for a new range of financial technology solutions. As a young, fast-growing industry, it’s difficult to arrive at a clear definition of FinTech, as its shape and limits are expanding all the time. Put simply, it refers to the companies using innovative new technologies to make financial systems more efficient.
How can it help your business?
FinTech offers a range of undeniable benefits for businesses of all sizes. By offering faster, cheaper and more efficient solutions to finance, it allows businesses to have a greater level of control over their own finances, without having to go through the big banks or implement complex payment systems.
Its more flexible, malleable features mean that it can be more heavily tailored to the needs of your business – you implement the technology that suits the shape and size of your business – no more, no less. The will be particularly beneficial for SMEs, who can manage their finances with the same efficiency as much larger companies without having to compete with them on expenditure.
FinTech also has the benefit of allowing your business to adopt a more flexible working style. Mobile and cloud-based applications such as Xero offer companies the chance to manage their accounts from anywhere, at any time. With your information stored on the cloud rather than on in-office software, you can receive all the benefits of automatic software updates, secure encryption and easier access for you and your employees. Remote access means that no member of your team is ever away from the crucial information they need to get the job done. You can also get fintech applications that are appropriate to your business’ size – the UK based company Sage have software packages aimed at small businesses (Sage One) as well as software tailored to large multinationals (Sage ERP X3), for instance.
The world of FinTech is innovative and fast growing, and will likely improve and develop even further over the next few years. It could be a smart move for your business to get ahead of the curve by implementing systems now, so that you can adapt to new advances and tech breakthroughs faster than your competition.
However, it’s important to point out that Fintech doesn’t remove the need for the human touch. Integrating your business’s current systems and structures with new technologies and softwares can require the sort of planning and input that can only be provided by the right expert advice and guidance.
As experienced accountants in Watford and London, Dua & Co can work with you to help your business achieve success. Our experts have the knowledge and expertise to help with planning and implementing your new systems in order to help your business grow and adapt.
Get in touch to find out how Dua & Co can help your business.