A recent article posted online by the CPA Practice Advisor speaks to the challenges small businesses face:
“Small businesses currently spend an average of 120 working-days per year on administrative tasks, accounting for approximately 5% of the total manpower for the average small and medium sized business. That’s according to a new economic report by Sage, a maker of cloud accounting software.” Read more….
The article continues stating, “The largest administrative task for Small & Medium Businesses in the United States is accounting, which take up nearly a quarter of all administrative tasks.” This presents a score of issues and obstacles small business owners face when building and managing their business.
However, over time, technology has come to the rescue with time saving options such as electronic time ticketing, payroll services, accounting software and bill pay solutions to minimize evenings spend performing accounting and HR functions.
While this mind set might be new to some, it is all too familiar to the businesses looking to manage their companies in the most efficient manner possible. Technologies are closing the gap between banks and accounting systems making is easier and more efficient for small business owners to manage their company’s finances. These products increased visibility and intelligence to small business finance. The ability to make financial decisions becomes substantially easier.
Our thoughts to small business owners: keep abreast of these innovative technologies and they will change your world.