reaibonk.icu

Image Source: Pexels.com

Pairing Sticks and Bricks with Convenience
Can you still pay your bills via a paper check? Of course! However, those who avoid using online banking tools such as bill pay because they fear a data breach may be mistaken. The internet has greatly reduced the security risk of transmitting money. If someone tries to get into your bank account online, the bank will likely lock your account down immediately and send you a fraud alert. If someone steals your utility payment check out of your mailbox, they have a lot of your information, including your signature, and can make a lot of mischief that you may not know about until you get a notice of non-payment from the utility.

The Rise of Credit
Many of us pay for a lot of our lives with credit cards. Simpleapps such as Square make it possible to turn your phone into a monetary collection center. Whether you’re a small business owner hoping to collect payment for your services and products quickly or are trying to fundraise at a special event, having a Square reader and account makes you part of the fintech revolution.

Expanding Slowly is Fine
There are many sources offintech news that can reduce discomfort if you’re not sure about all of this convenience. However, it’s important to remember that electronic money exchange is simply an extension of paper money exchange. It’s new and different, but it’s not necessarily revolutionary. The revolution occurred generations ago when we stopped bartering goods and started exchanging agreed-upon values on paper.

The Power of Group Funding
There was a time when banks were the only place that you could get a loan unless you knew someone with the cash to lend it to you directly. However, the bank method of lending; that is

to pool savings from many people and
lend it to others and
collect interest, which can increase the balance of the original savings accounts
has moved online. While there are ways to donate to folks working on great causes, such as Patreon, there are also terrific ways to tap into investors who are looking to lend to startups. Crowdfunding is bypassing traditional lenders with great results.

Fintech as a Method of Money Management
In addition to making payments, investments, and donations, the right fintech app can also help you save money. Budgeting apps are growing in popularity and helping people who’ve struggled to put together a pen and paper budget to better manage their expenses exactly where they are.

Previously, budgeting meant that you had to track your spending, plan your expenses, and note your successes and failures at home, either via an expense log or the envelope system. With budgeting apps that live on your phone, you can manage your spending on the go. Your account balances are easily accessed for up to the minute decision-making about your next purchase.

The Truly Revolutionary Aspect of Fintech
The world of cryptocurrency is the ultimate outgrowth of mobile financial technology. The ability to trade on exchanges including Coinbase makes it possible for those interested in cryptocurrency to learn more about this exciting method of growing your money. You don’t have to be a miner to trade cryptocurrency and benefit from the lucrative run-ups of this currency. However, it is a new method of exchange and decentralized. As you learn more, you may feel comfortable investing more dollars into the exchanges. Follow your own risk tolerance to reduce your investment stress level.

The world of money is constantly expanding, and fintech is making it easier to trade, save, spend, and invest your dollars. However, with the expanded use of credit, it’s possible to get in over your head very quickly. As with paper dollars, tracking where your money is going is critical to protecting your financial future.

Every organization across the world has a finance team that manages the entire critical payment cycle internally and externally. Although the number of FTEs in the finance team might vary depending on the size of the organization, the challenges remain the same. Major challenges finance teams and CFOs across the world are facing are related to cash flow management, invoice management, managing payment cycles, and increasing efficiency every day.

In recent years, medium and big-sized organizations have started adopting tools and technologies in order to reduce the risk of minute errors due to human intervention that might cause major challenges to the organization as a whole. According to a recent report, the Finance & Accounting outsourcing market is bound to increase to over $16.5 billion by 2025.

As major companies have operations worldwide, their finance teams are scattered across various shared service centers which makes it difficult for the employees to locate the invoices and consolidate the data across multiple locations. CFOs are now investing in technologies like a suite of (F&A) finance and accounting solutions which include robotic process automation (RPA), Artificial Intelligence (AI), and Intelligent Document Processing (IDP) in order to streamline their entire finance cycle.

Organizations are automating their entire P2P cycle with different procure-to-pay solutions and business process management to accelerate contract management, vendor relationship, purchase order management, invoice process management, travel & expense management, etc., and their order-to-cash process with O2C solutions.

Below are some real-life case studies where companies have automated and streamlined their Finance & Accounting operations with automation and AI:

Blue Star’s Entire Accounts Payables Improves by 33% with Procure-to-Pay Process Re-engineering: India’s largest air conditioner manufacturer, Blue Star automated its accounts payable cycle by implementing intelligent workflow management solutions for managing payment cycles and automated the invoice processing with robotic process automation.
Automation Of Accounts Receivables Cycle For Automobile Sealant Manufacturer: One of America’s largest sealant manufacturers automated its accounts receivables cycle with RPA platforms and IDP solution.
Centralization of Order Management for a Leading Paint Manufacturer: One of India’s largest paint manufacturers automated their entire order management cycle with O2C solutions and increased overall productivity.
BPM Optimizes Accounts Payables For A Leading Airline Catering Firm: One of world’s largest airline catering firms streamline its accounts payables process by implementing business process management solutions including RPA and intelligent document processing (IDP)
Optimizing Accounts Payable process for house leasing company: A leading house leasing company in the USA optimized their accounts payables cycle by streamlining the process by implementing F&A solutions.