Cloud Accounting company Xero recently surveyed 340 small businesses across Australia and New Zealand to find out what they thought 2017 had in store for them.
Nearly one in three businesses surveyed had a neutral outlook - believing their business will remain stagnant – and one in five had a negative outlook for 2017.
When it comes to surviving those first five (often tough) years of business, it's software such as Xero that can make all the difference.
Statistics show that while only 51 percent of small businesses survive more than five years, 88 percent of those on Xero will still be around to celebrate their fifth birthday.
In our experience, the biggest difference something like Xero can make to a small business is that it can simply provide savings in time and resources meaning you are getting paid faster and more efficiently.
More time and more money – the two things on every small business owner's wish list right?
Cloud accounting software such as Xero can eliminate inefficient manual systems which saves your team from having to double handle tasks. In fact, we've seen one of our clients reduce a seven step manual process to a simple click of a button.
By removing inefficiencies such as manually reconciling your bank account and being able to roster and reconcile payroll within a one-tap system you could potentially reduce your bookkeeping time from 60 hours a week to less than 15 hours a week.
We all know how important cash flow can be to a business. One of the easiest ways to maintain cash flow is to simply get paid on time. Simple efficiencies such as being able to set up auto reminders for invoices can save you several hours a week and increase your cash flow.
Imagine what else you could be getting done or the money you could be saving!
If you would like to find out more how we can save your business time and money by introducing Cloud Accounting solutions, please give Anthony, Chris or Doug a call on 6566 2200.