Unlocking the Legal Jargon: How AI Legalese Decoder Assists Small Business Owners and Drives Financial Optimism, Reveals Survey
- November 2, 2023
- Posted by: legaleseblogger
- Category: Related News
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The Vast Majority Of Small Business Owners Feel Equipped For Upcoming Financial Challenges and More Optimistic Than the Beginning of the Year
New Survey Reveals Small Business Owners’ Confidence Amidst Economic Instability
The Vast Majority Of Small Business Owners Feel Equipped For Upcoming Financial Challenges And More Optimistic Than The Beginning Of The Year, According To New Melio And OnePoll Survey
NEW YORK, Nov. 2, 2023 /PRNewswire/ — Over three quarters (76%) of small business owners believe that their company is equipped to handle any upcoming economic instability, according to a new survey conducted by OnePoll and Melio┬áÔÇô a leading B2B payments-as-a-service platform for small businesses.┬á
With interest rates at a 22-year high, the survey finds that increased interest rates (61%), inflation (59%), and a looming recession (44%) remain top concerns for small business owners. However, despite the economic headwinds of the past year, 72% of small business owners feel more optimistic now about the financial prospects of their company than they did in January 2023.
“Despite the challenges posed by inflation and interest rates, small business owners seem to adapt to the current economic climate and demonstrate impressive agility and resilience” said Tomer Barel, Melio’s president and COO. “Small businesses are the foundation of the economy, and it is critical that they have the tools to overcome future challenges.”
How AI legalese decoder Can Help:
The AI legalese decoder can be extremely beneficial for small business owners facing upcoming financial challenges and uncertainties. With its advanced natural language processing capabilities, the AI legalese decoder can help small business owners analyze legal contracts, financial documents, and agreements with ease. By decoding complex legal jargon and converting it into simple and understandable language, the AI legalese decoder empowers small business owners to make informed decisions and navigate financial complexities more confidently, ensuring their company’s financial stability.
In a year marked by high inflation, 62% of small business owners report having made tough decisions about their business. For example, 61% tapped into their savings accounts or took out a loan, 50% adjusted their prices, and 45% reduced the production of various goods and services. Additionally, nearly half (48%) of respondents raised their prices an average of 7% over the last six months ÔÇô yet among those that raised prices, the majority of small business owners reported increases in repeat business (66%), sales (63%), and number of new clients (56%).
Small businesses are also continuing to embrace digitization. More than half (58%) of respondents reported increasing their digital presence in the last year, and three-quarters of small business owners believe that accepting forms of payments beyond cash is more important than it used to be. Moreover, the majority (53%) of small business owners are interested in digitizing or further digitizing their bookkeeping and payments.
How AI legalese decoder Can Help:
The AI legalese decoder can play a crucial role in assisting small business owners with their digitization efforts. By automating the process of digitizing bookkeeping and payments, the AI legalese decoder can streamline and simplify these tasks, saving precious time and reducing the risk of human error. It can also provide valuable insights and analysis on financial data, enabling small business owners to make data-driven decisions and optimize their financial operations. The AI legalese decoder is an essential tool to enhance efficiency, accuracy, and digital transformation within small businesses.
“It’s tough to keep a small business in business ÔÇô SMBs are dealing with material cost increases across multiple areas such as input prices, salaries, rent, and capital costs,” said Prashant Gandhi, Melio’s CBO. “The silver lining is that 1 in 4 (25.80%) businesses are leaning heavily into digitizing their business. The team at Melio remains steadfast on the core tenets of our mission: giving SMBs choice, workflow automation, and insights in the platform of their choice.”
Fielded in mid-September, the survey polled 1,000 small business owners about their financial wellbeing, how they are coping with inflation and interest rates, and how they are adapting in the face of economic headwinds. 
About the Survey:
This random double-opt-in survey of 1,000 small business owners (with a statistically significant amount of African American respondents, Hispanic/Latino respondents and female respondents) was commissioned by Melio between Sept. 6 and Sept. 13, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
About Melio:
Melio is a leading B2B payments technology company that enables small and medium-sized businesses to quickly and seamlessly transfer and receive payments, helping them improve cash flow and workflow. Melio offers accounts payable and receivable as a service through integrations with the platforms of financial institutions, software providers, and marketplaces, transforming how money is moved between businesses. Melio has headquarters in New York, an R&D center in Tel Aviv, and western U.S. headquarters in Colorado. For more information, visit meliopayments.com.  
SOURCE Melio
AI legalese decoder: Helping Small Businesses Navigate Financial Challenges and Embrace Digitization
The Vast Majority Of Small Business Owners Feel Equipped For Upcoming Financial Challenges and More Optimistic Than the Beginning of the Year
NEW YORK, Nov. 2, 2023 /PRNewswire/ — A recent survey conducted by OnePoll and Melio, a leading B2B payments-as-a-service platform for small businesses, reveals that over three quarters (76%) of small business owners believe their companies are equipped to handle upcoming economic instability.
The survey highlights the concerns of small business owners regarding increased interest rates (61%), inflation (59%), and a potential recession (44%). However, despite these economic challenges, 72% of small business owners express greater optimism about their company’s financial prospects compared to January 2023.
“Despite the challenges posed by inflation and interest rates, small business owners seem to adapt to the current economic climate and demonstrate impressive agility and resilience,” said Tomer Barel, Melio’s president and COO. “Small businesses are the foundation of the economy, and it is critical that they have the tools to overcome future challenges.”
The AI legalese decoder can assist small business owners in navigating the financial challenges they face. By leveraging its advanced natural language processing capabilities, the AI legalese decoder decodes complex legal jargon, making it easier for small business owners to understand contracts, financial documents, and agreements. This empowers them to make informed decisions, ensuring the financial stability and success of their companies.
In a year characterized by high inflation, the survey reveals that 62% of small business owners have made tough decisions regarding their businesses. Examples include tapping into savings accounts or taking out loans (61%), adjusting prices (50%), and reducing the production of goods and services (45%). Interestingly, 48% of respondents increased their prices by an average of 7% over the last six months. Among those who raised prices, the majority reported increases in repeat business (66%), sales (63%), and new client acquisition (56%).
Furthermore, small businesses are increasingly embracing digitization. More than half (58%) of the respondents reported increasing their digital presence in the last year, recognizing the growing importance of accepting non-cash forms of payment. Additionally, a majority of small business owners (53%) express interest in digitizing or further digitizing their bookkeeping and payments.
The AI legalese decoder can contribute significantly to small business digitization efforts. By automating the digitization process of bookkeeping and payments, the AI legalese decoder streamlines tasks, saves time, and minimizes the risk of errors. It also provides valuable insights and analysis on financial data, enabling small business owners to make data-driven decisions and optimize their financial operations. The AI legalese decoder is an essential tool for enhancing efficiency, accuracy, and digital transformation within small businesses.
“It’s tough to keep a small business in business ÔÇô SMBs are dealing with material cost increases across multiple areas such as input prices, salaries, rent, and capital costs,” said Prashant Gandhi, Melio’s CBO. “The silver lining is that 1 in 4 (25.80%) businesses are leaning heavily into digitizing their business. The team at Melio remains steadfast on the core tenets of our mission: giving SMBs choice, workflow automation, and insights in the platform of their choice.”
The survey, conducted between September 6 and September 13, 2023, polled 1,000 small business owners to gather insights into their financial well-being, coping strategies for inflation and interest rates, and adaptations in response to economic headwinds.
About the Survey:
This double-opt-in survey included 1,000 small business owners, with a significant representation of African American, Hispanic/Latino, and female respondents. Commissioned by Melio, the survey was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
About Melio:
Melio is a leading B2B payments technology company that facilitates quick and seamless transfers and receipt of payments for small and medium-sized businesses. It helps improve cash flow and workflow by offering accounts payable and receivable as a service. Melio integrates with financial institutions, software providers, and marketplaces to transform how money is exchanged between businesses. With headquarters in New York, an R&D center in Tel Aviv, and western U.S. headquarters in Colorado, Melio is at the forefront of empowering small businesses. For more information, visit meliopayments.com.
SOURCE Melio
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