Three Trends That are Changing the Finance Industry in 2019

Technological advances are a staple of the 21st century. Not only does technology affect our everyday lives, but it changes the sectors and industries in which we work. When a small business has the proper technological tools, it strengthens the company’s efficiency and helps employees to better service clients. Are you on the up and up? If you’re thinking about potentially owning a small business shortly or already have one to call your own, then you should keep reading about these three trends that are changing the face of finance in 2019.

1) Generational Differences

Did you know that millennials (those born between 1981-1996, give or take a few years) make up 75% of the workforce? Millennials taking over the workforce means that small businesses should be prepared to embrace technology. In 2019, things move faster than they ever have before. You can probably think of a few examples like the convenience of e-commerce or instantaneously getting CNN notifications to your phone. Not only are millennials a part of the workforce but as they age, they are becoming valued customers as well. A tech-savvy small business makes it easier for employees to get their jobs done at a fast-paced while customers can enjoy the benefits of quick service as well.

2)Greater Expectancy of Work-Life Balance

More workers than before are becoming a part of a gig economy (free-lance work and short-term contracting jobs). Therefore, a small business must step up and make sure to incorporate work-life balance into their organizations. More and more companies are evolving from the brick-and-mortar model to companies that promote working remotely and selling online services and products.

3) Less Human-Error in the World of Finance

With technology changing, this means that small businesses can do a lot more than before. Instead of manually processing business procedures, machines and artificial intelligence will help to eliminate human error. For example, payroll is a significant part of the finance industry. Payroll errors have a plethora of damaging effects on any company. Third-parties come into play to audit the payroll while using payroll software technology.

PL Consulting Can Help You Plan Your Budget!

PL Consulting offers a diverse range of bookkeeping and other financial services. Each of our services is customized to fit the needs of our client and his or her business plan. Our team can help you with each step of your business from organization, to budget, to financial maintenance.  We are located in Pikesville at 119 Old Court Rd Baltimore, MD 21208. Contact us at 410.764.3731 or info@plcfo.com so that we can assist you with your bookkeeping needs. Remember to stay up to date with everything PL Consulting by following us on our social media platforms via Facebook, Twitter, and LinkedIn.