As the 2021 year slowly comes to a close, it is worth noting all the trends in business technology that have emerged. From government-supported e-invoicing initiatives, to automatic expense management systems, the business world has seen an impactful transformation in its tech trends. Keep reading to find out what these tech trends are and how they may affect the way your business runs in future years as well.
E-invoicing replacing paper-based and PDF invoices
E-invoicing is an up and coming form of technology which is set to replace more traditional forms of sending, receiving and recording business invoices such as paper-based and email PDF ones. It involves the automatic analysis and recording of invoices that are sent through an online network and follow a specific standardised form.
Rather than having to manually sort out, categorise and record the data in an invoice, e-invoicing works with existing software programs to accurately transfer data without the risk of human error. According to the Australian Taxation Office’s findings, e-invoicing is also much cheaper (in terms of money spent processing each document) than paper-based or PDF invoices.
Virtual corporate cards as opposed to traditional employee reimbursements
Many businesses over the years have found that traditional methods of employee reimbursement for business expenses are largely tedious and time-wasting. This is because of the long amount of time required for payments to process, employees to file for a reimbursement, and for their application to be acknowledged and paid back. To eliminate this inefficient process, most businesses are now turning to virtual corporate cards.
Virtual corporate cards work in the way debit cards do, except they live in the phone and not the wallet. This means that they are much more convenient and accessible to employees, and are easier to control by the company as well.
Virtual corporate cards can usually be issued, paused or cancelled instantly, and are funded by the financial account of a business, meaning business owners can retain sole control over the use of their company virtual corporate cards. Due to their security as well as effectiveness, virtual corporate cards are set to make their way into the business world as the years continue.
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Managing bills with automatic bill payment systems
Coordinating and paying bills on time has always been a struggle for many business owners – especially those who are always incredibly busy sorting out the external and internal matters of their business. As a solution to this problem, the tech trend of automatic bill payment systems has made its way into the business space.
Just as their name implies, automatic bill payment systems allow businesses to plan, schedule and pay their bills on time and in the correct amount. Rather than paying all the bills manually, business owners can instead save time by using an automated system to pay recurring bills, as well as keep an accurate record of the expenses made. Some automatic bill payment systems are also customisable to the workflow of a business.
2021 has seen many tech trends emerge in the business world, which are set to change the space dramatically in the years to come. Be sure to do your research and prepare for these trends as they become more and more well known in your industry.
