2021 has seen many impactful changes in the business world, including the incorporation of more advanced technology into internal business operations. These tech trends are becoming more widely known due to their efficiency and profitability (in comparison to traditional human labour).
Keep reading to find out what these significant tech trends in business are, and how they may affect your business later down the road as well.
Virtual corporate cards
Gone are the days where employees needed to manually file for reimbursements for business expenses. Instead, with the up and coming age of virtual corporate cards, employees can safely make business related expenses through existing online payment systems managed directly by the business themselves.
Similar to how regular debit cards work, virtual corporate cards are linked to an account funded by a business for spending use, except they live in an employee’s phone rather than their wallet. By eliminating the risk of losing physical cards, as well as giving businesses better control over their financial accounts, virtual corporate cards and their accompanying systems are sure to be a ‘hit’ in the business world.
Depending on the virtual corporate card operating system. Many businesses may also experience added benefits such as:
- Digital receipt management
- Instant issuing, pausing and cancelling of cards
- Real-time data transfer to existing accounting systems.
You can find out more about virtual corporate cards by visiting DiviPay’s website here.
E-invoicing is another tech trend making headlines in the business world. It involves the use of an online network as well as automatic computer softwares to send, transfer, scan and record invoice data. Unlike paper-based invoices or PDF invoices which require human processing, e-invoicing eliminates the risk of human error and automatically processes information gathered from invoices (in a standardised form) into the existing accounting system of a business.
An example of an e-invoicing network which is growing in popularity is the Pan-European Public Procurement Online (Peppol) network. In Australia, this network helps to standardise e-invoicing software by integrating the existing Australian business record-keeping system of ABN (Australian Business Number) identification.
Through e-invoicing networks, e-invoicing is also considered much more secure than paper-based or PDF invoices as the records of buyers and sellers invoicing information are easily trackable.
Automatic expense management software
Automatic expense management software is another piece of technology which is becoming trendy in the business space. Much like virtual corporate cards and e-invoicing, automatic expense management software is becoming preferable in the business world due to its elimination of human inaccuracy and ongoing labour costs.
Automatic expense management software helps businesses sort out their finances, by having online receipt recording systems as well as customisable categorisation features. Rather than hiring a bookkeeper, individuals can instead use an automatic expense management software to accurately record all of their financial transactions for them.
Most automatic expense management softwares also import their data into a business accounting system, eliminating the need for manual data transfer as well.
Tech Trends in Business
As technology becomes more and more dominant in the business world, it is important to recognise the growing trends and adapt to them sooner rather than later. Be sure to do your own research and determine how you may incorporate virtual corporate cars, e-invoicing and automatic expense management software into your own business.