Five Tech & Accounting Trends for Small Businesses in 2020

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We’ve made it almost a full month into the new year. But this isn’t just a new year, it’s a new decade. Whether it’s about catching up, or getting a leg over the competition, here are five tech and accounting trends for your small business in 2020: 

 

  1. Becoming Mobile-Friendly

Every new smartphone is more capable than the last, and they can be handy on both sides of your business. From the standpoint of customers, making your payment system mobile-friendly, your mobile website user-friendly, and sending mobile updates that can be received both in and outside of the office, smartphones will work wonders for the accessibility of your company. 

On the business side, mobile computing has worked its way into bookkeeping operations as well. Paying bills, making mobile deposits, and expense reporting can all be done by cell now. Even something as simple as archiving receipts in your camera roll instead of in a shoebox under your desk will improve efficiency (not to mention saving space!). And, of course, keeping in contact has never been easier for companies with remote or outsourced employees thanks to mobile technology. Remove steps in your business processes and transactions by making your phones work for you. 

 

  1. Investing Time in a Social Media Presence

Not all businesses are big enough to run full-fledged marketing campaigns, and smaller businesses, especially, shouldn’t feel pressured to compete at this level of marketing. This is where social media can be your best asset. It’s become easier to find your target audience, to interact with them, and to build your brand without having to pay for print, broadcast, or website advertising. In fact, it doesn’t have to feel like advertising at all. A company social media presence can feel more like networking with potential clients and other small businesses. Add it to your weekly to-do list to put some time into building an online presence and connecting with clients, and watch your brand start to grow, no advertising agency needed. 

 

  1. Keeping Track of Your Data

The world runs on data and data analytics now, so it’s a good idea to start paying attention. The secret to good strategy-making could be hidden in your company’s data. 

It doesn’t have to be anything big, and you don’t need to go out and hire a full time data scientist, but picking a few key data metrics, determining what they mean for the success of your business, and tracking the numbers throughout the year can do wonders when it comes to making marketing and sales strategies and monitoring growth. Companies are popping up everywhere to provide data analytic services, and more and more data-fluent freelancers are entering the workforce. It’s worth considering whether this could be a profitable investment for your small business in the new year.

 

  1. Embracing the Remote Workforce and Online Workspace

Expand your business (and your cash flow) without having to find a bigger office. It’s become increasingly popular for small businesses to build teams of remote employees and embrace the online workspace. The benefits of hiring freelancers are significant. You get to enjoy the reduced costs of remote employees, and without geographic constraints, you’ll have access to a huge number of uniquely talented specialists in order to find the perfect match for your company. 

On top of this, keeping track of remote employees has also become easier than ever. We’re entering a decade of the online workspace. With tools like Office365, Trello, and Google Drive, and online networks like Slack and Flock, staying connected with your employees and managing projects requires nothing but internet access. Finding the right tools and networks for your company might take a little bit of trial and error at the beginning, but small businesses and remote teams are a match made in startup heaven. 

 

  1. Outsourcing Your Bookkeeping

On a similar note–and because we have to mention this, considering what we do here at Chastain Partners–outsourcing your accounting might just be the best thing to do for your small business in 2020. It’ll save you money, time, and stress over accounting, and who doesn’t want that? 

Outsourced bookkeeping is ideal for small businesses. Our team at Chastain Partners is here to help with all of your bookkeeping needs. 

 

From our small business to yours, good luck in the new year!

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