In 2008 the banking industry was in crisis. People queued down the high street desperate to withdraw their money from a bank they no longer trusted. Eleven years on and UK Fintech (Financial Technology) is booming and leading the way globally, a direct result of the changes in regulation that followed the crisis of 2008.
So how does that affect the small/medium sized enterprise? Well, combined with cloud accounting software, Fintech gives business managers the opportunity to access real time information and be able to rapidly find solutions to meet their business needs. Just this month, a team from Harold Sharp attended Xerocon London, known as the “Glastonbury for accountants” not only does it provide accountants with the latest Xero product developments, the event is also well attended by other key players in the Fintech/cloud accounting market. Every year the event gets bigger, as more App and finance providers join the market.
From bank accounts that can be opened in minutes, to Apps that can turn your bookkeeping data into up to the minute cash flow forecasts, there is a solution out there for all your business needs. With ‘Fintech Friday’, we hope to raise your awareness of the new financial solutions out there and give you a few hints and tips on how to get the most out of your cloud accounting software along the way.
Keep a look out for our next edition of Fintech Friday, on the last Friday of January. We will be looking at the latest software which will help you get a handle on expenses.
In the meantime, if you would like to know more about cloud accounting solutions please get in touch with your relationship principal.