Is analogue accounting making you miss payment invoice settlement windows?

 In Small Businesses & Startups

Many small business owners, freelancers and landlords are still struggling with the burdens of analogue accounting methods. With no synchronisation, such professionals are required to waste time on manual data input. And, with no automation, deadlines are regularly being missed.

Recent research from the US suggests that 24% of companies are experiencing cash flow problems as a result of fines levied after accidentally missing or misunderstanding payment settlement windows.

Industry insider Bill Price commented: “It’s shocking to learn that so many organizations have experienced cash flow problems and have opened themselves up to security risks by not having the proper systems in place.”

“Professionals seem to prefer automated payment methods for personal use, but don’t have access to similar options in the workplace, either due to lack of awareness or accessibility. This is a huge concern as businesses make far more payments to far more payees, increasing risk exponentially.”

But this problem can easily be avoided and hundreds of hours saved through the adoption of advanced accounting software, such as Xero. These programmes are quick and easy to set up, and will give your accountant real-time access to your financial information, so they can provide guidance when it really matters.

Such software also includes a host of innovative time-saving features, such as automated invoice scheduling, simplified expenses submission and an instant cash-flow overview. Your accountant can also give you a helpful nudge when a payment is due – meaning no more fines for missed settlement windows.

If you’d like more expert accountancy advice, why not get in touch with our friendly 3 Wise Bears team today?

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