The Fintech industry is constantly increasing its offer of products that facilitate and make more efficient existing financial relations, and creating new solutions to reach the many niches that conventional banking has left unattended.
Better security, faster transactions, new sources of financing and the systemization of internal processes, are some of the many benefits new financial tools that are introducing ; but all of them have as a common denominator the goals of promoting financial inclusion, and making processes faster.
Fintech and SMEs
SMEs are the backbone of the American economy, there are 30 million SMEs in the USA that account for nearly two-thirds of net new private sector jobs in recent decades; they represent the spirit of innovation and entrepreneurship and they contribute to an expansive, more including economy. However, SMEs also need to be connected to a larger ecosystem to continue their growth, and the Fintech industry has a portfolio of products to foster and ensure their continuous growth.
Here are 5 apps available to improve the daily operations of your business.
Autobooks is a cloud-based service that integrates banking and accounting into a single platform. Designed for SMEs, it can be used to make and receive payments, via credit card or ACH; it also automates recurrent tasks like reconciling the books, invoicing clients, and paying bills. Autobooks also integrates to your online banking, so you have a whole vision of where you stand financially, at any time.
Wave is an accounting, invoicing, payment and payroll platform, all in one; you can track your expenses, balance your books and make your payments with only one product. Calculate and pay your payroll, for any pay period you choose; plus Wave makes available every calculation and documentation your employees needss for tax purposes. Credit card payment processing is also a feature you can have with Wave, by accepting this source of payment you make life easier for all your clients.
Wave accounting, invoicing and payments services are completely free.
Both the payroll services, and credit card processing service pricing depend on the quantity of employees you have, or the amount of transactions you make.
It’s a self proclaimed operating system for businesses, and it offers an all-in one suite to make business management easier. Zoho offers you apps for every corner of your organization: from business processing, to sales and mail integration, back to finance and marketing; an app for any every need. It also offers bundles of apps, focused on solving specific business needs: CRM to increase your customer engagement, it includes apps like visitor tracking and marketing automation; the workplace bundle for team collaboration includes apps like instant messenger and document editors, and the finance bundle to create a seamless process of your financial transactions includes apps for bookkeeping and invoicing.
Everything is cloud-based, so it’s absolutely mobile. The prices depend completely on what you are looking for.
Through this platform you can compare financing options; some of them available within 24 hours. LendGenius matches you with the best financing option, according to your profile (you need to fill out a form to browse through their options), every lender they have listed has their own requirements, terms and interest rates.
SMEs, despite their important position in the US economy, are still considered as high risk lenders by conventional financial institutions; LendGenious makes it easier to get funding as a business, whenever you need it.
Glass Business consolidates all your business accounts in one interface; it connects to your online banking and keeps every transaction you make organized and categorized. You can share information within your organization’s areas: sharing budgets, managing expenses, get access to your financial information any moment you need; their proposition is financial transparency, from individuals to large business organizations.
The start up price for Glass Business is $10 USD monthly.
Fintech companies are flexible, innovative, cost-competitive and more including, bringing to the financial sector solutions for the everyday problems any small or medium business has ever faced. By optimizing already existing conventional financial products, or by changing completely the relation between users and institutions, Fintech solutions are making easier the everyday operations of many business. In a market where everyday there are more and more solutions, what kind of tool would make managing your business easier?