Advertising
Advertising

How Uber Has Impacted The Business World

How Uber Has Impacted The Business World

Uber is more than an alternative to a taxi service. It introduced the world to the feasibility of a new method of doing business, and about how a person can work within the world on their own terms. It has shifted a paradigm in a highly unexpected way, and the full impact of its presence may not be known for some time.

With that in mind, there are certain key points that have already become notable in the business landscape and are brought to the forefront by companies like Uber. Here is an exploration of how Uber has already impacted the world we live in, and one prediction of what may be possible for the future.

A Great App Is The Key

People are inundated with new apps on a daily basis through their app store of preference, so most users have learned to tell the difference between an excellent piece of software and a piece of rubbish. Part of Uber’s success is in the design of the app, with some users turning to Uber for rides multiple times a day. If the experience was more frustrating, users would have abandoned the platform for something new. Its popularity supports its solid design.

Advertising

That being said, Uber offers a service that people can use as well. Even the flashiest app won’t convince the masses to pay for something they don’t need…or, at least, not for long.

On the other side, a poorly made app may be a company’s downfall. Expectations regarding what can be accomplished in this area have skyrocketed, and customers are willing to abandon a loser when they see one. If you are looking to stay connected to your clients while they are on the go, you cannot afford to neglect your app. It just is not something you can ignore.

You Don’t Have to Own Anything to Win in Business

Uber does not own a single vehicle. Not one car, one truck, or one SUV. Uber serves as a platform for connecting those that do have vehicles with people who need rides, and that is basically it. The trick is, it does it well. The app allows drivers and riders to connect quickly, providing a precise time of arrival for each party. It also handles the financial side of the transaction, ensuring that payments are processed properly (for a small fee, or course).

Advertising

While a large company without any actual offerings may bring about memories of the “dot com” era of the 90s, Uber has found a way to make that work by offering the kind of service people didn’t realise was missing from their lives until it took the marketplace by storm.

With Clear Requirements, You Only Need to Provide Minimal Oversight

Uber driver requirements may be considered basic, but they are clear. Additionally, drivers set their own schedules, completely removing the need to manage the idiosyncrasies that come with having actual employees.

While the concept of connecting contractors, freelancers, or other forms of the self-employed is nothing new, this is another area where Uber takes the kinds of precautions necessary to provide everyone with a minimum level of security without having actually to hire drivers themselves.

Advertising

You Don’t Even Have to Explain Your Pricing in Entirety

While Uber does explain how its base rates are applied, allowing a person to estimate the cost of their ride, it does not fully explain the concept of “surge” pricing beyond the basics of supply and demand. Granted, Uber was chastised for charging higher rates during a blizzard based on this price model (and has since vowed not to take advantage of natural disasters), it has left its formula intact for predictable surges, such as after a large sporting event.

The Prediction: Uber May Help Determine the Success of Self-Driving Cars

If you want to see an example of a company that could seriously profit from the self-driving car, Uber would be one of them. While this would mean they would need to acquire the vehicles as business assets, it does help eliminate the costs associated with paying a driver.

Instead of only taking a cut of the fee for managing the transaction, Uber could keep the fee in its entirety. Depending on the selling price of the self-driving car, the math could actually work out in Uber’s favour as it will be able to maintain an entire fleet that does not have to sleep to keep an appropriate level of safety on the road.

Advertising

While this won’t be the only factor of the self-driving cars success (the general public would also have to be comfortable with the idea of using them), Uber could certainly make them feel more mainstream…and isn’t that half the battle for introducing new technology in the first place?

Featured photo credit: https://pixabay.com via pixabay.com

More by this author

record player and mac Streaming or Downloading: Which Is the Best Use of Your Mobile Data? person on laptop Not Using a Digital Marketing Strategy? Here’s Why You’re Missing Out 2 men grappling Interested in Martial Arts? You’ll Need Gear Want to Improve Your Fitness? Consider Martial Arts wrapped present How to Select a Great Gift for Anyone and for Any Occasion

Trending in Budget Activity

1 6 Easy Ways to Treat Yourself 2 7 Websites to Sell Used Stuff Profitably 3 Seven Tips to Save Money While Renovating Your Home 4 4 Ways to Make Every Penny Stretch in 2017 5 Getting Out of Debt in 4 Simple Steps

Read Next

Advertising
Advertising
Advertising

Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

Advertising

How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

Advertising

Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

Advertising

There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

Advertising

How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

Read Next