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Technological developments are taking place rapidly and we all need to keep up to survive in the competitive industry. Small businesses can feel a large amount of pressure to learn and adapt to the evolving landscape. But we have the cloud to help us with the transformation. With the cloud, one can work through the hindrances and adapt to the new technology with ease. Smart alternatives like QuickBooks cloud hosting make handling finances a much easier chore.

The cloud is already popular among business of all sizes for various work processes. The cloud has been entitled as the top trend in small businesses for digital transformation. With its many benefits and convenience of use, the cloud is the backbone of small-to-medium sized businesses enabling them to take full advantage of new technologies like artificial intelligence and Block-chain.

The cloud has become the driving factor for small businesses as it is providing what they need to stay ahead in the competition. The cloud is flexible, remotely accessible and extremely affordable as compared to a traditional setup, which is why it becomes an ideal choice.

The Cloud and the Data

A huge amount of data is collected by companies, but is that data being put to the right use? Data, when analyzed properly, can give you a clear strategic advantage and valuable business intel. But how can the cloud help?

The cloud and cloud-hosted applications, like cloud-based QuickBooks, give SMBs an affordable way to use advanced tools on aggregate data and apply algorithms to find out important information that can be applied for better growth of the organization.

You do not need to research and learn about new software or technology, you can integrate them to the applications you use every day and which already have access to your business data. Thus the cloud helps in increasing the efficiency and reducing the efforts you put in to give a simplified solution that helps to boost business.

The Cloud and Data Security

Cloud is the future, and it will soon become a basic that cannot be ignored. According to a study, 78% of businesses will be using cloud technology in some way by the year 2020. Now that you are on the cloud, you need to secure it well to use it wisely and avoid any kind of data breaches.

Data security is of utmost priority. Thus, it is important to create a well-thought security plan around the cloud. The infrastructure will have to be modified according to the hierarchy of access to successfully keep authorization in check.

If you opt for a third party cloud provider, it is their responsibility to secure the virtual server for QuickBooks hosting and to keep sensitive business data for being compromised. Almost all the companies that have embraced the cloud report that their security worries have decreased as the cloud platform is more secure.

The cloud is a technology that will benefit SMBs for years to come. And thus we should embrace this new technology and let it help our work processes to enhance business productivity and to thrive in the future.

A credit score is an important element that assists lenders to check your creditworthiness. A higher credit score displays a faith in your word that you will make payments on time. General questions that arise while auto loan shopping include: What happens when you apply for an auto loan to purchase a car? How does an auto loan change your credit score? Analyze the following points in the light of your current situation and understand how an auto loan will affect your credit score.

Does Applying for an Auto Loan reduce my Credit Score?

Often car buyers are worried about a drop in their credit score. But, do not worry about the reduction in your score. Learn how an auto loan impacts your score so that you can make an informed decision.

1. Hard Inquiries & Rate Shopping

The moment you apply for an auto loan and the lender requests your credit report, the inquiry is treated as a hard inquiry. Many inquiries from different lenders indicate a potential for degrading the credit score. However, the credit rating company observes the multiple inquiries as a single entry of auto loan shopping as long as the entries are within a limited time period. Timely payments, such as auto-generated payment models, will help you to recover any credit points that you lost because of hard inquiries.

2. Payment History

The most important element in a credit report is your payment history. Once the lender pulls your credit report, it will indicate your payment behavior. If you have ensured timely payments in the past and continue to walk on the same path in the future, your score will improve. However, losing out on a payment for a long period of time can damage your credit score and also put your car in the risk of repossession. Therefore, it is imperative to maintain your monthly payments as your payment history has the biggest impact on your credit score.

3. Variety of Credit

The different types of credit sources that are reflected on your credit report affect the lender’s decision. Also, it has an impact on your credit score. Many credit scoring models look at the number of credit cards you use on a regular basis. An auto loan is a different type of credit source, namely an installment credit wherein you repay the principal and interest amount spread over a few years. Obtaining an auto loan will be an additional variety of loan to your credit mix. And, it will give your credit score a definite boost.

Applying for an Auto Loan is Good for your Credit Score

After analyzing the impact of applying for an auto loan, the positive effects outweigh the negative elements. Make sure you check your credit report for any errors that may unknowingly decrease your credit score. Every year you are eligible to request free copies of your credit report. The decision to apply for an auto loan can help if you are responsible. Remember to have a payment plan because it will serve you as a financial foundation for strengthening your credit score in the long run.