7 Innovative Use Cases of Finance Technology in Small Business Settings

To gain insight into how small businesses are creatively leveraging financial technology, we posed a question to seven leaders, including Managing Partners and CEOs. From a digital finance plan enhancing decision-making to how blockchain smart contracts ensure timely payments, discover the unique ways these professionals have streamlined processes and improved financial decision-making in their businesses.

• Digital Finance Plan Enhances Decision-Making
• Cloud-Based Accounting Software Boosts Efficiency
• Stripe and Professional Tax Services Save Time
• Scoro Transforms Cash-Flow Operations
• Simple Invoices Streamline the Billing Process
• AI-Driven Forecasting Tools Improve Budgeting
• Blockchain Smart Contracts Ensure Timely Payments

Digital Finance Plan Enhances Decision-Making

I’ve been using a digital finance plan to provide quick and clear insights into how much my business can safely afford on items such as salaries and investments.

This plan automatically updates with the latest data, meaning I no longer need to conduct manual calculations. We have improved the outcome for decision-making due to access to a greater level of detail and clarity about my finances. This technology has saved me time and significantly enhanced the quality of decisions and outcomes.

Julia Kelly
Managing Partner, Rigits

Cloud-Based Accounting Software Boosts Efficiency

In my small business, we creatively utilized finance technology by implementing a cloud-based accounting software. This allowed us to streamline our financial processes by automating tasks such as invoicing, payroll, and expense tracking.

The software’s real-time financial reporting and analysis tools also significantly improved our financial decision-making. We could identify cost-saving opportunities and make informed decisions on investments and growth strategies.

As a result, we saw an increase in our profitability and operational efficiency. This unique use case demonstrates the transformative potential of finance technology for small businesses.

Michael Lazar
Executive, ReadyCloud

Stripe and Professional Tax Services Save Time

When you’re running a small business, you’re wearing so many hats as it is that it makes sense to outsource something as important as your finances or ensure you’re using tools that can streamline financial management.

For me, this means using Stripe to invoice clients. I can create a simple invoice template once and use it repeatedly for my standard services. This also means working with a professional on my taxes.

This not only saves me time but also money, as my accountant knows the unique ins and outs of the tax code and how to leverage it to reduce my tax burden. Plus, it allows me to focus on serving my clients and bringing in more money.

Meredith Lepore
Content Strategist/Editor/Writer, Credello

Scoro Transforms Cash-Flow Operations

We struggled with scattered client billing and projections using basic spreadsheets, but adopting Scoro with its robust project-cost management and automated invoicing completely transformed our cash-flow operations.

Now, Scoro’s centralized dashboard lets me instantly visualize up-to-date profitability metrics for all projects. This high-level insight informs decisions around resourcing and scoping new work, and streamlined time tracking and invoicing means on-time client payments.

Last month, the dashboard flagged an unprofitable project over budget. We quickly adjusted resources and billing terms, which saved us thousands in potential losses. We’ve reduced administrative costs, improved projections, and made better data-driven choices since implementing Scoro. Now, we focus on design innovation while the tech handles the finance.

Lukas Berezowiec,
Founder CEO, NoTriangle Studio

Simple Invoices Streamline the Billing Process

In the realm of financial technology, Simple Invoices has been a game-changer for our small business. Gone are the days of chasing clients for payments or sending multiple reminders. By utilizing Simple Invoices, we streamlined our invoicing process and took it a step further: we get our clients’ cards on file from the get-go.

The unique advantage here is twofold. First, it enhances our cash flow as billing becomes more predictable and consistent. Second, it fosters a sense of trust and professionalism with our clients, removing the awkwardness often associated with payment discussions. The outcome? A seamless transaction experience and improved client relationships, all while safeguarding our financial health.

Jaya Iyer
Marketing Assistant, Teranga Digital Marketing

AI-Driven Forecasting Tools Improve Budgeting

In our small business, we integrated AI-driven forecasting tools with our accounting software. This not only automated our budgeting process, but also provided predictive insights on cash-flow trends.

By analyzing past transactions and market variables, the tool suggested optimal times for capital expenditures and identified potential financial bottlenecks. As a result, we reduced unexpected expenses by 20% and improved our capital allocation, leading to a 15% increase in ROI within a year.

Ranee Zhang
VP of Growth, Airgram

Blockchain Smart Contracts Ensure Timely Payments

In my small business, I leveraged blockchain technology to create smart contracts for our freelance vendors. This automated the payment process, ensuring timely and accurate payments. It eliminated the need for manual invoicing and tracking, saving significant time and reducing errors.

The transparency of blockchain also enhanced trust and satisfaction among our vendors, leading to stronger, more reliable working relationships, and ultimately contributing to smoother, more efficient operations and improved financial decision-making.

Farhan Advani
Director Marketing, PhotoshopBuzz

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