Alongside the rapid advancement of technology in the 21st century, the business world is also constantly changing to improve on profitability and productivity. Through a combination of refined processes and the incorporation of certain technologies, 2021 has become a defining year for the development of the business world.
Keep reading to find out what technologies are currently making the biggest impact in the business world, and how they may soon affect your business as well.
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Virtual corporate cards
Virtual corporate cards are a rising alternative to traditional forms of business expense payment methods made by employees. Rather than having employees carry cash issued from the business on hand, or having to reimburse employees for business related expenses later down the line, virtual corporate cards are a much more accessible and convenient piece of technology living in employees’ phones.
Similar to how normal debit cards work, virtual corporate cards exist online and are stored through a phone application, instead of a physical card in a wallet. This means that they are much more secure than cash or cards and can be more heavily controlled by the business owner.
Depending on the types of virtual corporate cards you work with, business owners can instantly issue, pause or cancel their virtual corporate cards as well.
E-invoicing networks
E-invoicing networks are another form of technology which are changing the way businesses have traditionally operated. Having been created as a solution to the time-consuming problems of paper-based and PDF email invoices, e-invoicing is considered the future of invoices due to its automatic scanning and processing of invoiced information.
By working with existing accounting softwares, e-invoicing systems are able to easily integrate into business processes, while also being cheaper to run than manual invoice processing.
E-invoicing networks also have the benefit of being highly regulated to standardised information processing procedures, meaning all invoices sent and received through the network apply the same (or at the very least) format to make processing invoices easier. Businesses also need to register as part of e-invoicing networks, making them accountable for any errors they make when sending and receiving invoices.
Expense management software
Softwares like expense management software are also replacing human jobs such as accountants. Instead of hiring an independent accountant, many businesses are now opting to purchase expense management software for their efficient bookkeeping services.
Not only do you not have to worry about constantly communicating with the software (as opposed to an accountant), you also do not have to manage anything yourself. Your expense management software will automatically run with your accounting system so that you can keep an accurate record of all the financial transactions of your business in a secure database.
Taking note of new technologies in the business world
Due to how simple, accessible and convenient expense management softwares are, they are quickly changing the business world from one that is incredibly human-dependent to one which is software and technology dirven.
This can be said for many of the technologies listed above, whereby manual processes are no longer deemed as efficient as computer or digitally-powered ones. It is worth noting that technologies such as virtual corporate cards and e-invoicing networks in addition to expense management softwares are changing the business world at a rapid rate.
