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5 Ways Small Businesses Can Save Money Because of Technology

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There is an abundance of electronic devices, internet tools, widgets, and machines out there. They allow small to large businesses to operate seamlessly. These machines aim to make operations and transactions easier. They also save operational costs because they improve productivity and reduces the time spent on insignificant business processes.

Teleconferencing and Phone Systems

Before, businesses have to pay for separate landline phone lines. This secures their connections and allows for a way to monitor their employees’ phone usage. Although they still need landline phones now, various web applications allow businesses to connect with suppliers and clients without having to call them long-distance. They can use VoIP phone systems, teleconferencing platforms such as Zoom and Skype, social media messaging platforms, and instant messaging software.

POS System

What did businesses use before the point-of-sale (POS) machines? They used the cash register system. The problem with this is that it has no way of monitoring the inventory of products. The business needs a separate system for that. With a POS system, the computer is linked to several checkout terminals. These terminals scan barcodes and adjust the inventory the moment a sale is final.

Smart Heating and Lighting Systems

Smart thermostat and lighting systems can also reduce business expenses. They connect to the heating, ventilation, and air conditioning (HVAC) and lighting system. This smart device will help lower the business costs associated with energy, heating, ventilation, and air-conditioning. Businesses spend at least 30% of their business budget on their energy bill. This shouldn’t be the case. If you use technology to save on your utility bills, you can use that money for more important things such as your marketing and advertising.

team meeting

Employee Productivity

Employees are more productive now because they can work from anywhere. At least, that’s how it is now because of work-from-home setups. For many companies, this is also being considered. The ability to work from anywhere is boosting the productivity of the employees. The flexibility allows them to tend to their personal responsibilities while also achieving their work goals. This is all thanks to technology such as laptops, smartphones, teleconferencing tools, collaborative tools, and project management programs.

Taxes and Accounting

Did you use to pay an accountant and tax attorney to take care of your income statements and taxes? Do you know that accounting software can already do this for you? All your accountant needs to do now is check if there are discrepancies in the statements. For the most part, you can save on the monthly fees of keeping an accountant because the software will already take care of the monthly sales report.

To say that technology changed industries and businesses is an understatement. In fact, businesses have been taking technology for granted. They don’t give technology enough credit for helping them grow and expand their reach. Technology, after all, did not only make processes and transactions seamless. It also provided a way for these businesses to cut down on operational expenses. The money the business saves can be used to modernize the business.

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