QuickBooks Expands Its Business Network… and other small business technology news this week

Here are five things in technology that happened last week and how they affect your business. Did you miss them?

1 – Intuit QuickBooks Business Network plans to accelerate and automate B2B payments for millions of US businesses.

Global financial technology platform Intuit QuickBooks recently expanded the Intuit QuickBooks Business Network to be available to millions of small and medium-sized businesses across the United States. This expansion now forms one of the largest B2B networks focused on automating and accelerating B2B payments and increasing cash flow. (Source: Business Wire)

Why this is important for your business:

With so many businesses already using QuickBooks, why not provide a way to connect them together to make transactions faster? A bit clever. Among other benefits of the network, things that will help my clients will be the ability for a business to send an invoice directly to their customer’s or vendor’s QuickBooks account, so that QuickBooks instantly creates an invoice for the customer or vendor using the auto-populated information from the invoice, and then being able to review, save and pay that bill through the various payment options available within QuickBooks.

2 – Starbucks uses embedded financing to improve customer experience and increase retention.

A recent report revealed that Starbucks is embracing several embedded financial tools and lifestyle products in an effort to increase customer engagement. Some of the products include bitcoin payments, wearable payments, rewards and gift card programs, stored value cards and mobile payments. (Source: Fintech News)

Why this is important for your business:

More companies are providing additional features in their apps to help their customers with financial decisions or just for playing games. If you’re a retailer, you should offer a loyalty or payment app that also starts to provide things like built-in financial capabilities. This will be more common in the near future.

3 – These are must-have technologies to boost your small business fast.

San Diego Newspaper Group editors recently shared their top picks for must-have technologies that will quickly boost small businesses. (Source: SDNews)

Why this is important for your business:

Technical choices include CRM systems to help manage clients, Cloud for data storage, cyber security technology to protect important data, financial management software to help rationalize financial resources, live chat to help clients directly, project management tools to streamline processes and current online offer of efficiency-enhancing capabilities.

4 – Microsoft 365 Basic is a new $1.99 per month subscription with 100GB of storage and more.

Microsoft 365 Basic — which launches by the end of January — will cost $1.99 a month with the goal of replacing OneDrive’s 100GB storage option with some extra features. These features include enhanced security features such as Outlook data encryption and virus/malware scanning, and an ad-free experience for Outlook web and mobile. (Source: The Verge)

Why this is important for your business:

This could be a good tool for freelancers and micro businesses. And as you grow, you can migrate to more powerful Office 365 features.

5 – Your next job recruiter could be an AI bot.

According to recent studies, 35 percent to 45 percent of companies plan to use AI-driven recruiting software to help select and interview job candidates in 2023. Last year, three out of four companies increased their investment in talent acquisition technology, with 70 percent planning to continue that investment this year, even with a recession on the horizon. (Source: Computer World)

Why this is important for your business:

AI-powered recruiting tools are becoming more common among larger companies and will soon be affordable for smaller businesses. They can offer an objective way of qualifying potential candidates. But there is some concern about their bias.

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