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From Politics to Payments: The Last Decade Has Changed the Role of Businesses Forever

Promoted by Digital Next

In the past decade, we have seen astronomical improvements and advancements in the field of technology. This, in turn, has changed the way in which businesses are run, as small and large businesses alike have streamlined their business processes from paper to online models. So, you may ask, what new changes have been introduced that have had an impact on business procedures? Below is a summary of what we consider to be the most critical.

Sponsored Features Digital Next 31 March 2020
— 3 minute read

What Role Does Technology Play In Business Structures?

Technology has become a central aspect of operating businesses in modern times. Which is why successful companies have recognised the importance of technology and the beneficial impact that it has proven to have. The introduction of single touch payroll in Australia has proven its benefits in everyday practice. Here are some of the advantages down below. 

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Advantages

  • Time Efficiency: Providing regular updates to the ATO after each payment cycle means that payment summaries don't need to be reported at the end of the year. Not only does this cut down the time you spend on reporting, but it also allows for other important tasks to be completed.

  • Error Reductions: Manual salary payments have repeatedly proven to be a challenge to businesses. Those who have failed to implement single touch payroll, have found themselves in positions where staff have been underpaid and are having to make back payments to reconcile the error.

  • Payment summaries are not compulsory: Payment summaries are no longer mandatory to staff members. Instead, the ATO will issue their payment summaries through their myGov account. This means that each staff member is able to keep a track of their income and the tax position that they are in, which is of particular importance when it is time to complete a tax return.

Instant Communication 

Considering the broader picture and looking beyond single touch payroll, technology has improved business structures in a very drastic way. The days of having to schedule in face-to-face meetings are gone. Appointments are now made simple and easy! Which is especially beneficial if you're working with corporate clients who only have a limited time to communicate during their lunch break. A simple phone call or video chat app allows instant communication so that work can commence immediately without any delays. Additionally, email and instant messages are also ensuring effective and efficient communication which is creating smoother business procedures.

Social Media Is A Game Changer

Social media platforms such as Facebook, Instagram and Twitter play a significant role when it comes to business advertising and awareness. Once a post is published on these platforms, the capabilities of reaching potential clients are endless. And, what makes this so desirable is that results are seen almost instantly. This means that individuals seeking your services are making contact with you and engaging with your business, so all you really need to do is convert them into a client. The days of posting in yellow pages for businesses are well and truly gone. Advertising has developed its roots in the digital world and has rapidly advanced bringing businesses and people together in one place.

Your Business Credibility Is More Important Now Than Ever Before

The online world makes it difficult to conceal a bad reputation, which is why it is critical to maintaining a reputable business name. Nowadays, people are more prone to reading online reviews and posts about a business before making their decision on who they will choose. So for example, if you're an accounting firm and a competitor of yours has nothing but 5-star positive reviews and happy customers, while your business, on the other hand, has a few mixed-level reviews, a potential customer will likely book the business with greater 5-star reviews.

You may ask, but why? Well simple! On the wide web, your competitor is seen as a reliable and authentic accounting firm because of all the positive feedback they have received. While you, on the other hand, may appear to be a smaller less reputable firm which will prompt hesitation in customers. And although you may not notice the importance now, credibility is what can make or break your business. Building long-term relationships with your audience and a brand will ensure you have the upper hand in the long run.

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It's no wonder that technology and the internet have improved modern-day businesses in a beneficial manner. However, in order to fall within the wave of success and experience the benefits associated with technology and the web, businesses need to be open to change.  Otherwise, they are at risk of falling behind the times and being left in the past which can cause a significant downfall to their business turnover if it has not done so already.

From Politics to Payments: The Last Decade Has Changed the Role of Businesses Forever
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