Do you know The Top 3 Business Tech Trends for 2023? The year 2023 brought about a lot of significant changes in the business world, including the integration of more cutting-edge technology into internal corporate processes. Due to these technological developments’ effectiveness and profitability, they are becoming increasingly well-known (in comparison to traditional human labour).
Continue reading to learn more about these important business IT developments and how they might eventually impact your company.
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Virtual corporate cards
Employees no longer need to manually submit claims for reimbursement of business costs. Instead, with the advent of virtual corporate cards, employees can securely pay for work-related expenses using already-existing online payment systems that are overseen by the company itself.
Virtual corporate cards operate in a manner akin to traditional debit cards in that they are connected to a business-funded account for use in making purchases, but they reside on an employee’s phone rather than in their wallet. Virtual corporate cards and the systems that go with them are sure to be a “hit” in the business world since they eliminate the risk of losing actual cards and provide firms better control over their financial accounts.
Depending on the virtual corporate card operating system. Many businesses may also experience added benefits such as:
- Digital receipt management
- Instant issuing, pausing and cancelling of cards
- Real-time data transfer to existing accounting systems.
You can find out more about virtual corporate cards by visiting DiviPay’s website here.
E-invoicing
Another digital development that is making news in the business world is e-invoicing. To send, transfer, scan, and record invoice data, online networks and automatic computer programmed are used. E-invoicing reduces the possibility of human error and automatically enters data from invoices (in a standardized form) into a company’s current accounting system, unlike paper-based invoices or PDF invoices that need human processing.
The Pan-European Public Procurement Online (Peppol) network is an illustration of an e-invoicing network that is becoming more and more widespread. By incorporating the current Australian business record-keeping system of ABN (Australian Business Number) identification, this network aids in the standardization of e-invoicing software in Australia.
E-invoicing is also thought to be significantly more secure than paper-based or PDF invoices thanks to e-invoicing networks because the records of buyers’ and sellers’ invoicing data are easily traceable.
Automatic expense management software
Another piece of technology that is gaining popular in the business world is automatic spending management software. Automatic expense management software is preferred in the business world since it eliminates recurring labor costs and human error, much as virtual corporate cards and e-invoicing.
Automatic expense management software, which has customizable categorization functions and online receipt recording systems, aids organizations in organizing their expenses. People can use automatic expense management software to precisely record all of their financial transactions rather than employing a bookkeeper to do it for them.
The majority of automatic spending management programmed also import data into a company’s accounting software, doing away with the necessity for human data transmission.
Tech Trends in Business
The corporate world is becoming more and more dominated by technology, therefore it’s critical to recognize emerging trends and react to them as quickly as possible. Do your own study to see how you can apply automated expenditure management software, virtual corporate cars, and e-invoicing to your own company.
