Bespoke technology solutions are the cornerstone for every successful business regardless of size. From streamlined KYC to payroll and accounting software geared towards optimizing financial management, five must-have technology solutions are highlighted below.
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KYC, otherwise known as ‘Know Your Customer’, refers to technology that makes it possible for a business to delve deeper into the identity of their customers for both security and ethical reasons. For example, if your business deals in age-restricted products or services, such as e-cigarette supplies or online dating, KYC and due diligence technology can verify a user’s age.
It does this by extracting personal information from a huge array of photo IDs issued by the government. These IDs can then be used to calculate the age of the person responsible for creating an account or purchasing one of your products via your e-commerce website.
Payroll and Accounting Software
Financial management can prove to be a much bigger challenge than most business owners expect. This challenge tends to grow alongside your business as more income starts flowing in. There will come a time when handling payroll and accounting manually simply won’t be an option any longer, and this is when payroll and accounting software can come in handy. This software is created to:
- Generate accurate payslips for employees
- Work out bonuses, business expenses, and so on
- Alleviate the burden of achieving and maintaining compliance
- Store important data
- Automate various financial tasks and responsibilities, such as end-of-year reporting
Business owners will have a choice between investing in payroll software or outsourcing their needs. If data security is a concern, it is worthwhile looking into the latter.
Cloud-based storage makes it possible for business owners and employees to access important documents and information remotely, from anywhere in the world and at any time. It is endlessly beneficial from an accessibility perspective and also removes any need to spend money on creating expensive IT infrastructure onsite.
VoIP Business Phone Systems
Companies looking to bolster the quality of their communication should investigate VoIP business phone systems. These systems allow for toll-free voice calling, all the while providing useful call forwarding features that customers can use when in search of specific information. Many businesses from around the globe opt to use their VoIP systems as a help desk due to the fact that it affords the opportunity for the full automation of this service.
Inventory Management and Analytical Tools
Efficient inventory management will be essential if your business sells products to consumers. Problems like ordering too much stock can lead to issues with cash flow if inventory management is not up to scratch.
This is why it pays for business owners to invest in inventory management software specifically created for their particular industry. The great news is that this type of software does a lot more than simply keep track of which products are coming in and going out. It also provides valuable insights into which products are selling fast and which ones require additional marketing attention.
Invest in technology at every possible opportunity. You will be very glad that you did.