The business world is always changing, and with the advent of new technologies, it can be tough to keep up. But one thing that has never changed is the need for businesses to transact with each other. From buying and selling to contracting and collaborating, businesses have always needed a way to do business with each other. And thanks to all the new technological advances, that process is now easier than ever before.
You can make online payments and invoices.
Most businesses rely on invoices and payments to transact with each other, but when they do it the traditional way (i.e., paper), there’s room for error, such as incorrect amounts or missing information. With online payment and invoicing options, such problems are eliminated. Businesses can use PayPal or Square, for example, to make invoices and payments with just a smartphone. And when the business they’re transacting with does the same thing, there’s no room for error regarding funds and information.
You can easily invoice your customers electronically
This greatly speeds up the process of billing and getting paid since you don’t have to stop what you’re doing to find a stamp and envelope. Plus, many companies will pay an invoice sooner if they receive it by email versus snail mail!
You can reach more businesses for collaboration and partnership
Thanks to the many technological advances that have been made in recent years, doing business-to-business marketing is easier than ever before. There are now more options than ever for businesses to reach out to potential collaborators and partners. Having a website or online presence is essential for any business looking to get its name out there. With just a few clicks, you can create a website and start promoting your products or services. You can also use social media platforms, such as Facebook and Twitter, to reach a wider audience.
You can ship your products quickly and track them with ease
The process of shipping goods has traditionally been complicated, especially when they have to be shipped internationally or across state lines. But companies are creating apps that facilitate international shipping by instantly updating rates based on changing dimensions, weight, distance traveled, type of delivery requested, etc., which saves big logistics companies time and money. Similarly, businesses are developing comprehensive tracking systems that allow customers to follow their orders every step of the way until they’re delivered. This is especially useful when the customer’s order is international because it lets them know when to expect their goods, cutting down on any confusion or miscommunication.
You can store your files in the cloud and share them with ease
Whether you’re collaborating with partners, suppliers, investors, or anyone else related to your business transactions, you no longer have to rely on sending physical copies of documents via mail or courier. Instead, just upload your files into the cloud where they are stored securely and accessible by everyone involved in the transaction. Cloud not only ensures that each party has access to the latest version of a document— but it also enables real-time collaboration, cutting down on unnecessary email traffic.
You can see your financial statements instantly
A few years ago, getting ahold of your financial records was next to impossible unless you visited your accountant or filed for them with the government. But online accounting software such as FreshBooks makes keeping track of your finances straightforward and easy while also giving you access to them from anywhere so you can see where—and how much—you’re making at a moment’s notice.
You can make a sale in a matter of seconds
Though credit cards have been around for decades, their convenience and reliability—not to mention the sheer number of merchants that accept them these days—make paying by plastic more attractive than ever before. It’s estimated that payments from cards account for 60% of all online transactions, which means you don’t have to waste time trying to get your client on board with accepting payment another way when you can just take care of things instantly right then and there. Now is the perfect time to look into the newest technologies so your business can operate at its highest level while also saving tons of valuable time and money.
As you can see from this list alone, the process of business transactions is becoming easier and more streamlined than ever before. So why let this valuable resource go to waste by continuing to transact in an antiquated way? If you haven’t already begun taking advantage of all that new technologies have to offer, it’s time to get started!
Mike Lewis is an ardent proponent of sustainability and environmental stewardship. With extensive experience in the field, he enriches the Reef Guardian blog with a wealth of knowledge and expertise. As a devoted author focusing on advocating sustainable business strategies, innovation, and eco-friendly living, Mike's mission is to ignite inspiration among readers, driving positive transformations in their personal and professional realms. Through his captivating writing style and profound grasp of environmental policies, Mike empowers individuals, entrepreneurs, and organizations to embrace their roles as champions of sustainability.