How financial technology has advanced and how it can help you to control your expenses and improve your income

  Finance determines if your business expands today. It also determines if your business folds…

What is FinTech and how it has impacted banking?

 

Finance determines if your business expands today. It also determines if your business folds up tomorrow. Finance have a say in the area of profit earning, or loss-making for any businessman. Accordingly, we can agree that the area of finance is of absolute importance to any business. And all businesses that do well are very much aware of their financial situation. They can tell when their business is losing its customers and needs to be advertised; they can tell when their spending exceeds their earnings; and they can quickly balance all their accounts, allowing them to know when they are making a profit or a loss.

Decades ago, most businesses find it difficult to efficiently, and accurately tell their financial situation without spending heavily on employing the services of accountants. But, with today’s technological advancement and the advent of the internet, things have been made easier. In truth, Financial technology has gotten much better than it was decades ago. Game changers such as budget making apps, bookkeeping apps, financial planning apps, cloud computing options, and automated payment options have become the order of the day. Thus, businesses can now determine their financial situations with ease.

Budget Making Apps

These apps are basically your financial secretaries. They help you keep track of how much you spend, keep you from spending recklessly, and enable you to save money. Some of these budget-making apps includes.

  •         MaxiFi Planner: Created by an economist Laurence, Kotlikoff; MaxiFi Planner is a financial planning tool for businessmen. Its features include creating a budget, analyzing the created budget, and optimizing it for better efficiency. The optimized budget includes features for paying taxes, saving for retirement, and maximizing social security benefits.
  •         Mint: Developed by the brains behind Turbo Tax, and Quickbooks, Mint connects all your bank accounts together and puts all your finances in one place. From which, you can then track, and manage your spending.

  •         Spendee: This budget tracker tells you how your money is being spent, and can even offer advice on how to reduce your spending.

 

Online Payment Options

Unimpeded by distance, online payment gateways have provided an option for businesses to easily receive payment for their products and services. Thus, customers can make purchases worth millions of dollars, and easily pay it to the businessman through a secure platform. Some available online payment options include:

 

  •         PayPal: Owned by eBay, PayPal is an online payment option with a reach that spans across most of the countries of the world. PayPal allows businessmen to be able to make payments for services on many business platforms, and also allows them to receive payments as well.

 

  •         Payoneer: Apart from conducting the usual payment, and acceptance of online transactions; Payoneer allows for a flexible API option, and even issues its own MasterCard for users to be able to withdraw their funds from their Payoneer account.

 

  •         Dwolla: Just like other online payment options, Dwolla focuses on improving the ease of making bank transfers. Dwolla also allows for a customizable payment option that enables different payments to be sent within a day.