Can automated accounting software and platforms help SMEs?
September 14th, 2021 – We’ve heard about the potential horrors of automation, and when it comes to automated accounting, it might make some people, especially accountants, nervous. But should that be the case?
Historically, many SMEs and startups still struggle to stay afloat, even before the pandemic turned our lives upside down.
As it turns out, one of the major reasons why startups fail is not merely due to the lack of funds, but an inability to control funds in an effective manner.
According to a US Bank study, about 82% of small businesses fail due to cash flow problems brought about by the lack of strong accounting and bookkeeping processes.
This is due to poor inventory management, delays in the payment of bills as well as improper budgeting, leading to unnecessary expenditures.
Five reasons why automated accounting is great for SMEs
Startups are often already made up of small teams as it is, if not one single entrepreneur, making the process of managing funds a burden in terms of time and effort, thus becoming a hindrance to productivity. With an automated accounting system, the platform or software does the work for you, so smaller teams can focus their efforts on what truly matters — higher level work.
Written by Techwire Asia
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