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How does technology impact the cost of living?

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How does technology impact cost of living - finance

Can tech help you to reduce the cost of living?

With the rise in inflation and the long-term effects of the pandemic, households and businesses are struck by the growing cost of living. Cutting corners and buying less appears to be insufficient when it comes to saving money, especially for businesses, where cutting corners could have a negative impact on the entirety of the business. However, spending less may not be the best way to save money. Spending smarter and keeping track of your finances could help you save money in the short and long term. Businesses may seek to accelerate digital transformation even further, pursuing trends such as hybridised remote monitoring and stronger IT management. Here are a couple ways technology can help you spend smarter.

Finance Apps and Software

Finance apps have been a huge help for families across the country. These apps have many useful features built in to ensure you are spending smarter, whether it is to track your spending or to take control of your budgets.

Finance apps may be good for households, but they are not ideal for businesses, which have much more money to account for. Profits, revenue, costs, ROI, are just some of the figures business owners need to keep track of. This is why a powerful finance software can be a simple, powerful way to manage your accounts. Sage 50Cloud accounts combines the convenience of the cloud with the power of a desktop accounting software. These bespoke systems keep track of your invoices, customers, suppliers, and inventory all in one place. 

Remote working

The cost of filling up an average family car with petrol recently hit £100, and it’s showing no signs of stopping. With commute being the primary cause of rising living costs, reducing the level of commute by introducing work from home can help to reduce the need for daily commuting. It not only helps to save short-term costs, but it can also help to save long-term costs by reducing car maintenance and excess costs of owning a car such as insurance and taxes.

Working from home benefits not only employees but also business owners. The cost of renting office spaces and utility bills is reduced, and you can instantly start saving with your employees working remotely.

Smart Technology

Businesses, just like households are always quick to hop on the latest spending trends. A little spending here and there doesn’t seem like much but can soon spiral out of control. Businesses frequently find themselves subscribing to a slew of unnecessary software that they believe they require. However, investing in smart technology can help to reduce costs, increase productivity and reduce admin costs.

Transferring company data to the cloud is an excellent way to save money. In addition to saving money on office storage spaces, storing information online is a brilliant way to boost productivity and better manage everything.

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