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Budgeting and Managing Finances using Technology

Technology has made work easier for different sectors of the economy. During budgeting for an organizations or a personal establishment, one can incorporate technology through automation. This involves building technological systems that synchronizes with their general ledger. It has been seen to increase data accuracy at the same time reducing potential errors. Moreover, automation allows organizations to improve the monitoring and reporting of their business budget. Improved technology and data automation aid in creating reports that can compare historical data, improve dashboards and generate the much-needed “what-if” scenarios.

The advent of smart phone technology and it being on the ascendency one can use their mobile phones in paying their bills and keeping keep track of their finances thus saving money. One also has the opportunity to check out for best and affordable products online before commissioning the purchase. This has been proved to be effective when trying to manage ones’ finances especially if they find a discounted product thus able to save on finances as well as time. Additionally, one can always check online on different sites for product promotions or on-sale items which give an individual a great chance to save lots of money.

There are also software and mobile applications that can help one manage, budget and control their funds. For instance, using automatic bill payments all one needs to do is visit the website of the company you make payments to and set up a pre-arranged payment date each month tPreview Changes (opens in a new tab)hat works for you. After that payments will be made every month on your behalf. Also used is M-pesa Tracker mobile application in which one can track and see all their spending hence able to control their expenditure and realize when they are spending beyond the stipulated budget.

Therefore, it is important for any individual wanting to budget and manage their finances effectively to embrace and put to use technology in their business and organizations. This will not only save them on money and time but also enhance employee efficiency and accuracy.

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