The ATM: When Banking Meets Digital Automation

The banking industry is now seeing plenty of changes, thanks to the different advancements in financial technologies. In a world where people have become accustomed to getting things in a snap of a finger, banks around the world are trying to keep up by adopting mobile technologies as well as virtual currencies. Despite all of these changes, however, the automated teller machine remains the most important revolution of the banking industry in the past century.

First seen in London in 1967, the automated teller machine has changed the way people interact with their money. Prior to its inception, people had to go to banks to get cash or issue check payments. But thanks to the ATM, people had its first experience with intelligent machines. While there doesn’t seem to be anything impressive about the ATM today, it is worth remembering that it introduced people to digital automation. In fact, many of the technologies seen in computers and smartphones today were first used in automated teller machines including micro-cameras, accelerometers, and biometric scanners.

The primary benefit to using an ATM machine is getting cash anytime and anywhere. Today, there are millions of ATMs across the globe. Even remote places are home to at least one ATM, enabling people to gain access to cash without traveling several miles just to visit a bank. Aside from the freedom afforded by the ATM, it has also increased the privacy of consumers. Interacting with an intelligent machine allows for a more private experience with their money compared to transacting with a bank staff.

Even though most ATMs function in the same manner, it is important to note that the most modern machines are equipped with new features such as cardless withdrawals. If your bank does not have this feature you should recommend they get an atm machine replacement with a newer model. In most cases, this involves using a mobile device to talk with a remote bank staff and use their banking services. This only highlights the fact that despite being five decades old, the ATM continues to be at the forefront of innovation in an attempt to make it more convenient, private, and secure for consumers to access and use their money.

It’s easy to take the ATM for granted, but it’s worth taking a moment to appreciate what it has done in terms of changing the way people access and control their money. Its introduction ushered a new era in the banking industry, and it’s safe to say that ATMs aren’t going anywhere anytime soon.

How To Choose Accounting Software

First and foremost, your accounting software should meet the major accounting needs of your business (needs analysis)

What do you want the accounting software to do for your business? Is it to

  • Manage your inventory
  • Track sales
  • Create Estimates, invoices
  • Manage your Payroll
  • Report Business tax
  • Create and track Budgets
  • Customize reports
  • Manage customer contacts or work with your current contact management software (Outlook, ACT!)

What information does your management need to make crucial decisions?

Therefore, only get accounting software that will do the major accounting work you want it to do and only pay for what you need

You Should Also

Consider accounting software that can be easily configured and tailored to reflect the way you do your business because it will produce reports that will reflect the way you do your business and those reports will help you make better financial decisions

Look for Software That Has a Big User Base

The big user base is a sign of software stability and common problems should have already been sorted. You will encounter less technical problems and in the end, you will have less downtime with your accounting software

Ease of Use

Get accounting software that is fairly easy to use and learn. You will almost immediately benefit from your investment in the accounting software

Consult Your Accountant And The Users of The System

They may recommend the best accounting software that may fit very well with your business or which they are already familiar with. In that way, you will not experience resistance to change when you are implementing the system.

Better still, the time taken for system implementation will be short

Does your business have multiple locations that need to be connected? If it does then the best accounting software is the one that can interlink all the locations

With interlinked business location, your company will have up to date reports on your financial performance. Timely reports will help in making quickly informed decision making.

If the operations of your business are complex in nature, like construction or mining, the best accounting software for such a business is the one that is specialized for that industry

Unlike off the self or general accounting software that may produce reports that may be too general, industry-specific accounting and sometimes tailor made software will produce relevant information for your business.

In choosing accounting software also look at what your competitors are using. They may already be using accounting software that may fit well with your needs in which case your research time for getting your accounting software implemented may be lessened.

You will, therefore, start enjoying the benefits of your accounting software as early as possible

Consider The Size of Your Business

There is accounting software for small and medium enterprises (SMES) and also for large enterprises

The best accounting software is the one that you can easily integrate with other software that you may already have or plan to have. You will not have to buy other software to integrate with your new accounting system and you will not spend more because of your new accounting system

On the same note, if you would like to connect your business to the bank then when choosing accounting software choose that which can easily connect your bank

Get software that can work with your existing hardware resources so that you spend only on what will maximize your already existing resources. If you may need to add hardware, you only add what is needed in addition to what you already have.

Ask accounting software consultants or your auditor on what kind of software they recommend for your business. They may already have worked with software that may be suitable for your business and may just recommend that which best fit your business

In Addition,

The best accounting software is that which can grow with your business. When your business grows you may need to add one or two modules to your already existing accounting modules. Therefore choose that which can easily grow with your business without having to buy a new accounting software altogether.

The best accounting software is the one that fits your financial budget. As much as possible, your core business functions must run without being interrupted due to the implementation of the accounting system.