What are the best fintech tools for streamlining operations? (2024)

Key takeaways from this article

• Integrated invoicing system:

  Choose an invoicing system that integrates with your existing Enterprise Resource Management (ERM) or Enterprise Resource Planning (ERP) system for a streamlined order-to-cash process. This reduces payment friction and improves cash flow.

• Business intelligence analytics:

  Payment platforms with integrated business intelligence tools offer valuable insights into sales patterns and customer behavior, helping you make informed decisions to streamline operations.

This summary is powered by AI and these experts

• Cemal H. Investment in FinTech, AI

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  Sometimes we need to think-out-of the box and the most fascinating software right now that can disrupt how the Fintech operates is RPA software (Robotic Process Automations). There is the old version that is very hard to train and we called that the 'stupid' RPA and there is the new one that incorporates generative AI tools like ChatGPT for 'training', thus we are calling these the 'smart' RPA.

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• Terry Smith Owner | Fractional CFO| CPA| CITP| Business Advisor saving leaders time and money using a data-driven process

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  As a Quickbooks Pro Advisor, I find that Intuit has been in the forefront of artificial intelligence and automation. Their features around bank feeds and their built-in integration modules with Excel have made it extremely easy to expand financial analysis and deeper dives into the financial data.

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  Traditional financial tools provide exact (100% accurate) annual and quarterly information. This is all rear view mirror info. The key to leading a growth business is to have 90% info on a daily or weekly basis and to define your leading indicators. Getting good info on these leading indicators requires transparent info systems. Software can enable this. Taking appropriate action on the leading indicators puts leadership on top of their game. It’s not easy.

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• Juan Ma P. Humanizando la ciberseguridad | Innovador en IA | Consultor | Educador | Cyfluencer | CISO | CEH | Reconocido en 2023/24 por Favikon entre las 200 personas más influyentes en LinkedIn

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  To streamline operations, fintech tools are pivotal. Accounting software like QuickBooks, FreshBooks, and Xero help manage finances and comply with tax regulations. Integrating these with payment platforms and payroll services creates a seamless workflow, saving time and resources.

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• Chisala Mubanga Tembo Award Winning Microfin and Fintech Executive | Digital and Online Lending | Consultant

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  See Also

  What is Financial Technology (FinTech)? A Beginner’s Guide for 2023 | Columbia Engineering Boot CampsThe Future of Accounting with Fintech: Automation, Analytics, and Advisory ServicesCustomers in the spotlight: How FinTech is reshaping banking
  Streamlined operations leads to efficiency and using the right Fintech tools to achieve this is critical. The tools and organization chooses depend on the operations of the business and budget. For accounting Xero is our number one choice. For HR management, Simple pay is a good option. Payment processing ozow and payfast. Efficient debt collection Excalibur is a great choice.

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• Hitendra R. Patil 🏅Top 100 Influencer in Accounting 🔴 Accountants: Want what your potential deserves? Need to power your CAS success? DM me now 🔴 Building global teams shaping Accounting Firms’ future 🔴 Author 🔴 Speaker 🔴 Consultant

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  What a great time to live your business life. These "payment platforms" are not just another way to get paid by your customers and pay your vendors through platform-integrated payment apps but these actually widen and deepen your market as buyers from any location other than your business location can now become your customers. Such platforms now integrate with top accounting software to make accounting more automated and less expensive for you.

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• Jason Busch

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  Invoice automation (including PO, PO change order, blanket PO, ASN and other non global-trade documents) creates the foundation of visibility and accountability for procurement and finance organizations to work together. The capabilities they offer and metrics/insight they provide (e.g., PO cycle time, invoice cycle time, cost to process an invoice, percent available discounts taking, etc.) are foundational to better relationships with suppliers as well. Moreover, in today’s increasing high credit risk environment for vendors with balance sheet concerns, invoicing systems provide the tools to get early payment options (that can reduce supply risk) into the hands of the suppliers which are highest risk and need it the most.

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• Hitendra R. Patil 🏅Top 100 Influencer in Accounting 🔴 Accountants: Want what your potential deserves? Need to power your CAS success? DM me now 🔴 Building global teams shaping Accounting Firms’ future 🔴 Author 🔴 Speaker 🔴 Consultant

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  Payroll is NOT just about paying employees or yourself as the business owner. Payroll is subject to complex National, State, and local tax and other regulations. Being non-compliant can land you in serious trouble. At the same time, not paying employees on time because of a lack of payroll processes and systems can cause unhappiness at work. Add to that the need to securely move money electronically, and pay payroll taxes on time - everything adds to complexities and takes you away from your core business focus. It is always a wise decision to let professional payroll services providers take care of all if it for you.

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• Terry Smith Owner | Fractional CFO| CPA| CITP| Business Advisor saving leaders time and money using a data-driven process

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  Payroll services simplify the onboarding process and tracking and reporting requirements of the IRS and state governments. Personally, I prefer using ADP and QuickBooks Payroll as my go-to payroll services. They both easily integrate into accounting systems and free up business owners to focus on their business instead of worrying about complicated compliance related to quarterly and annual tax returns, as well as workers' compensation audits.

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• Terry Smith Owner | Fractional CFO| CPA| CITP| Business Advisor saving leaders time and money using a data-driven process

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  Based on my experience, I have noticed that business owners tend to rush into adopting a CRM system without fully understanding their requirements. They often get lured by attractive features and integrations, only to realize that their sales team finds it difficult to navigate and more trouble than it's worth. To avoid this, it's crucial to define the requirements of your sales process and determine the specific data you need to collect to build strong relationships with your potential and existing customers. This will help in retaining your current customers and acquiring new ones. Small business owners can get by with simple tools like spreadsheets depending on how many customers they have. CRM should integrate with accounting software

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• Shauna Collister

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  Not all CRM Systems are created the same.Finding the right CRM system involves considering your business needs, scalability, and user-friendliness. Evaluate features such as contact management, lead tracking, and integration capabilities with your existing tools. Also, consider the level of customization, data security, and customer support provided by the CRM provider. Additionally, assess whether the CRM aligns with your industry requirements and allows for easy user adoption within your team.Creating a logic model may help with understanding your needs.

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• Cemal H. Investment in FinTech, AI

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  Payment platforms can significantly improve the operations of merchants by integrating business intelligence (BI) features. Here are ways in which payment platforms can enhance merchant operations through BI:1. Transaction Analytics: helping merchants understand sales patterns, peak times, and customer behaviors. 2. Sales Reporting: breaking down revenue by product, category, or time period. 3. Customer Insights: customer demographics, preferences, and buying habits. 4. Fraud Detection and Prevention: 5. Forecasting and Predictive Analytics6. Customizable Dashboards: Custom dashboards make it easier to track key performance indicators (KPIs) at a glance.

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  I think AI can be of best suit for now a days requirement, however others integrated softwares are also helpful thats promotes business automation

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• Marlin Hutchens Business Advisor

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  Before you purchase any system really understand your total needs. Make sure what you are purchasing covers every part of your operation. Unfortunately I have found that many systems don’t talk to one another. Fortunately for our business we have been able to create an AI Bot that is now capable of sitting on top of different systems to bring them all together. Definitely a huge assistance in recovering from years of siloed decisions. Hopefully the new technology will be able to let us operate more efficiently.

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• Darryl Demos Advisor to Boards, CEOs and Leadership Teams; FinTech, Banking, Sales, Human Capital

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  Along the same line of thinking as Marlin, systems integration software companies that help connect Fintechs to a bank’s operating environment are critical to delivering on the benefits of Fintech and other SaaS companies. Consider that there are some 8,000+ community banks and credit unions YET only 8-10 core system providers who serve over 80% of them, there is massive scale and efficiency for the few systems integration companies (maybe 2 out of 15?) who offer pre built templates and libraries and bank data experts to help to connect 3rd party systems to your core. These systems deserve mention and consideration early in bank’s digital transformation journey.

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• Keith Rosser Making UK hiring the fastest globally // Tackling Hiring Fraud // Transforming the UK labour market for everyone

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  A great way to streamline operations is digitising the hiring and onboarding process and using outsourced providers. In the UK Reed Screening have won awards for changing UK Government policy and are now working in Parliament with the Better Hiring Institute to make UK Hiring the Fastest Globally. The reason why the UK is focussed on this is because it addresses strategic issues:- cuts waiting lists and workloads- improves productivity- puts more money into the Treasury sooner- boosts the economyAll key priorities post Covid. The direction of travel is hiring from month months, to weeks, to days, and now looking at hours - all whilst being less of an operational burden.

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  When thinking through operational excellence and efficiency, it is important to understand that technology is merely a means to the end, and not the end itself. A combination of good process improvements, strong commitment to continuous process excellence from senior organisational leaders, deploying capital to the right functional areas, aided by workflow tools is the only way to guarantee operational excellence.

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