The recent advancements in machine learning and Artificial Intelligence allow many improvements for businesses. Complex AI models can be used to calculate and analyze the risk associated with investment decisions. AI-based predictive modeling techniques are expected to improve the decision making process for management by finding out the most profitable outcome in a given situation.
The application of AI technology can also help mitigate business exposure to fraud. Fraud attacks and deceptive practices have become very sophisticated and even the most experienced of auditors can get fooled by con artists and scammers.
A well designed AI model can collect and process historical data from hundreds of locations in the blink of an eye. AI is designed to learn and react quickly while continuously evolving its processing capability. It is hoped that AI will become far better at detecting frauds than humans in the near future.
AI Application for Credit Rating Tools
The banking sector based on lending plays an integral role in any economy. Statistics show that consumer debt in the U.S. alone was just under $4 trillion dollar in 2017. Even a small improvement in their operations would result in cost savings worth billions of dollars.
This is why banks and lenders are constantly looking for ways to improve their services to customers. Two ways to do this is through improvements in credit rating for potential borrowers and faster processing times. Both these objectives can be achieved through the implementation of AI technology.
At its core, credit rating involves checking for hundreds and even thousands of transactions over a period of time to determine a pattern. This is an area that machine learning is naturally suited for.
It should be noted that the more data that is available for an AI to analyze, the better it can predict the credit worthiness of the potential borrower. This is why developers are looking to integrate the blockchain technology with AI analysis. Blockchain potentially offers a complete record of transactions that have taken place on the ledger and the most comprehensive record that can be available online.
Detecting New and Existing Customers Risk
Detecting risk is all about calculating the probability or threat of damage, loss or any other negative occurrence. In the context of lending, this involves loan defaults and delayed payments from customers.
There is no lending that is completely risk free. This is understood by lenders and banks. Every time a loan is advanced, there is a chance that the borrower may default on his or her payments. For some borrowers, the probability is higher. For others, it is low. But it is never zero.
Finding out the risk is important as lenders take the probability of default into consideration when approving or rejecting loans. It is also important to identify the risk as lenders must include a risk premium into the payment plan.
This is why people with higher credit rating are able to get loans approved more frequently and at lower interest rates than people with a lower credit rating. The bank is simple charging them higher for the extra risk that it is taking.
While a loan underwriter can make a very good analysis to determine risk, nothing beats an AI model at determining the precise risk associated with a loan application. The AI would consider every historical transaction from the potential borrower as well as the pattern of payments, the income level, spending habits and other factors to calculate the risk.
Real Time Sector Changes
The process of risk management doesn’t end at the loan approval stage. Lenders must monitor their borrowers’ credit worthiness frequently to be aware of the risk to their outstanding debt. While this can be difficult to achieve through human effort, the process can be automated through AI to be completed seamlessly.
Developers believe that future improvements in AI will improve fraud and risk detection for lending businesses. Combined with the blockchain platform technology, AI gives us the best chance of detecting and preventing fraud.

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Employee productivity is a very important requirement for the success of any business. Most businesses pay their employees a set amount by the hour and expect a certain standard of work in return.
Employees who meet and surpass expectations lead to an improvement in customer experience and business performance. Employees, who do not meet the standard, result in poor quality of service for customers and loss of revenue.

This is why businesses starting to take a closer look at ways to increase their employee productivity. However, too much micromanagement is a bad idea as it can often lead to a drop in employee motivation and productivity.

What Affects Productivity
An employee’s productivity is dependent on three main factors.
   Their skills and experience of the work
   Their level of motivation
   Their method of trying to get things done

Skill and experience can be improved with training and practical work experience. Motivation is trickier to improve and depends on compensation and work-life balance. The method of trying to get things done is the most difficult to control. The only way to improve it is by giving the employees freedom and trying out new things.

Causes of Drop in Productivity
Each individual employee is different and productivity can be dropped by different factors. Some of the things that can drop employee productivity at work include the following.
Social Media Network is arguably one of the biggest distractions and leading causes of drops in productivity. Employees that tend to spend hours on Facebook or Twitter are unlikely to get much work done.
Ignoring the top talent at your business will also drop the productivity as these employees will lose the motivation to give their best.

Leading through fear is another major cause of drop in productivity. When employees constantly have to worry about their job security or being threatened, they are unlikely to put in much effort.
Many managers refuse to apply newer technology as they are set in their old ways of getting things done. Technological developments can significantly improve the speed of getting things done through automation and neglecting them will only keep a company down.

Micromanagement is also a major factor that leads to poor productivity. Employees who feel empowered and are given the freedom to get things done in their own way tend to deliver better results than employees who must follow strict guidelines.

Ways to Improve Employee Productivity without Micromanagement
While there is no strict formula to improve employee productivity, there are certain strategies that seem to work better than others.
Employees who are better informed about their organization’s goals and their own role in achieving them tend to be more productive than employees who are not aware of these objectives. The more involved the employees are the more productive they tend to be.

Another great way to improve productivity is by giving employees greater responsibility and personal accountability. When employees feel empowered about making decisions, they feel more in control which has a positive impact on motivations and attitude towards work.

Employee productivity can also be improved by giving them SMART objectives which give them a clear direction. SMART objectives are Specific, Measureable, Attainable, Relevant and Timely. 

Improving Morale
Apart from work training and knowledge, an employee’s morale has the biggest impact on his or her productivity. Happy employees are productive employees and research shows that happiness leads to a 12 percent average increase in productivity.

Employee morale can be improved by cultivating a positive environment and friendly culture at work. Providing employees breaks, vacations and flexible work timings can significantly boost productivity.
Another great way to improve productivity is by celebrating success and achievements of employees. Employees can be rewarded either through monetary compensation, paid vacations or celebratory meals. Incentives like these do boost employee morale that works wonders for the business.

Calero is working on providing a unique time tracker and team member communication tool to improve and make business processes more efficient.

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Many people have heard of blockchain in connection with cryptocurrencies like Bitcoin and Ethereum. Digital currencies are one of the most popular applications of the technology after all.

However, not too many people may be aware that the technology offers a lot more useful applications that just cryptocurrencies. Blockchain platforms can significantly improve the record keeping process for businesses by making them accessible online, very secure, and incredibly reliable.

Problems with Cash Flow and Spend Management
Businesses rely excessively on transactions between multiple parties that must be recorded properly and accurately. These transactions must also be easily available for auditing.

Consider a case where Company A regularly sells raw materials to Company B. The invoices for the products are issued at the time of delivery of the products.

Company B issues payments to Company A 30 days after the delivery of products. Once the invoice is sent it remains on the system of Company A as Account receivable. Once the invoice is received by company B they record a corresponding Account payable.

When the payment is issued through a fund transfer, Company B would write off the Account payable. Company A would only write off their Account receivable once the payment for their products has actually been received.

There is also the possibility of delays in payment clearance if the transaction takes place through a third-party, such as a bank.

Obviously, there is a delay between issuance and receipt of invoice as well as issuance and clearance of the payable account. This can cause errors and miscommunication between business partners. A system that can instantly transfer funds from one account to the other and record it on a public ledger that is viewable by both parties would significantly improve the whole process.

Cash Flow Improvement
A blockchain based distributed ledger system being created by Calero.io can record instant payment of invoices rather than waiting for several authorizations from multiple companies and intermediary banks.

As soon as an invoice is issued, everyone from the supplier to the inventory and quality control department at the buying company would know about the purchase.

Similarly, the accounts departments from both firms would be aware of a transaction as soon as a payment is issued. This would significantly improve cash flow planning for both companies.

Reduction in Intermediaries
Banks have played a central role in generating business activity for centuries. Banks facilitate transactions between different companies but also charge a fee for their services.

A blockchain platform has the potential to completely remove the role of banks by directly connecting sellers with buyers. This would improve the spend management for businesses by removing the costly intermediaries.

Better Inventory Management
Business cash flows are dependent on inventory cycles and supply chains. In trading and manufacturing businesses, the working capital is heavily invested in goods or raw materials. These goods are later sold and converted back into cash.

One of the problems in supply chain management is the accuracy and authenticity of the inventory data. A number of tools have been developed to account for inventory over the years but nothing comes as close as blockchain in providing an accurate ledger account. The blockchain provides a complete record of inventory and improves supply chain in a number of ways.

Ø Blockchain is openly accessible and inventory data can be viewed by anyone from anywhere. Inventory information can be adjusted automatically as products are sold and transferred from one location to another.

Ø Blockchain allows a complete record of inventory from production to final sales. This allows data accuracy and easier tracking of individual batches of products.

Ø The inventory data entry on a blockchain is encrypted, making it much more secure than a regular database.

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Ways to Improve Your Company’s Cash Flow and Spend Management

The Increased Growth of Freelancers Requires Greater Accountability and Transparency

The economic model and working habits of people are going through a lot of changes. We no longer work the number of hours in closed office cubicles and industry that people used to do just ten years ago.

We have come a long way from the time of Generation X. Workers of today want more freedom and self-reliance. Freelance is becoming the norm and reshaping many industries. Businesses now rely on creating partnerships with freelancers rather than hiring employees for the long-term.

The changing work habits have significantly increased the need for accountability and transparency across business domains. This is one of the reasons why people are looking for new methods of payments that are secure and easy to track.

The Freelancer Generation
The millennial generation is not as focused on working the regular day shift as the prior generation. A survey recently undertaken by Upwork showed that there are more than 57.3 million Americans who are working as freelancers in the country. These people contribute more than $1.4 trillion to the economy annually.

The study also shows that as many as 47% of the millennial population is working as freelancers and the majority of U.S. workforce will be composed of freelancers by the year 2027.

People are switching to freelancing because it allows more freedom, greater flexibility and allows individuals already employed an opportunity to earn some extra income. Advancements in tech are playing a leading role as well. Improvements in communication and money exchange methods make it easier for people to provide freelance services to businesses.

Forward Looking Attitude
A major finding of the survey was that freelancers believe they are better prepared for the future compared to employees doing a regular 9 to 5 job. A majority of American workers were not very confident that the work they do today will be available 20 years from now. More than 60 percent of freelancers felt secure in their choice of profession.

One area of concern for the freelancers was income unpredictability. Unlike a regular job with a steady paycheck, freelancers often had to dip into their savings during periods where they could not find any work.

New Technologies
The popularity of freelancing is significantly influenced by the changing technology. One of the technologies that are likely to make an impact is the blockchain-based cryptocurrencies.

Cryptocurrencies, like Bitcoin, Ethereum and Calero provide a medium of exchange that is quick and easy to transfer and very secure. Digital coins like Ethereum also allow the ability to build smart contracts that are automatically executed with each phase of completion for a project.

Consider a simple example where a business hires a freelancer to design a set of marketing brochures for the company. They parties sign a smart digital contract where payments will be automatically disbursed to the designer as each phase of the project is completed and submitted to the business over the platform.

Greater Accountability and Transparency
A secure payment method built over the blockchain will give greater confidence to freelancers and service providers that are looking for work online. Since the execution of contracts is automated, freelance service providers can be assured about the payment once they deliver projects according to client specifications.

This system of payments is also easier to monitor by regulators such as the tax authorities. Entries recorded over the blockchain are immutable and provide a complete record of all the transactions that have taken place on the ledger which should keep the IRS.

Calero will provide a seamless solution for all freelancer requirements, from invoicing, payments, cash flow management to time tracker and filing taxes.

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Almost every modern business relies on providing services and products in exchange for money. It is the method of income generation that keeps the business going.

Many businesses rely on receiving cash payments from their customers at the time of service delivery. Take restaurants, barber shops or your local retail store, for instance. These businesses expect payments at the conclusion of services or product exchange.

However, for an increasing number of businesses, payments are delayed and received later. The service provider issues an invoice to the customer at the time of service delivery and payment is received based on pre-agreed terms.

This method of delayed payment is commonly used by freelancers, contractor and SMEs in servicing businesses. It is popular because it gives the customers time to review the level of service and a short-term credit.

Problems for the Service Provider
While the invoice pricing method is beneficial for the customer, it can create a number of problems and financial uncertainty for the vendor.
   Most service providers don’t mind a delay of a few days to a week. However, customers can drag payments out for several weeks. Data shows that average time for receiving invoice payments is up to 60 days.
   Service providers dealing with a large firm may feel helpless as they are passed around from one person to the next in different departments. Many freelancers experience communication problems when dealing with a large client.
   Data also suggests that a large number of invoices are still generated manually with an average cost of $12.90 per invoice. These invoices are also subject to human error.
   Most invoice processing transactions involve money transfer from the client’s bank to the vendor’s bank account. This method has a high cost for both parties, slower processing times and based on centralized platforms which have proven inefficient.
   Lastly, the current system of invoicing requires a certain leap of faith by the service provider. Business insights reveal that up to 70% of new business relationships require the parties to make decisions based on perceived value and unknown risk. This can increase the cost of due diligence for businesses.

The Solution for Businesses
Blockchain based cryptocurrency platforms offer a lot of improvements for business transactions. It is particularly beneficial for freelancers and contractors as the payment system is completely online and most freelancers and service providers also operate through the web.

A cryptocurrency like Calero allows setting up smart contracts. These contracts execute automatically when certain pre-set conditions are met. The automatic execution of contracts can help build trust and reliability for doing businesses online.

Another benefit of Blockchain based platforms like Calero is that it removes the need to rely on third parties. Crypto coins are kept in digital eWallet and can be quickly transferred from one party to another without requiring inter-bank communication.

The company allows the automatic generation of invoices which are further checked for errors by a verification process through an automated function. The chance of invoice errors generated through a digital process is significantly lower than manual invoices.

Perhaps one of the greatest advantages of Blockchain platforms like Calero is that they can be monitored openly by authorized personnel and can be accessed from anywhere. This makes it very easy to monitor and check the records for payments that have been cleared and the ones that are outstanding, improving overall communication.
Finally, a transaction platform built on automated contracts will give service providers a level of clarity. Freelancers and contractors will be able to calculate their receivables and income more accurately and manage the overall business cycles more efficiently.

One area of Calero aims to decrease the time taken for business documents to be created, sent by suppliers, then matched, approved and paid by the client all within one dashboard.

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[Blockchain Benefits for Accounting]

Technological developments taking place across a number of industries are revolutionizing businesses for the better. Consider the cloud database platforms or the robotic process automation for routine jobs. These new technologies will significantly transform a number of servicing and manufacturing industries.

One new technology that is receiving a lot of attention is the blockchain. Google trends show that blockchain or platforms built on this technology were some of the most searched terms in 2017. The peer-to-peer network is considered very useful for record keeping in particular.

Blockchain Benefits for Accounting
Blockchain is a digital database where records of transactions between multiple parties are kept in a ledger. New transactions are recorded to the ledger in the form of blocks. Each new block contains a time stamp linked to a previous block which creates a chain.

The business function of accounting can be significantly improved by the blockchain technology. Accounting and auditing are based upon looking back at the historical records of transactions. Blockchain’s core features of immutability, security, real-time processing and public accessibility would make business accounts more transparent and trustworthy.

Problems with the Current System of Accounts Payable
The traditional way of creating and settling accounts payable involves sending a single document to the recipient which is only visible to one party at a time. The second party can only make update to their records after the first party has completed their work.

This adds delays and slows down the whole process. Furthermore, each party must also dedicate human resources to monitoring the issuance of invoices, create payable accounts and update these records as payments are made.

The process requires time, resources and personnel. It is also prone to human error, which can take further time to get the records corrected.

Blockchain Based Smart Contracts
The process of monitoring and record keeping of Accounts Payable can be completed instantly by implementing smart contracts built on blockchain. These contracts would also remove the need for accountants to ensure that proper entries are made each time.

Let’s consider a simple example to understand how smart contracts work. Let’s suppose that a business acquires cleaning services from another firm for the three months of January to March. The cleaning service starts in January and the business receives a bill for the month’s services. The accountant would create separate accounts for expense and payable to make a note of the obligation.

The business continues to receive cleaning services in February and receives another bill for the month. The accounts department makes a full payment for the services at the end of February. The accountant would need to settle the Accounts payable for two months and create a new record of prepaid expenses for March.

Practical Application of Blockchain for Accounts Payable
For a business that deals with hundreds of such service providers, it could take a lot of time to record expenses and create separate heads for payable accounts.

At Calero.io, Smart contracts would automatically execute these transactions at each stage of service completion to the correct account. What’s more, the creation and settlement of the account would be recorded for both the servicing business as well as the client. This would completely remove ambiguity and chance of a dispute.

The blockchain ledger is designed to maintain a full record of all the entries made on the platform. In the example posted above, accountants from both the business and cleaning service would be able to review the transactions and check for any errors.

A blockchain network remains online 24/7. Any party with access control can check the record at any time. Access to the system can also be given to external regulators such as audit firms and tax authorities. These agencies can check the ledger for accuracy to ensure compliance with accounting practices.

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