Entrepreneurs who leverage innovative tech are the ones who rise to the top. Find out how to manage your business profitability to stay in the black with easy to use financial automation.
One of the great challenges facing every entrepreneur is managing the cash flow of your business. As an entrepreneur, you ARE the business. That means, from the moment you decide to create your own path, you instantly assume the role of visionary, creator, marketer, sales manager, production manager, chief cook, bottle-washer and janitor.
Okay, maybe not the janitor, but you get the idea.
The logistical aspect of running a business takes up a good chunk of time and it is sometimes easy to miss bill payments, tracking expenses and general operational costs. More importantly, when you’re not using an automated system to keep track of business expenses, it’s easy to get carried away with ‘personal’ spending – which really depletes funds if you’re not careful.
I’m always on the lookout for ways to ensure the financial lifeblood of my company so it’s not an afterthought and found a great new app. I ran across an interesting article by Lillian Tong that contains a quick look at some new financial software that may have some interesting possibilities.
She wrote, “Life is full of details that can soon get complicated and messy with various costs that include taxes, tuition and insurance. While all kinds of financial information is available online, what people often need is tailored financial advice and personalized services. By learning about your priorities, incorporating Artificial Intelligence into financial services, Pefin is a platform that provides affordable, artificially intelligent financial advisors for planning and advice to users.”
The AI component of this program caught my attention. Wouldn’t it be nice if every time you launched a new software, it automatically updated you on the financial status of your business and provided suggestions or warnings when entering bills, payments, etc?
Lillian also adds: “With an understanding of hundreds of financial relationships, the smart technology learns from users’ spending and savings patterns and offers customized financial advice. As the market or users’ plans change, the AI advisor automatically adapts to the change and updates your personalized plans keeping you on track.”
I’m taking a tour of the program as I write this blog (yay for multi-tasking). Looks like it might be a great addition to my entrepreneurial apps.