2020 is finally here and this means that all businesses in the UK will
be planning ahead to make the most of the coming year. While there are many key
areas you could focus on, financial management is certainly one of the most
important. This not only extends to looking after your business accounts and
cashflow but also getting a handle on what trends in finance your company could
be affected by this year. By getting to grips with what many predict will shape
2020 in finance, you can get ahead of the curve and take full advantage of what
could unfold over the next 12 months.
But what are the biggest trends in this area industry experts are
More businesses to use international money transfer sites
Many companies have a need to send money overseas and make
international payments. This could be to buy stock, pay staff working abroad or
a myriad of other reasons. In the past, many businesses would simply do this
via their local bank. One financial trend that is set to grow in 2020 though is
more firms using online money transfer sites to make international payments.
For an idea of how sites like this work, check out OFX
who are a reputable service many UK businesses trust. In simple terms, using a
specialist service like this gives you access to better exchange rates, lower
fees and super-quick transfer speeds.
Another big trend expected for 2020 around finance is the
increasing use of Blockchain
technology. This technology first came to light as the code which cryptocurrencies
were built on but has grown since then. The secure and anonymous nature of Blockchain
makes it ideal for use in the finance and fintech sectors. Expect to see more
systems built on this next-gen tech to be developed during the year and many
more businesses using them on their websites to facilitate payments – be that
B2B or B2C. In terms of your own business, it may see a demand from consumers
to use Blockchain tech on your own website when payments are being made.
Businesses to use Cloud-based apps more
As you would expect, technology in general plays a huge role in
shaping some of the trends expected in the coming year. Many believe that
Cloud-based apps which allow companies to manage their finances will be even
more widely used as the year draws on. Popular examples of this are packages
like Xero which have an app to allow you real-time access to your finances even
when out of the office. It is also thought that more companies will branch out
into investing to broaden their revenue streams and apps which offer portfolio
management will be more widely used to aid this.
Finance set to have another interesting year
Keeping tabs on financial trends is always worthwhile from a
business point of view. This is not only knowing how the various global financial
markets are doing but also what hot topics could be worth getting up to
speed with. If you are looking to find out what 2020 could bring in this
regard, the above are certainly worth bearing in mind.