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February 27, 2024
Keeping up with these trends will prepare your business for growth.
The business landscape is ever-changing, with challenges in every nook and corner. The trends of yesterday make for stale news today. While change is the only constant, small business owners can only beat this looming dark cloud and emerge victorious by staying on top of trends and predicting the future. We don’t expect anybody to be astrologers, predicting the future one crystal ball at a time; however, with the financial climate changing frequently and with more twists and turns than the Game of Thrones plotline, it’s better to stay wary of the change that is to come. That brings us to trends, those trustworthy friends that’ll help you navigate the tricky terrain of business evolution. From AI to alternative payment methods and regulatory tech, there are a bunch of finance trends that SMBs must be aware of, and we’re here to discuss them further. So buckle up, trailblazers, and let’s dive right in.
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Mindful growth: Strategic allocation of resources
In 2024, as easy, accessible capital becomes more of a faraway dream, strategic capital allocation emerges as a linchpin for businesses navigating economic volatility. Small companies must assess their investment choices amid inflation. Resource allocation needs to be done well to ensure optimal returns. As a small business, resources are often limited, and strategic allocation acts as a helping hand that enables small businesses to be mindful and ensure sustainable growth and profitability.
Demand and supply: The rise of contactless payments
Consumers increasingly opt for safer non-cash transactions as payment methods evolve, favoring mobile, card, and alternative payments. The sudden upsurge in contactless payment demand has accelerated the move away from cash. Small businesses must anticipate this trend by exploring contactless payment options. This trend was set and widely accepted after the COVID-19 pandemic, but one that is here to stay in the form of wireless tap payments, apps, and mobile wallets. Embracing these systems, pivotal in boosting sales, enhancing cash flow, and mitigating fraud risks, will benefit small businesses and their skyrocketing growth.
Re-defining finance: The power of super apps
Let’s talk about the Netflix of finance: fintech super apps. These awesome apps help streamline financial tasks and act as a one-stop shop for mundane tasks such as mobile banking, digital payments, and even investing. It’s like having your own PFA (personal financial assistant) that makes managing your money as easy as binge-watching your favorite series. In the financial sector, super apps are nothing but those superheroes that improve customer experience, analyze data like Sherlock Holmes, and form partnerships faster than one can say, “Avengers assemble!” They’re changing the game by offering a singular solution for finance, making traditional banking feel like a long-lost dream. Small businesses must be aware of these apps and include them in their growth strategy to ensure they get the most out of the fintech revolution.
Generative AI & Machine Learning FTW
Generative artificial intelligence has rocked the scene since its arrival, and 2024 will be no different. ChatGPT has proved that the fusion of AI and machine learning is here to stay. This tech fusion is further integrated into Excel and Power BI. Generative AI has lent a helping hand to finance, simplifying coding languages like VBA and SQL, which were previously daunting areas. From data entry to fraud detection, these tech wonders have helped ease yawn-worthy accounting processes further, and trust us; they’re here to stay. Small businesses must add these to their tool kit to ensure accounting and finance are leveled up like never before.
Save us the risk.
Cybersecurity is necessary in AI, where cyber risks loom, growing ever more complex with each technological leap. As threats evolve faster than ever, 2024 is here to see a boom in cybersecurity technology to combat digital invaders and cybercrime. Small businesses must adopt AI to detect abnormalities and prevent fraud, ensuring swift response and client notification. Cybersecurity measures must be installed to thwart large-scale attacks, safeguarding clients’ funds from hackers and fraudsters. In this digital-first world, it’s worth it.
Outsourced help
By tapping into specialized professionals, businesses can achieve unparalleled accuracy and efficiency. It’s like hiring different Avengers for a particular mission; they’ve got the expertise and tools to nail it. For business owners, it’s like passing the baton to a team more equipped to handle the tasks in crunch time, allowing small businesses to thrive and focus on scaling their empires without juggling spreadsheets.
To conclude:
The accounting industry is in the midst of a fintech revolution. With new trends reshaping finance, professionals have no choice but to adapt. In 2024, finance experts and data enthusiasts have a golden opportunity to boost efficiency and creativity, like chefs experimenting with new ingredients to elevate their dishes. It’s a breakout year where embracing these trends is the only way to stay ahead in the fast-paced world of finance.
Want to know more? Since 2006, Escalon has helped thousands of startups get off the ground with our back-office solutions for accounting, bookkeeping, taxes, HR, payroll, insurance, and recruiting — and we can help yours, too. Talk to an expert today.
With 6 years of experience in copywriting and social media management across genres, Devayani's heart lies with weaving words into stories and visuals into carefully crafted narratives that’ll keep you wanting more. She carries with her, her pocket notebook, a trusted confidante that goes with her wherever she goes, and scribbles down into it anecdotes on the go. Her secret weapon for keeping all things copy interesting! Apart from writing, Devayani is huge on travelling. You'll find her booking her next adventure while she's on her current one. And while on those adventures, you'll find her devouring true crime books one after the other. Whether it's a low down on a recent case or one that occurred 70 years ago, she can cook up a story narration you'll never forget.
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