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Why Fintech is needed in Managing Finances

In this ever-evolving generation, new technologies are being introduced year after year, and this has led into changes in managing finances, especially from a business standpoint. The days wherein checks are manually reconciled and where personal ledgers are still kept will be almost over. With new software and programs, financial management becomes a lot easier. Financial software companies such as BP Analytics are committed towards the development of financial technology to aid in the management of our finances. Through using their technology, financial management is no longer going to be as complicated and manual as it used to be.

 

From 2008 to 2013, different financial technology startups have represented triple accelerated growth to $2.97 billion. In 2018, it is expected to rise to as much as $8 billion. Why is this the case? The answer is most probably because of the increasing demand, and the complexity to manage finances. We all want a great deal on a credit card interest rate, or a bank account that offers the best cash back plan. This means opening up new accounts and multiple of them. Think about it, how many credit cards and bank accounts does an average family have (about 16 accounts!!). Software is needed to mange all of this.

The Link Between Finance and Technology

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One of the reasons why financial technology is needed in managing finances is the fact that the government is providing fewer services to its citizens. The governments of today are expecting people to be more responsible, which includes saving up for their own future and managing their own finances. In this case, technology plays a vital role as it is going to help in effective management of the future of your money, especially in monitoring its growth.

Convenience, accuracy, and security are also some of the reasons why businesses will benefit from financial software. Finance is a sensitive aspect of business operations, and only people who are competent and reliable (putting a company hostage to these skilled financial employees) should manage it. With the use of new financial technology, businesses can enjoy the benefit of automation, which makes it easy to manage tons of financial data. In addition, such technology will also make sure data is secured and will not be accessed by unauthorized users.

Professionals in the field of finance, such as accountants, bookkeepers, and financial consultants will also benefit from the use of new technologies. There is no need to handle financial data manually. The less hands that touch the data, better. Spend time offering advice that a computer can not offer (best tax plan for example) and less manual work.

Given the importance of technology in managing finances, you will surely benefit if you decide to work with a company such as BP Analytics. BP Analytics specialize in custom software development, Financial Application development and Business Intelligence systems, providing any business with cutting edge technology and more importantly a means to better handle customers through software automation.

 

 

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