3 ways to manage your business finances more comfortably in 2022
It doesn’t matter if you’re a fledgling entrepreneur eking out a foothold in your chosen niche or an established company looking to take things to the next level – the financial side of your business is likely to be the source of no small number of headaches. Tracking invoices, paying overheads and ensuring you make a profit are all plates that must be kept spinning at all times.
Fortunately, however, managing your business finances doesn’t have to be such a draining ordeal. There are a number of technological tools and third-party services which can streamline the way you store customer data, process transactions and keep tabs on your balance sheet, all of which can contribute towards a more stress-free experience in 2022. Here are our picks of the best ways to optimize your business finances in the year ahead.
Offer convenient authentication through digital identity wallets
A complicated or inconvenient onboarding process is the first hurdle for you to overcome when enticing a prospective customer onto your books – but all too often, it’s one which many companies fall at. That’s because the unnecessary friction which uploading ID documents or jumping through sign-up hoops creates is too much for the consumer, and they simply bounce to another site which doesn’t tax them as much.
The way around this conundrum? Incorporating a digital identity wallet into your site. This will allow you to leverage existing verifications and grant instant access to the customer through use of authentication processes they know and trust, such as biometrics or 2FA. With full legal compliance, you can gain peace of mind for yourself and your customers that their security is taken care of.
Meanwhile, the fact that a digital identity wallet can store far more than just basic ID credentials allows for the creation of more complex identity profiles. This, alongside the ease of integration with other apps and platforms, makes for a more holistic and rewarding user experience on your site, as well as allowing consumers to access networks and bypass security protocols beyond its borders.
Incorporate scalability into your payroll tracking
One of the biggest difficulties facing new businesses is ironically a product of their own success: the ballooning employee wage bill. If you’re lucky enough to find your company prospering and in need of extra pairs of hands, you might soon lose track of all those expenses. After all, what worked for keeping tabs of five staff members might not be so effective when you scale up and employ 50.
The secret to overcoming this particular issue is doing away with manual tracking protocols and instead adopting tech solutions geared towards payroll management. For example, HubStaff is a great tool which compiles all of the data on your workforce in one, easy-to-access location. Don’t let siloed spreadsheets hold you back any longer; assimilate the information together and access a comprehensive overview of your salaried outgoings at a glance.
Forecast for the future
“Those who fail to learn from the past are condemned to repeat it.” This sagacious saying, commonly attributed to philosopher George Santayana, was likely not intended to apply to business finance, but it works just as well in this context as any other. With so much data at your fingertips, you’d be a fool not to analyze it and gain insights into how your future income is likely to fluctuate.
While a skilled analyst will be able to make sense of raw data, their productivity can be boosted and their output optimized if they are empowered with the right tools. DataRails is one such product which can tie together data from a number of different sources, eliminate the margin for human error and afford your analysts with the right infrastructure to make the most of the resources at their disposal.
If you have been scratching your head wondering how to get a better handle on your company’s finances in the coming year, these three digital strategies could be exactly what you need going forwards.
