B U S I N E S S T E C H N O LO G Y F E AT U R E
Small business technology trends TECHNOLOGY CONTINUES TO revolutionise small business, and for those ready to embrace the opportunity, 2018 promises to be an exciting year. So what are the top technology trends your small business needs to know about? To help make sense of the fast changing landscape, Xero asked some of their innovative app partners – all leaders in the small business technology industry – to give them their predictions for the year ahead. Facebook advertising costs will rise, along with the need to personalise customer experience. Facebook advertising costs will go up. More SMBs want to use it, and ad space is limited, which means rising costs Small businesses will need to secure their information in case of disaster. From data breaches to natural disasters, 2017 showed us just how important data security is. According to Nelson Da Silva, Chief Revenue Officer at Receipt Bank, small businesses need to take steps to secure their information in case of disaster and this is where accountants and bookkeepers can play a key role. “This starts with moving your books to a secure cloud platform such as Xero and Receipt Bank, Nelson said. “This enables you to easily maintain your audit records by
snapping your receipts and invoices with an app. It also includes adding 2-step verification to your email accounts and using a password manager to generate and store secure passwords.” Open Banking will become a powerful way for businesses to get paid Open banking will usher in a new era for bank-to-bank payments, making it the most powerful way for small businesses to get paid. “Until now, banks have been the sole owners of financial data like account balance or payment history, Duncan says. “With Open Banking, small businesses will be able to tell their banks to share relevant data with app providers like GoCardless, allowing us to make payments that are ‘smarter’ (e.g. could be triggered when money is in your customer’s account), faster, more secure and less likely to fail. And for small businesses, that will mean better cash flow and less time chasing payments.” Big data will become truly accessible to small business In 2018, we will see ‘big data’ moving from being the preserve of the big businesses and corporates to truly being accessible to small business owners and advisors everywhere according to Richard
Francis, CEO at Spotlight Reporting. “Xero reports provide one layer of insight already, but the Xero API has By David Evers, Director, Robson been a gamePartners Chartered Accountants changer that allows the likes of Spotlight Reporting to empower accountants and CFO’s to give reports, forecasts and more to business owners globally. The extent and quality of data is growing fast whilst unit costs are falling – this is ‘democratising’ access and putting it in reach of all businesses in an affordable and easy-to-consume way,” he said. Data = gold. We are at a turning point, where data is the most important asset to an SMB. Some of the biggest trends in technology including big data, artificial intelligence, machine learning and moving to the cloud, will come together to see the accounting industry go through a period of rapid change. This is a reduced extract from an online article Predictions for small business technology in 2018 from Xero app partners.
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LOYAL. CENTRAL COAST BUSINESS REVIEW JUNE 2018