How can financial technology platforms empower small businesses?
Earlier, fintech solutions were limited to private, organized firms, with trained professionals using these platforms. The present fintech revolution has created various product options and solutions that are cost-effective, easier to use, and accessible to even small businesses that may earlier have not had access to such technology.
Small businesses and merchants, being the essential backbone of the economy were in the past deprived of technology that could ease the working of the firm. Slowly and steadily, with the growth of fintech platforms and support through various government schemes, small businesses are now leading technology adoption. For just 9M of FY 24, the number of digital payments (UPI, etc.) crossed 110,000 mn – the highest in the world! Digital payment platforms like Gpay, Paytm, etc. have found their way onto the smartphone of every small business today.
Focusing on how fintech platforms assist small businesses:
- Simplified and effortless credit management: Tracking Udhaar (credit) has been a task. It is prone to error and is time-consuming. Fintech platforms handle credit management effortlessly by automating this process, tracking the balances, sending payment reminders, and accepting payments.
- Efficient vendor management: Vendor management and maintaining relationships can be complicated. Automating the process using a fintech platform to track payments, purchases, billing, outstanding amounts, etc. can be helpful.
- In-depth and advanced reporting: Analysis of financial reports can be stressful for small vendors. Fintech platforms can assist in creating reports that are simplified and provide valuable insights on sales, cash flow, performance, etc.
- Streamlined cash flow management: Insightful reports on income and expenditure allow firms to gain control over their cash flow. They make informed decisions and avoid potential shortfalls.
- User-friendly interface: Small firms have limited accounting experience, usually in the initial phase. In these times, fintech platforms that are user-friendly and easy to navigate play a crucial role in assisting them.
What are the features of Indibook that can help small businesses manage their finances?
Indibook, a comprehensive fintech platform, provides solutions to small businesses, allowing them to effectively manage their records and accounts, hassle-free via just their cell phone.
Key features of the platform are:
- Track Udhaar (credit)
- Payment reminders
- Vendor Management
- Simplified reports
- Receiving Payments
- Availing quick loans
- Easier sharing of UPI ID, tracking details from the dashboard, digital cashbook, and daily record of transactions
Small businesses may enhance cash flow management, streamline their financial operations, and obtain insightful knowledge about their financial performance by utilizing the potential of fintech platforms such as Indibook.