Emergence of 5G Presents a World of Opportunity to Small Businesses

Kutubkhan Bohari | July 16, 2022 | 424 views | Read Time : 01:54 min

Emergence of 5G Presents
Together with 'artificial intelligence' (AI) and 'machine learning,' 5G has emerged as a hot topic in the tech industry over the last couple of years. There's a lot of buzz about the next generation mobile network's technological capabilities, and for good reason: faster, more consistent, and higher bandwidth mobile connectivity can open up new levels of productivity, versatility, and opportunity for small businesses.


Benefits Motivating Small Businesses to Invest in 5G

The world may be in for a devastating recession as a result of the war's impact and the emergence of new waves of coronavirus pandemic. This is encouraging enterprises to prioritize digital transformation. 

Digital innovation helps to develop tools and strategies that businesses can use to overcome challenges and solve complex problems. Improved hardware and smarter software enable data collection and analysis for scalability. With its promising strength of connectivity, exceptional frequency of data transfers, and high-speed, 5G technology can foster digital innovation, especially among small and medium-sized businesses (SMBs), allowing a wide range of highly skilled workers to work from any location or workplace. Here are some major benefits, encouraging SMBs to invest in 5G, as follows:

  • Provide businesses with increased operational flexibility.
  • Increasing the sales channel's productivity.
  • Creates an intuitive supply chain.
  • Facilitate access to cutting-edge technologies such as augmented and virtual reality (AR and VR).
  • Improves workforce functionality and safety by lowering latency.
  • Enhances the customer experience.


A Plethora of Opportunities for Small Businesses

With a projected annual growth rate of around 97 percent and 40 percent of the population around the world using internet of things (IoT) apps on a 5G network, the new digital technology has the potential to create an incremental opportunity of around $251 trillion by 2025. A large number of businesses, irrespective of size or industry, are considering preparing themselves for the deployment of advanced 5G technology to benefit them and their customers. In addition, the deepening trend of digital transformation and the incorporation of cloud technologies are presenting a wide range of opportunities for businesses to scale up their connectivity, reach, and productivity.

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Universal Software Corp.

Universal Software Corp. is a world-class software development company specialized in tailoring automated IT solutions that centralize and simplify the workflow and processes of any business. We can optimize and streamline the daily operations of your business so your employee team can work more efficiently, optimizing management and revenue generation.

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TECHNOLOGY, SMALL BUSINESS ADVICE

How to Choose the Right Small Business Accounting Software?

Article | June 30, 2022

Introduction With increasing complexities in financial management and migration towards digital technologies for accounting operations, advanced accounting solutions are gaining massive traction across the small business sector. Accounting software assists small businesses in enhancing their financial performance by providing higher accuracy, optimized payroll, automated transaction tracking, centralizing financial records, and others. However, it is crucial for small businesses to integrate the right accounting software as per their requirements to get the most out of the solutions. Since the market is full of numerous accounting solutions with different capabilities, selecting the one that is most suitable for your business can be overwhelming. So what are the factors that a small business owner should consider before looking for an accounting solution? Let’s see below. Select the Right Accounting Software: The Top 5 Primary Factors to Consider for Small Businesses Types of Software With multiple types of accounting software available, such as system software, application software, cloud-based software, and others, small business owners can opt for solutions that suit their operations and working style. If the owners operate in an on-the-go style, cloud-based software is best for them. But if the owners prefer to work from a single location, then the system software is appropriate for them. Learning Curve Until and unless small business owners are aware of the ins and outs of accounting software, using the software may seem complicated. As the high complexity of the solutions can result in costly errors, these owners should make sure that the learning curve for operating the software is not too steep. Features List Before small business owners start reviewing various types of accounting software platforms, they should take the time to brush up on the basics. It is crucial for the owners to make sure that the accounting solution has all the functionalities and features they need, such as inventory management, multi-currency support, payment processing, expense tracking, and others. They should also consider the add-on features that the solution provider can offer. Software Cost Accounting software varies in cost, depending on the number of users it supports, its tools and features, and other factors. The more specialized the software is, the more expensive it gets. Small business owners should compare prices between various accounting software providers and understand the exact amount and the process by which they will be charged. For instance, some of the companies charge standard monthly fees, while others have a single upfront cost with additional charges for add-on services. They should also find out if there are any hidden charges associated with the setup, customer support, and cloud storage. Customer Support A huge part of a reliable accounting solution is customer service. This is because small business owners need quick solutions and answers if they get stuck or have any questions related to the software. They do not want to be bounced around from representative to representative when reaching out for support. Thus, the owners should look for accounting software that offers excellent customer support and service. While selecting the solution, they should research and read customer testimonials about the software’s customer support. Begin Your Accounting the Right Way Efficient accounting is a crucial part of financial management, which involves tracking critical business activities such as accounts receivable and payable, invoicing and billing, bank reconciliation, reporting, and tax compliance, among others. It can be difficult for small businesses to get everything right, yet good accounting is fundamental for the company's growth and success. Choosing the correct accounting software is a crucial first step when getting started with the discipline. To get the most out of your accounting software, it is essential for small businesses to carefully consider their requirements, check the availability of features as per the requirements, and then select the accounting software that provides the capabilities they require for the greatest accounting experience.

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TECHNOLOGY, SMALL BUSINESS ADVICE

How Are Small Business Accounting Software Meeting the Industry Needs Today?

Article | July 20, 2022

Introduction Every business owner wishes to become financially independent when starting a business. To achieve that, it is crucial for the owners to manage their finances in an efficient manner. When done wrong, financial management, which is supposed to make a company's budgeting processes more efficient, has led to the loss of funds in many cases. Without sound financial management, small businesses may struggle to meet their objectives and might even suffer losses that could push them into insolvency. Financial management assists businesses in maximizing their market share, minimizing capital expenditures, maintaining proper cash flow, and improving profits. Accounting software plays a significant role in proper financial management and has become a vital need for all businesses today. With a better understanding of the inefficiencies of manual bookkeeping and the increased chances of error in finance tracking, business owners are increasingly shifting from managing finances manually to leveraging innovative solutions, such as accounting software, to improve their financial management. Why Is Small Business Accounting Software a Need for the Industry Today? In the course of a typical day, there are numerous tasks and responsibilities that must be managed and accomplished by small businesses by the end of the day. From planning to managing finances and accounting, a small business owner's back is full of a plethora of day-to-day tasks. As a result, keeping track of every last detail is nearly impossible for them, especially in accounting, where keeping track of every transaction is critical for managing business operations. Accurate and reliable accounting management is critical for small businesses and start-ups to ensure stable cash flow. As accounting software helps small business owners keep track of every single transaction along with other benefits, such as managing business finances, understanding profitability, and preparing tax statements, among others, it is becoming a necessity for small business financial management. Here are some of the other reasons why small business accounting software is becoming a necessity in the industry. Overcoming Manual Records With the growing number of transactions in the small business sector, it is becoming increasingly difficult for business owners to track and record income and expense data. As accounting software assists these owners to overcome manual work by recording the data directly into the page in real time and keeping a daily update of all the transactions, it is increasingly being sought by small businesses. Ease in Maintaining Transaction Due to the increasing customer inclination towards the adoption of digital payment solutions, small businesses are encountering numerous obstacles in maintaining all transactions from different online portals. Accounting software helps businesses leverage the bank feed feature to connect credit card accounts and the business bank, thereby centralizing and maintaining all transactional data in one place. Preparation of Reports and Financial Statements Keeping track of all small and large transactions and preparing financial statements, such as profit and loss statements and balance sheets, of these transactions manually is a tedious task and prone to errors. Accounting software automates the preparation of these financial statements and allows comparing transaction activity from prior months and years. As a result, it is increasingly gaining acceptance among small business owners. Increases Efficiency Accounting software allows small businesses to manage invoices and expenses, prepare for taxation, and keep tabs on all the financials, including payments, bad debts, upcoming dues, employee salaries, and others. Delegating all these financial management responsibilities to accounting software enables small business owners to focus on tasks that require their undivided attention, thereby boosting business efficiency. Bottom Line Regardless of the size of the business, every company strives to optimize its financial management, improve efficiencies, minimize costs, and simplify complex and tedious tasks. Accounting software can help small business owners achieve these objectives, along with eliminating time-consuming manual processes and redundancies, by automating accounting practices. Following this, the growing introduction of advanced cloud-based accounting software capable of providing real-time data access to business owners from anywhere at any time and on any device is expected to change the ways accounting is done in the small business industry in the coming years.

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TECHNOLOGY

5 Tax-Related Resolutions for Smarter Small Business Accounting in 2020

Article | September 30, 2022

Accountants working with small businesses often play the role of business advisors, especially when it comes to educating their clients about tax regulations and reducing their tax bill by taking all legitimate factors into account. We’ve gathered four tips that accounting professionals can use as a check-list to give to their small and mid-size business owner clients looking to make better financial decisions this year.

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7 BIGGEST ENTREPRENEURIAL MISTAKES

Article | February 11, 2020

This is the first post in a seven-part-series detailing the biggest entrepreneurial mistakes business owners make. The series will run over the next few weeks so check back to learn more. These are the 7 Biggest Mistakes I have seen entrepreneurs and companies make that can devalue their Intellectual Property (“IP”) portfolio, damage their brand, or sink a deal. If you are considering turning your idea into a business, read this carefully first. There are other mistakes you can make, but these are the deal-breakers. Any one of these can cost you big bucks, credibility in the eyes of investors and potential partners, and ultimately lead to evaporation of the value of your idea.

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Spotlight

Universal Software Corp.

Universal Software Corp. is a world-class software development company specialized in tailoring automated IT solutions that centralize and simplify the workflow and processes of any business. We can optimize and streamline the daily operations of your business so your employee team can work more efficiently, optimizing management and revenue generation.

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BUSINESS STRATEGY

Sunflower Bank Partnerships with SmartBiz to Launch a New Lending Online Platform

SmartBiz | January 20, 2023

On January 19, 2023, Sunflower Bank, N.A., announced the start of a new small business lending platform in collaboration with SmartBiz, the renowned artificial intelligence-powered small business financing platform. Through this new end-to-end online portal, small businesses within Sunflower Bank, N.A.'s branch network, will now have access to a smoother process to apply for conventional small business loans ranging from $25,000 to $350,000. Express Line loan products and small Business Administration (SBA) 7(a) will be accessible beginning in the second quarter of 2023. Sunflower Bank provides financial solutions to the individual communities it serves. It offers a comprehensive array of banking services, including personal, small business, commercial, wealth management, credit cards, and mortgages. By utilizing SmartBiz's cutting-edge technology and seasoned small company loan specialists, Sunflower Bank, N.A. has increased efficiency and personalized assistance throughout the loan application and approval process. Managing Director of Business Banking and SBA at Sunflower Bank, N.A., Matt Fitch stated, “SmartBiz aligns with our relationship banking approach, as well as our ambitious growth plans through its combination of technology and live support,” He further added “We are very excited to be able to meet the needs of more small business customers together and look forward to a long and productive partnership.” (Source – Business Wire) “Our mission at SmartBiz is to equip every entrepreneur with reliable access to the capital they need. We are thrilled to partner with Sunflower Bank, N.A. to ensure their clients can grow and strengthen their businesses with the right capital at the right time,” commented SmartBiz CEO Evan Singer. (Source – Business Wire) About SmartBiz Headquartered in San Francisco and Austin, SmartBiz is a leading AI-powered small business financing platform, providing entrepreneurs access to the appropriate capital at the right time. It has connected borrowers with more than $9 billion in SBA 7(a), PPP, and bank term loans to date, all while enhancing efficiency for its network of banks and reliable lending partners. More than 230,000 entrepreneurs have used its platform to get the financing they need to develop, with 60% of the loans given to minority, women, or veteran-owned businesses. It is backed by Investor including Growth Capital, Venrock, Baseline Ventures, First Round Capital and Uncork Capital. In addition, it has been crowned American Banker's Best Fintech to work for on multiple occasions.

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TECHNOLOGY

BAU Launches New and Revolutionary Mobile App to Help Small Businesses Promote Themselves

BAU | November 21, 2022

BAU has launched a new mobile app designed to help small businesses advertise themselves through super-charged word-of-mouth for our digital age. Imagine a construction contractor attracting new clients by reaching the audience of a nearby real estate broker, or a coffee shop partnering with a nearby bagel business and getting its ads shown directly to their viewership. BAU lets you take advantage of industries that naturally appeal to consumers together in order to reach the right buyers and send the right message. Most business owners use Google, Meta, Yelp and other platforms as expensive but necessary tools to reach target audiences online ... but it doesn't have to be that way. BAU has created an opportunity to connect with the exact type of complementary businesses that have access to desired customers, attracting attention, sales, and clicks from the right prospects. "This is a 'dating' platform for everyone to build better relationships with small businesses nearby," BAU CEO Lambert Egbuchulam. The new BAU mobile app offers: BETTER TARGETING Let's face it: most ads are misplaced annoyances that people can't wait to skip. Advertisements on BAU get seen by your specific target audience, meaning better results with no exposures wasted on people you don't want to appeal to. LOWER PRICES Digital advertising is like the housing market—prices just keep barreling upwards, driven by competition. With BAU, you could save a fraction of what you would on a monthly ad budget compared to what you'd waste on "the big guys," increasing R.O.I. and making advertising a no-brainer. COMPLETE TRANSPARENCY BAU compiles straightforward, up-to-the-minute reports with results that let you know how your ads are doing at a glance. Update, suspend, or alter your campaign at any time. SIMPLIFIED MANAGEMENT No tech stuff, no setup wizards, no degree in computer science needed. We built BAU to be simple enough for Grandma to use, without all the jargon and learning curve. LOCAL BAU is all about symbiotic relationships within your local community. Not only do people like to buy where they live, but it also makes it more cost-effective and seamless for you, the business owner. ABOUT BAU At BAU, we believe it shouldn't be about who has the biggest ad budget or most genius marketing team —we dream of a world where needs are met and businesses are built based on honest, local collaboration. By connecting local businesses and having them help advertise each other, we're inspiring commerce to be more simple, more honest, and more clear. We consider our business model to be super-charged word-of-mouth, updated and revolutionized for our digital age. We invite you to join us on our crusade to bring the power back to the small businesses as we create marketing opportunities that don't just create profits... they also empower people.

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Patriot Acknowledged as Top Small Business Payroll Software by Software Advice

Patriot Software, LLC | January 12, 2023

Patriot Software, a renowned accounting and payroll software vendor, has been recognized as a front-runner for Top Small Business Payroll Software by Software Advice. Software Advice assists organizations in navigating the software buying journey. Its current FrontRunners report analyses user evaluations and ranks the top-scoring products for small businesses based on usability and customer satisfaction ratings. Patriot, along with being recognized as Top Small Business Payroll Software, also featured in several other Software Advice front-runners reports throughout 2022, such as Top Payroll for Accountants Software, Top Online Payroll Software, and Top Payroll Software. "I'm excited to see that Software Advice has recognized our payroll software as a FrontRunner, as so many of our customers have," said Jackie Greenfield, Head of Product Management. He added, "Our product managers work closely with our accountants and small business owners to ensure we keep improving our software with new useful features while keeping it easy to use." (Source – PR Web) Patriot's payroll software proclaims an overall rating of 4.8 out of 5 stars on Software Advice, signifying that Patriot's user-friendly, affordable, and speedy payroll software is a must-have for both business owners and accountants alike. About Patriot Software Founded in 1986, Patriot Software, located in Canton, Ohio, offers simple yet powerful online accounting and payroll software to US business owners and their accountants. The company provides on-premises or cloud-based solutions that assist business owners in managing, maintaining, and automating payments. Starting from the basement of a factory as a startup, it eventually grew and spawned four additional companies, now employing over 300 people in the United States of America.

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BUSINESS STRATEGY

Sunflower Bank Partnerships with SmartBiz to Launch a New Lending Online Platform

SmartBiz | January 20, 2023

On January 19, 2023, Sunflower Bank, N.A., announced the start of a new small business lending platform in collaboration with SmartBiz, the renowned artificial intelligence-powered small business financing platform. Through this new end-to-end online portal, small businesses within Sunflower Bank, N.A.'s branch network, will now have access to a smoother process to apply for conventional small business loans ranging from $25,000 to $350,000. Express Line loan products and small Business Administration (SBA) 7(a) will be accessible beginning in the second quarter of 2023. Sunflower Bank provides financial solutions to the individual communities it serves. It offers a comprehensive array of banking services, including personal, small business, commercial, wealth management, credit cards, and mortgages. By utilizing SmartBiz's cutting-edge technology and seasoned small company loan specialists, Sunflower Bank, N.A. has increased efficiency and personalized assistance throughout the loan application and approval process. Managing Director of Business Banking and SBA at Sunflower Bank, N.A., Matt Fitch stated, “SmartBiz aligns with our relationship banking approach, as well as our ambitious growth plans through its combination of technology and live support,” He further added “We are very excited to be able to meet the needs of more small business customers together and look forward to a long and productive partnership.” (Source – Business Wire) “Our mission at SmartBiz is to equip every entrepreneur with reliable access to the capital they need. We are thrilled to partner with Sunflower Bank, N.A. to ensure their clients can grow and strengthen their businesses with the right capital at the right time,” commented SmartBiz CEO Evan Singer. (Source – Business Wire) About SmartBiz Headquartered in San Francisco and Austin, SmartBiz is a leading AI-powered small business financing platform, providing entrepreneurs access to the appropriate capital at the right time. It has connected borrowers with more than $9 billion in SBA 7(a), PPP, and bank term loans to date, all while enhancing efficiency for its network of banks and reliable lending partners. More than 230,000 entrepreneurs have used its platform to get the financing they need to develop, with 60% of the loans given to minority, women, or veteran-owned businesses. It is backed by Investor including Growth Capital, Venrock, Baseline Ventures, First Round Capital and Uncork Capital. In addition, it has been crowned American Banker's Best Fintech to work for on multiple occasions.

Read More

TECHNOLOGY

BAU Launches New and Revolutionary Mobile App to Help Small Businesses Promote Themselves

BAU | November 21, 2022

BAU has launched a new mobile app designed to help small businesses advertise themselves through super-charged word-of-mouth for our digital age. Imagine a construction contractor attracting new clients by reaching the audience of a nearby real estate broker, or a coffee shop partnering with a nearby bagel business and getting its ads shown directly to their viewership. BAU lets you take advantage of industries that naturally appeal to consumers together in order to reach the right buyers and send the right message. Most business owners use Google, Meta, Yelp and other platforms as expensive but necessary tools to reach target audiences online ... but it doesn't have to be that way. BAU has created an opportunity to connect with the exact type of complementary businesses that have access to desired customers, attracting attention, sales, and clicks from the right prospects. "This is a 'dating' platform for everyone to build better relationships with small businesses nearby," BAU CEO Lambert Egbuchulam. The new BAU mobile app offers: BETTER TARGETING Let's face it: most ads are misplaced annoyances that people can't wait to skip. Advertisements on BAU get seen by your specific target audience, meaning better results with no exposures wasted on people you don't want to appeal to. LOWER PRICES Digital advertising is like the housing market—prices just keep barreling upwards, driven by competition. With BAU, you could save a fraction of what you would on a monthly ad budget compared to what you'd waste on "the big guys," increasing R.O.I. and making advertising a no-brainer. COMPLETE TRANSPARENCY BAU compiles straightforward, up-to-the-minute reports with results that let you know how your ads are doing at a glance. Update, suspend, or alter your campaign at any time. SIMPLIFIED MANAGEMENT No tech stuff, no setup wizards, no degree in computer science needed. We built BAU to be simple enough for Grandma to use, without all the jargon and learning curve. LOCAL BAU is all about symbiotic relationships within your local community. Not only do people like to buy where they live, but it also makes it more cost-effective and seamless for you, the business owner. ABOUT BAU At BAU, we believe it shouldn't be about who has the biggest ad budget or most genius marketing team —we dream of a world where needs are met and businesses are built based on honest, local collaboration. By connecting local businesses and having them help advertise each other, we're inspiring commerce to be more simple, more honest, and more clear. We consider our business model to be super-charged word-of-mouth, updated and revolutionized for our digital age. We invite you to join us on our crusade to bring the power back to the small businesses as we create marketing opportunities that don't just create profits... they also empower people.

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TECHNOLOGY

Patriot Acknowledged as Top Small Business Payroll Software by Software Advice

Patriot Software, LLC | January 12, 2023

Patriot Software, a renowned accounting and payroll software vendor, has been recognized as a front-runner for Top Small Business Payroll Software by Software Advice. Software Advice assists organizations in navigating the software buying journey. Its current FrontRunners report analyses user evaluations and ranks the top-scoring products for small businesses based on usability and customer satisfaction ratings. Patriot, along with being recognized as Top Small Business Payroll Software, also featured in several other Software Advice front-runners reports throughout 2022, such as Top Payroll for Accountants Software, Top Online Payroll Software, and Top Payroll Software. "I'm excited to see that Software Advice has recognized our payroll software as a FrontRunner, as so many of our customers have," said Jackie Greenfield, Head of Product Management. He added, "Our product managers work closely with our accountants and small business owners to ensure we keep improving our software with new useful features while keeping it easy to use." (Source – PR Web) Patriot's payroll software proclaims an overall rating of 4.8 out of 5 stars on Software Advice, signifying that Patriot's user-friendly, affordable, and speedy payroll software is a must-have for both business owners and accountants alike. About Patriot Software Founded in 1986, Patriot Software, located in Canton, Ohio, offers simple yet powerful online accounting and payroll software to US business owners and their accountants. The company provides on-premises or cloud-based solutions that assist business owners in managing, maintaining, and automating payments. Starting from the basement of a factory as a startup, it eventually grew and spawned four additional companies, now employing over 300 people in the United States of America.

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