SME owners’ time is precious and by making the most of the latest online accounting software, there are many benefits to be enjoyed by the business and personally, says Oliver Finch Menzies LLP. Streamlining processes and tapping in to real-time financial data can help to improve their profitability and position the business for growth. It’s time for SMEs to get out of the Dark Age.
Many small and medium-sized businesses are using systems that are completely out of date; relying on paper receipts and inputting financial data manually. This is eating into precious management time and making it harder for SME owners to make key business decisions.
For business owners looking to free up time and update their business accounting systems, here are five steps to follow:
- Review your financial and data management systems
Accurate and up-to-date financial information is essential when making business decisions and SME owners should not be relying on a set of monthly management accounts, which deliver data that is already out of date. Analysing financial data on an ongoing basis can open up opportunities and equip business owners to amend pricing strategies or protect cashflow.
Using information and systems, which are tailored to the needs of the business, can help the management team to become more agile; allowing them to intervene appropriately on a daily or even hourly basis, to take advantage of opportunities or address financial issues.
- One size doesn’t fit all
By downloading compatible apps and integrating them into a bespoke system, businesses can create a solution that matches the needs of the business precisely.
By removing the need to input and process large quantities of data, the new system will buy business leaders more time to focus on the activities that make the most difference to business performance. It also frees up trusted advisers to add value to the business in other ways.
- Focus on business objectives
Read the full report on ‘Improving business accounting systems for SME owners’ here.
Oliver Finch is associate director and head of outsourced services at Menzies LLP.