Leading technologies can safeguard the future success of your company by boosting the effectiveness of cash flow management
SME owners are facing threats to their operations on multiple fronts. From concerns over supply chain efficiency to anxieties over late payments, such challenges have the potential to harm that most critical aspect of any business – cash flow management. 42% of SME employers see cash flow as a major obstacle, according to a small business survey carried out by the Department for Business Innovation and Skills, suggesting a fundamental issue with SME cash flow management. It may also explains why one in five business owners admit their health has suffered as a result of running a company. But SMEs could and should be doing more to protect their cash flows – as well as their personal health – by embracing cost-effective automated solutions designed to help deal with common threats to cash flow.
While the benefits of adopting automation are obvious, making the transition still represents a significant shift in cash flow management culture. Questions remain over how best to replace existing processes and legacy systems while protecting business continuity. To ensure a successful rollout, many SMEs turn to third party suppliers to implement an automation strategy. This can take them from the initial consultation and planning stages through to the implementation itself and ongoing maintenance. However an enterprise chooses to proceed, once the right cash flow management system is in place, SMEs will be able to focus exclusively on improving the overall health of their business. And in many cases, they’ll have more time to focus their own wellbeing too.
- Manage accounts payable and receivables effectively and transparently via automated processes.
- Reduce the risk of late payments by deploying automation to monitor existing and potential offenders.
- Unearth vital insights into your business operations at a glance via virtual dashboards and optimised financial reporting.
Discover the most effective digital strategies for securing your cash flow. Download: Get 70% More Value from Your Finance Systems: The Business Leader’s Guide to IT Strategy