Overcome your accountancy fears for small business success
Small business owners are renowned multi-taskers; taking on almost any task that needs completing in order to keep things running smoothly. But, many small business owners are understandably reluctant to spend too much time administering their business finances.
While it might detract from the business’ primary service or product in the short-term, a recent study has found that business owners’ engagement with financial management, planning and knowledge is directly linked to the company’s financial health, ability to operate and to grow.
The study – conducted by the Federal Reserve Banks of Chicago and San Francisco, Pepperdine University, and online lender FundWell – presented two primary findings:
- Small business owners with a more developed understanding of asset-based financing tended to achieve elevated status in the financial health index
- Engaging with financial planning and management directly contributes to improved financial health scores
The most advanced and comprehensive way for small business owners to take control of their company finances is simply to deploy one of the latest cloud-based digital accountancy programmes, such as Xero. Both programmes can be synchronised with a professional accountant to enable small business owners to stay focused on their primary business aims.
Intelligent accounting software helps small businesses to manage their cash flow by automating processes such as payroll and invoicing, as well as providing capacity to get an overview of business finances in real-time and alerting business owners when certain financial thresholds have been met.
Find out how advanced accountancy software can help you gain confidence with your small business finances.
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