Startups

The COVID-19 crisis is a globally-declared “pandemic” by the World Health Organization (WHO). The global health crisis has reached an all-new critical phase in which the public health systems of the entire globe needed to act intelligently towards containing the growth in the current epicenters outside China. 

The ultimate emphasis of the entire globe is currently containing & mitigating the disease itself. However, there is no denying the fact that the economic implications of the pandemic situation are also highly significant.

As such, most of the companies out there are realizing the fact towards understanding, learning lessons, and reacting from the series of events that are unfolding in the global business scenario. Unanticipated changes are going to be revealed with every new business cycle.

Therefore, it is imperative for you to get an idea of the upcoming challenges and opportunities for global-scale online businesses during the COVID-19 crisis.

What are the Challenges Faced by Modern Businesses during COVID-19?

While most of the companies are seeking “work from home” working scenario to contain the deadly viral disease, there are additional challenges that are faced by businesses all across the world.

In most business organizations, the employees are not allowed to resume work until several days in the upcoming months out there. 

In such a situation, business owners across the globe are facing double pressures. While on the one hand, the enterprises are needed to recoup the major losses of an elongated shutdown, on the other hand, they are needed to carefully manage the overall staff during the period of the outbreak.

As factories and offices to be public places, even minor infection could result in serious consequences –both legally & economically. 

For containing the spread of COVID-19 across organizations, most business organizations out there have, therefore, selected to allow their employees work-from-home and self-isolate themselves.

Some of the major business enterprises out there that are facing adverse outcomes of the COVID-19 include those involved in the restaurant industry, fashion industry, fitness centers, meat market, and the travel industry. 

Some of the major challenges to look out for are:

• Finance & funding – hard to come across relevant investors
• Team Building – difficult to build a team 
• Resource Limitations – problems with acquiring relevant resources including human resources, hardware, and software-related resources
• Market Demand – decrease in the overall demand for products & services
• Supplier – vendor price increase
• Operational Overtime – more time & efforts needed to complete a project

Even during the time of short-run pressure on the downside, when perceived on the positive side, a rebound can be expected in the consumption of some hard-hit business centers, including catering, retail businesses, entertainment, and so more, until the outbreak is over.

New Business Opportunities Amidst COVID-19 Outbreak

In addition to the challenges faced by the successful businesses out there, the central & state governments of the hit countries across the world continue rolling out policies based on the current business conditions in the particular country.

Amidst all the confusion and fear, COVID-19 has brought forth a lucrative opportunity for the rise of new business opportunities to enter the market by mid-2020. 

Based on the leading observations of the world, the coronavirus outbreak is also providing ample opportunities for the industries, as mentioned below:

• Online Health-Related Business: During the pandemic-like situation, online medical portals, like Tencent Healthcare & AliHealth, can be a highly lucrative business opportunity by providing advanced diagnostic & healthcare treatment services for citizens.
  
  This would help in screening out the suspected coronavirus patients from the patients having a common cold, alleviating the shortage of essential medical resources offline, reducing the risks of cross-infection caused due to human contact, and enabling more citizens to experience the advanced form of online medical treatment. 
  
  The outbreak is also known to stimulate the growth of the concept of telemedicine. Hospitals all around the world are increasingly willing to benefit from the concept of telemedicine. In the coming months or years, the telemedicine industry is expected to become more frequent and widespread in different corners of the world. The recent COVID-19 outbreak has made people immensely aware of the overall health & life. 
  
  Such this is going to promote the demand for the development of medical equipment, medical supplies, and businesses involved in the online pharmaceutical industry. Moreover, it is also estimated that this condition would stimulate the overall domestic demand for advanced healthcare products, medical insurances, and life insurances. 

• Online Entertainment: The concept of “home economy” has been indirectly given flame by COVID-19. This concept has not only boosted the modern e-commerce industry for day-to-day essentials, but has also promoted the notion of going for the option of online TV shows, playing online games, and other forms of online entertainment. 
  
• Online Education: As most countries have imposed closure for an indefinite period on schools & colleges, the concept of starting an online education portal or e-learning classes is yet another lucrative option for starting an online business amidst the COVID-19 outbreak. For instance, DingTalk –an online learning initiative by Alibaba Group, is being utilized by schools & colleges in China. Moreover, it has also been installed around 1.1 billion times during the pandemic period. 

• Telecommuting-related Industries: Since the outbreak of COVID-19, several business operations have opted for the option of telecommuting to boost overall communication. However, most of the countries out there do not feature ample capacity in terms of supporting multiple telecommuting channels or the vast flow of online data. As such, the advent of telecommuting-related industries can expect a boost in the coming era. 

• Of these businesses, ideas might include remote office tools, including those of web-based video conferencing, VoIP (Voice over Internet Protocol), multi-people collaboration platform, and digital services. It could also include the concept of IT staff remote solutions. 

There might be many mistakes we make during the starting of our business. Here are the mistakes you may make: 10 mistakes when starting an online business.

Conclusion 

For multinationals featuring global business interests, the impact of COVID-19 might vary. Therefore, it is not certain how significantly a particular industry will be affected in the coming times.

As such, by analyzing the current business trends & challenges globally, you can look forward to leveraging the immense potential of lucrative business prospects in the coming era.

Learn how to start an online business easily.

While COVID-19 is implying a dramatic impact on global trade in several industries, there are certain things that organizations with global supply chains should aim at minimizing the overall in the short term. 

Are you planning to start a new online business in the time of Covid-19? iScripts can help you to build your idea. Share your idea with us.

Account Management software is designed for professionals to manage accounts, record the flow of a company’s money, and simplify financial operations in organizations.

Using this, we can record transactions, generate reports, manage customer and vendor contacts, create purchase orders, track stock levels, bill customers, and monitor account balances.

Before accounting apps, financial tasks had performed manually. The accounting entries have to be copy-pasted from spreadsheet to spreadsheet for various accounting purposes.

It takes huge human effort and time. Accounting systems automate these tasks, reducing accounting costs, and enabling better financial decision making through real-time reporting.

Use of Accounting Software

• The main advantage of using accounting software is we can save the company time and prevent errors.
• The transaction information will be available in one place. So it is easy to track what is spent or what’s come into the business. 
• The accounting software categorizes the expenses, schedules, and pays bills, whether the bill is paid online, by check, by credit card or with cash. It will help to keep track of those transactions and manage the cash flow. And also helps to create and send invoices and past-due notifications.
• Rather than manually inputting data and transactions, we can use the bank feed feature to connect the software to the business bank and credit card accounts. This will give a daily update of the transactions.
• The software can create a variety of reports and financial statements, including profit and loss statements and balance sheets, which are necessary for requesting funding from an investor.

Which are the Online Payment Services?

Online payment services have captured a major portion of the whole e-commerce field. By using online payment gateways, it provides the high-grade user experience and also improvises the overall functional speed. Users can simplify and secure their online payment process by working with an online service provider and some of them are listed below:

1. Google Pay

Google pay is an online payment service provider that makes money transactions secure and easy for users. Users can store their credit cards, debit card, and even gift cards to their google pay account to make further transactions easier. 

Users can perform the transactions from their web browsers, smartphone, or Gmail account. Google pay has implemented multiple layers of security that keeps its customers’ account info as well as payment info safe. 

2. PayPal

The benefits of using PayPal are users can accept credit cards through their phones or online, can generate and track invoices which helps you to receive payment faster.

PayPal has helped millions of businesses with payments and credit solutions. In the case of business, they can accept card payments in person and can be processed with the help of PayPal.

3. Authorize.net

Authorize.net is a payment gateway service provider that allows your clients with an acknowledged payment option that doesn’t require them to move onto a third-party site, as authorize.net works with your current merchant account.

This online payment service accepts credit cards and e-checks through the client’s website. Authorize.net offers several other services like mobile payments, phone payments, and e-commerce solutions.

4. Amazon Payments

Amazon Payment is a small online payment service for online business-friendly money transactions. It helps the users to pay for any goods and services they purchase immediately. 

Amazon Payment service can be readily integrated into your present website and the user can directly pay using the payment information stored in amazon.com account.

5. ApplePay

ApplePay is an online payment service provider for those who use Apple devices as a Point Of Sale machine, iPhone or Apple Watch to make purchases. ApplePay service offers a faster and secure mode of payment transaction as the app uses a touch ID confirmation method. 

It provides a quicker way of the transaction so that the users can either transfer the money they receive to their bank account or else they can use that money for purchase easily.

Benefits of Accounting Software

 Accounting software will automate the given tasks and enter data faster. In addition to the decrease in errors, it collaborates between different departments by keeping all the financial information in one space. The benefits of accounting software are:

1. Ensuring Financial Control

Using accounting software, business owners can control their finances by themselves. A little training will make everyone to manage all accounting operations using their mobile device. So they don’t need to pay external parties to keep their budgets under control.

2. Saving Costs

Accounting apps automate the complex core calculations and administrative procedures, so there is no need to outsource the financial management to an external party. Since the data is stored digitally, we can reduce printing and distribution costs.

3. Increasing Data Accuracy

One of the important benefits of accounting apps is it can reduce human error that usually occurs during calculation and data entry. Accounting software can reduce these issues.

4. Improving Decision Making

The main advantage of implementing accounting software is to improve decision making. Without an automated accounting solution, you will find it difficult to understand the present financial status of the company. It provides you with exact numbers that can help you figure out where to cut expenses or where to invest more. Also, you will able to develop smarter strategies on time by tracking the companies financial condition.

5. Improving Financial Data Security

An accounting system ensures your financial data So the company can decide who all have access to see the data. The most confidential information of a company is its Financial data, and it needs high protection. Accounting software ensures your financial data security and remains safe by storing it in a centralized system.

Features of Accounting Software

Every accounting software system has its own strengths and weaknesses. Nearly all online accounting software uses double-entry accounting to ensure accuracy and have accounts receivable, accounts payable, banking, and reporting features. Here are some core elements of accounting software. 

1. Financial Forecasting

This is the essential feature of the accounting software. Every business owner wants to estimate its revenue and expenses in the right method. Financial Forecasting tools help them to control finances and to eliminate unnecessary costs and optimize profits.

2. Billing and Invoicing Management

 Accounting apps helps business owners to create, manage, and send various types of bills and invoices. E-invoices, along with their components, can be customized according to business preferences and can be generated.

3. Bank Reconciliation

Bank reconciliation is to ensure the accuracy of your financial data. If done manually, it can be very time consuming and prone to errors. But with accounting apps, you can reconcile your bank accounts and statements within a short time.

4. Financial Reporting

Accounting systems can generate digital reports of income, balance sheet, cash flow, etc. It can also create them in multiple formats like tables, graphs, lines, and pie charts.

5. Purchasing and Sales Management

Accounting systems allow users to manage transactions whenever they want. Accounting systems are integrated with purchasing and sales management. It is easy to create various documents such as purchase and sale orders, debit and credit notes, quotations, receipts.

6. Asset Management

With an accounting system, you can calculate the reduction in the value of assets automatically and accurately. Depreciation can be calculated by various methods according to the company policies as well as applicable tax.

Conclusion

Accounting software makes it easier for business owners to manage financial procedures, performing financial tasks correctly and quickly. Accounting Management software helps business owners and accounting managers to gain complete visibility into their company’s financial health so that they can make wiser decisions.

iScripts EasyBiller is an online billing software and a one-stop solution for sending bills, generating invoices, selecting subscription plans, collecting payments, customer account management, wallet management and more via electronic mode for any service business. 

It focuses on creating specifically for service-based businesses. The advanced software will be provided an intuitive mechanism for changing the billing and account management to an online self-serve model.

There are many features packed into this software, including a Mobile App. As one of our most popular software packages, you’ll enjoy taking advantage of all the features it offers.

For startups, those who are coming up with new business plans only have to do is install the iScripts EasyBiller on your server, it can easily deliver the perfect billing solution for your business.

You will be able to create an efficient online billing system within minutes. Add your own logo, plans, and services to the system and receive payments from your customers through the payment gateways of your choice.

Financial Technology, known as Fintech, is an industry encompassing any technology in financial services – from businesses to consumers and finances with technology applied to business-to-business (B2B).

Fintech, the word, is a combination of ‘financial technology’. It is well explained as any company that provides financial services through software technology or other technology, cloud services include anything from mobile payment apps to Cryptocurrency.

With Fintech, dozens of applications have changed the way consumers access their finances.  Mainly the fintech products are designed to connect with consumers. 

In the beginning, It was a technology that applied to the back-end systems of banks or other financial institutions. Later it was expanded to encompass a wide range of applications that are more consumer-focused. 

In 2020, managing funds, trade stocks, payment for food, or managing insurance are at our fingertips. As time passed, fintech was able to change the way how consumers track, manage, and facilitate their finances. 

It was estimated that there are nearly 2 billion people without bank accounts in the world. Fintech has been developed into a large technological community that provides ease of accessing their finances without depending on any conventional banking industries and hence giving out a choice to directly access to their financial life.

How Does Fintech Work?

Financial Technology companies are ones that bring technology to the world of banking and financial transactions. This could be by changing the way that people pay for goods or services – or by providing online functionality to investing or lending. The financial technology varies from project to project and from application to application. The advancements in fintech are utilizing machine learning algorithms, blockchain, and data science to do everything from the process.

Fintech companies integrate technologies like AI, data science into traditional financial sectors. This makes the sector safer, efficient, and fast. Thus it became one of the fastest-growing tech sectors. 

Here are some examples of Fintech.

Examples of Fintech

Traditional companies and banks are constantly adopting fintech services for many purposes. Let’s look at how the industry is both disrupting and enhancing some areas of finance.

1. Crowdfunding Platforms

Crowdfunding platforms allow users to send and receive money. Individuals and businesses are allowed to pool funding in the same place from different sources. 

Instead of asking for a loan, it is better to ask investors for the support of a company or a project. When the applications range from family-friends to the next level, it may multiply the number of crowdfunding platforms. 

2. Blockchain 

Blockchain and Cryptocurrency are controversial uses of Fintech. Cryptocurrency exchanges will connect users to buy or sell bitcoin. Blockchain services keep provenance data and help to reduce fraud. 

3. Mobile Payments

Everyone with a smartphone is using services to exchange money and online payments. Mobile payment business with Apple Pay and Alipay are examples. 

4. Insurance

Fintech has even disrupted the insurance industry. Insurance and technology have combined for the formation of Insurtech that lies behind the creation, distribution, and administration of insurance business. Insurtech is now including car, home insurance to data protection. Insurtech startups are attracting funding and many more for business growth.

5. Stock-Trading Apps

The most popular innovation in fintech is the development of stock-trading apps. Once the investors had to go to the stock exchange directly, but today the investors can buy and sell stocks in taps of a finger. Investors are able to invest from anywhere with any budget. Robo-advising has increased efficiency by providing algorithm-based asset recommendations and portfolio management. 

6. Budgeting Apps

The most common use of fintech is budgeting apps for consumers. Consumers had to create their own budgets, checks, and spreadsheets to track their finances. After the development of financial services apps, consumers are able to track their income and expenses efficiently. Budgeting apps like Intuit help consumers to track their complete monthly payments. 

7. Banking

In the world of personal finance, consumers are demanding to get easy access to their bank accounts. Thus, mobile banking has become a major part of the fintech industry. Now, most of the banks offer mobile banking features. 

8. Investments and Savings

In recent years, fintech has introduced investing and savings app. Both are different in approach but use a combination of savings and investments.  

9. Machine Learning & Trading

It’s not a surprise that machine learning is playing an important role in fintech. AI has the ability to run massive data through algorithms to spot trends and risks. 

10. Lending

Billions of people are now able to apply for a loan from their mobile devices. Customers can request credit reports without any change in their score. This makes the entire world of lending more transparent to everyone. Fintech is also maintaining the risk assessment, approval process, and easier access. 

Who Uses Fintech? 

While most of us have a budget app on our phone, who are the users of fintech? Let’s see the different ways of using fintech. 

B2B (Business to Business)

Before the development of fintech, businesses were approaching banks for loans and financing. After the advent of fintech, businesses got every financial service through mobile technology. In addition to that, cloud-based platforms and CRM services like Salesforce provides B2B services and allows companies to interact and improve their services. 

B2C (Business to Client)

Fintech has many B2C applications. Apps like PayPal, Apple Pay allows customers to transfer money using mobile technology. Most of the banking industries were focused on B2C applications like lending and payment services. 

Fintech Clone Scripts

Fintech Clone scripts are an ideal solution to start a payment system based on business to enable money transfer between people at a fraction of the cost that most payment gateways charge at present. Financial Technology companies are ones that bring technology to the world of banking and financial transactions. This could be by changing the way that people pay for goods or services – or by providing online functionality to investing or lending.

If you’re a non-tech entrepreneur, it would be challenging to find a team to build products of that scale. 

Some of the top Fintech clone scripts that will help you to start a business are:

Cryptocurrency Wallet Script

It enables anyone to start a powerful multi-user cryptocurrency wallet platform. Users are realizing the benefits of using Cryptocurrency across the world and many businesses are opening up to the idea of allowing users to pay for their services and products with popular cryptocurrencies. 

Cross-border Money transfer script

The Blockchain-powered Cross Border Money transfer script is to start a business. This helps people to send money within a short span of time across the border. 

Bitcoin lending and borrowing script

Bitcoin lending and borrowing script help those who are struggling to make the ends meet. This fintech clone script is a powerful and highly configurable bitcoin lending business that can help people around the world. 

iScripts SocialWallet

iScripts SocialWallet will help to create a fintech business similar to Prosper, Kiva, etc..SocialWallet provides both Web Platform and Mobile App for the end-users. The online lending platform connects people who want to borrow money with individuals and institutions that want to invest in consumer credit. 

Conclusion

If you are in search of creating a similar online lending platform, use the best fintech clone script. Get a free consultation from our technical team at iScripts by clicking here.

You can also call us on 312-423-6728 or compose an email containing your business requirements and budget to sales@iscripts.com to receive the best digital solutions for your company.