Thankfully managing your finances has never been simpler thanks to all of the major breakthroughs in technology and finance. To discover a handy guide which will teach you how to use technology in order to handle your personal finances and your business’ finances, simply continue reading.
Technology and Finances: How to Use Technology to Manage Your Finances
Purchase and download DIY accounting software to significantly reduce your accounting expenses:
Whether you hate spending countless hours filing your annual tax returns or you get a shock every time you pay your business’ accounting bill, it’s well worth purchasing and downloading reputable accounting software which will effectively automize your personal accounts and business accounts. Even if you’re required to have a chartered accountant look over your business’ accounts, they’ll bill you for less hours if you’ve completed most of their work for them. So regardless of whether you’re required to hire the services of an accountant, it’s still a smart idea to purchase DIY accounting software.
Keep track of your expenditure by regularly checking your transactions via your online bank accounts:
While in the past individuals would wait till the end of the month to go through their bank transactions as your bank balances will update themselves automatically, it’s well worth checking your bank account transactions several times a week. To ensure that there are no false charges which need to be removed and to keep track of how well you’re keeping to your monthly budget.
Set limits on your personal credit card:
If you use a credit card on a regular basis, it’s a great idea to log onto your personal bank account online as you’ll be able to set a limit for your personal credit card.
Make sure to set up automatic payments to pay for your ongoing bills:
If you’re forever forgetting to pay your bills on time such as your power bill, your phone bill, your internet bill and your rent, it’s a smart idea to use your online bank account to set up automatic payments. As a bonus some companies such as power companies may offer you discounts for paying your outstanding balance in full before the end of each month. Which could save you hundreds of dollars per year.
Purchase shares online:
While in the past you’d need to contact an investment broker by phone in order to purchase shares, it’s now possible to purchase a wide variety of shares online. There are even apps which allow you to purchase shares online, with just a few taps on your smart phone. Some examples of shares which you can purchase online include ordinary shares in specific companies, ETF shares which contain shares in multiple different companies in a given industry or region, property shares and private equity shares. Better yet you’ll be able to monitor all of your investments online, without having to deal with an investment broker.
So if you’d like to make the most of recent developments in technology in order to make managing your personal and business finances a whole lot easier, it’s well worth learning from all of the tips listed above.