Technology is a dire necessity for any business today. Micro-businesses especially have a lot to gain through the use of right tools and technology for various aspects of the business. Whether it is about managing vendor payments, tracking invoices and payments, communicating it right with every customer, providing tailor-made services, managing customer database., the list is endless for the areas to be integrated with the right technology and tools.
One man show-the very nature of business
Micro-businesses are usually a single-person managed business where managing sales, inventory management, billing, procuring raw materials are all done by one person, the owner. Understanding the key concerns faced by these businesses and the integration of technology and tools to sort out these concerns is important to bring in the efficiency in the system.
Managing the customer database: Lost data and lack of migration of data from the physical format to the digital format can affect business and prospective client base.
Collecting payments on time: can take a toll on resources as well as affect the cash flow
Sending bills on time-can ensure prompt cash flow
Vendor management-timely payments for vendors can ensure better relations. Businesses can take advantage of availing services and goods on a credit basis as well.
Managing healthy cash flow- is a must-must for every business as we all know, both from a short-term perspective and from a long-term scenario
Getting new clients-obviously helps in scaling up and helps business grow
As it is evident from the discussion above, most of the issues pertain to the cash flow and managing finance efficiently.
While it is evident from the discussion above that most of the issues revolve around finance, payments and managing customers, the right use of tools and technology can help address most of these issues.
Use of technology for billing and invoicing: Being an integral part of any business, manual invoicing is tedious and can take a toll on the company’s resources and manpower, so much that it can even cause inefficiency in the system. Payment issues caused due to inefficient billing system, lack of payment collection, failure of payments can affect the bottom-line and long-term growth plans. Poor cash flow can be attributed to-
-late payments that can deter healthy cash flow
-Inefficient expense management
-Inability to track payments made by clients
-Reconciliation of statements and accounts
-Inefficient management of payments
Secure payments through the right technology
Securing the payments by integrating the systems with technology is the solution. Automated billing solutions such as those of SpiderG can address the key concerns and ensure that the cash flow is prompt, efficient and timely. Here’s how:
-Prompt reconciliation of payments that too on a real-time basis
-Reminders for the amount due
-Follow-up for every payment due
-Communication with the clients
-Tracking of the payments and payment history
All in all, an automated billing system such as this can create a hassle-free billing system for micro-businesses. Besides ensuring smooth and healthy cash flow and speaking from a long-term perspective, this can also be the key driver of business as well.
Use of automated tools and technology can be of great help for the other aspects of the business–
Managing customer database: Helps efficiently manage client data. Online apps such as SpiderG can be of great help here again. The migration of data to digital format can be done free of cost, leading to huge savings on cost and energy.
Vendor management: multi-tier accounting, management of vendor payments, tracking of payments due to the suppliers can be done efficiently.
Better administration: Prompt billing and ensuring a healthy payment cycle is half the battle won. This helps in bringing efficiency to the overall administration and business.
Saves cost and overheads: Shifting from a manual process to technology tools can be a huge saving for micro-business especially since everything can be managed at a click of a button. This adds to huge savings.