When you’re out saving the world with your startup, it can feel like you’re being pulled in too many directions. Often, it’s exhausting to make sure that all bases are covered – from sending invoices, following up on sales leads, hiring new people, and so on. If your team’s rote tasks are piling up, it’s a good time to consider ways on how to automate your business. 

With the innovation of data platforms, the finance and accounting (F&A) field embraces the drastic changes being brought about by business automation solutions, making accountants and finance professionals free of monotonous responsibilities.

In the past decade, disruptions in the accounting industry have become the norm, thanks to ever evolving financial technology trends. In this article, we look at fintech trends in 2019 that are expected to shape the finance and accounting industry in the next five years.

In 2018, the European Union changed the way its citizens proceed with payments. The PSD2 (Second Payment Serviced Directive) ends the monopoly of banks on their customer’s data and allows third-party payment services to access your bank account information, with your consent. But what would this mean for your business? What exactly is PSD2? What is open banking? And how do these two terms differ from one another?  

Cloud-based apps and accounting software has been growing in prominence among Australian small and medium enterprises (SMEs). If you’re looking for a cloud-based accounting software for your business, you’ll be joining one-thirds of the 2.23 million SMEs that have decided to shift to this technology.

Looking at technology trends in business from a decade ago, one would not have predicted how the emerging trends would shape the digital landscape businesses thrive in today. What seemed fantastical then have since become part of our everyday lives: cloud-based accounting, the Internet of Things, and robotic process automation, among others.