Emerging technologies in small-business accounting: 5 blockchain applications in finance and accounting

Emerging technologies in small-business accounting: 5 blockchain applications in finance and accounting

We usually associate blockchain with cryptocurrencies: Its application in other industries remains untapped, as it’s still in the nascent stages of development.

But in a short time, blockchain has emerged as a key financial technology (fintech) that can enhance financial management for small-business leaders and finance managers.

Key blockchain for finance facts:

  • Blockchain has the potential to secure financial transactions with the use of advanced cryptography.
  • Blockchain enhances financial compliance and transparency by creating a decentralized ledger for small businesses.
  • Blockchain is gaining traction among business leaders as more proof of concepts (POCs) have emerged that can be applied in finance for small businesses.

However, like other emerging technologies, such as AI and machine learning, small business owners and finance managers face some key challenges in understanding the impact of blockchain such as:

  • Thirty-one percent of small business owners aren’t sure which technology is the best fit for them.
  • Eighteen percent of small businesses find it difficult to integrate new technology with their current technology setup.

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Internet of things (IoT) security for small business

Internet of things (IoT) security for small business

While consumer internet of things (IoT) devices such as smart thermostats and fitness trackers have garnered much of the media’s attention, the internet of things has been quietly optimizing business operations around the world. In fact, according to a recent GSMA study, the number of internet of things endpoints used for business operations will surpass the consumer market by 2025.

Business IoT has shown promising results: A recent Gartner survey found that 80 percent of companies that have implemented IoT technology feel that their return on investment has been better than expected (report available to clients).

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Tax bots vs. Chatbots: Which tax automation technologies will help your small business file taxes?

Tax bots vs. Chatbots: Which tax automation technologies will help your small business file taxes?

2018 was a tough year for small-business owners when it came to understanding the implications of tax reforms introduced by the Tax Cuts and Jobs Acts (TJCA).

Not only were small-business owners unsure about the benefits of the new tax rules, they also had to reassess their tax obligations to find applicable tax breaks after the tax brackets changed.

As we approach the 2019 tax season, understanding tax regulations is still a key challenge for small-business owners and certified public accountants (CPAs) at small firms because of all the changes.

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Agile workplace designs offer flexibility that improves productivity

Agile workplace designs offer flexibility that improves productivity

Overall job satisfaction is closely linked to the efficient management of office space. According to Gartner, employees who are satisfied with their physical workplace are 16 percent more productive, 18 percent more likely to stay, and 30 percent more attracted to the company over competitors (report available to clients).

Small and midsize businesses must rethink how they use space by designing workplaces that improve productivity and retain talent.

Chart showing the benefits of employee happiness on a business

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Digital twin: An example of related technologies converging

Digital twin: An example of related technologies converging

Many people think of a digital twin as a 3D rendering of a physical object. And while that might be part of it, we’ve had computer-aided design (CAD) models for decades. Why the hype now?

It’s because the digital twin concept involves far more than that.

Digital twin technology helps businesses visualize assets and optimize operations by synchronizing the virtual world with the real world. Internet of things (IoT) sensors instantly transmit assorted data from an object to its digital twin. As the conditions of the object change, so too do those of its digital twin.

A digital twin is not simply a 3D rendering; it is a dynamic digital representation of a real-world object in real time.

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