Accounting and Fintech are different industries in the world that hit each other. But what are the difference of the two? Accountants are the first to call of business owners in terms of financial advice and has an obligation to know about fintech lending to get significant opportunity on the competition.
Fintech lending is looking for accounting software platforms to streamline credit applications. A cloud accounting software resolves in an integration between the Xero and major bank to achieve commonplace of partnership and enable fintech ingrained in accounting software.
What are the effects to Accountant?
- Competitive Edge – in order to provide great advice, an accountant requires a complete picture of the lending environment including traditional funding solutions and new fintech lending options. Because traditional lenders can’t or won’t lend to small business and fintech lenders will. Accountants can add value to clients and reap the reward of customer loyalty.
- Get great results with little effort – Fintech lenders have fast, efficient and easy-to-use processes and platforms. For example, a credit application with Spotcap can be completed in as little as five minutes and financial data can be pulled directly from an accounting software application. Once complete, lines of credit are approved and made available within 48 hours. It’s as easy as that.
How Fintech Solutions Important to Chartered Accountant’s
Quite simple, there’s a better way to manage that does not involve staring down of paperwork when you and your clients using outdated process to manage and reconcile finances. One mistake due to human error like– a misplaced decimal or document could hurt the company. But error isn’t the only issue, the truth is that the problem can wear many different faces. It could be an issue with invoices consuming time and resources. It could be a skyscraper pile of receipts, expenses that have to be reimbursed.
- Cloud Accounting Software
A cloud-based accounting model can help chartered Accountants manage expense needs instantly from a cloud-based portal, make adjustments along the way, and limit spending – all in real time – from anywhere. The cloud provides access to company financial data from any device, ideal for working on-the-go and empowering team members to work together and get things done; even when said finance individual is out.
- Invoice Automation & Admin Hypnosis
Repetitive tasks continuously can lead to “admin hypnosis,” where the folks in charge fall into a daze and the possibility of human error creeping into something as important as, say, invoicing, can increase dramatically.
- Expense Management Systems
Chasing all that paperwork can be as much work as resolving it, so when Chartered Accountants sit down to do their actual job, they might still be wondering where else expense reports and POs may be going. Coupled with prepaid expense cards can be a solution. Each card would generate a report that would track how and where money was spent. With that data on-hand in real time, Chartered Accountants can provide guidance on how to improve costs and avoid record-keeping errors.
What i am looking forward to FinTech Malaysia is that its invoicing module can to be send via email and payment link, so that everyone get paid easily and faster than usual. Freshbook is the top of this payment link with PayPal but the costly fees is not worth it unless it tide with local bank.
Wait the latest news said Jack Ma will be Prime Minister Digital Economy, then hope that Alipay will make its to route to Malaysia very soon.
What happen now is FinTech will let Accountant and bookkeeper spend less time on data entry and be more efficient. I was invited to visit China FinTech Giant, to study their accountant practice and latest technology of cloud accounting. More info will be reveal next blog.