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Managing Finances on Time Matter

Managing Finances on Time Matter

When these small business owners were asked: ‘How much time are you spending as a business owner with financials now as opposed to when you started up?’, around 41% of them answered that they are taking more time in getting their businesses in shape now than they use to earlier.

So what stops business owners from taking an active interest in financial management early on? This is a key cultural barrier. Traditionally businesses have depended on CA’s and accountants to take care of their financial requirements. Conversely, the accountants commonly have limited access to business processes and objectives.A fallout is that accountants and book keepers often retrofit generic accounting tools into the business. This often limits the business for opportunities to be flexible and agile in financial management processes.

Small business owners need to acknowledge the fact that adopting financial tools doesn’t necessarily mean scaling down the role of an accountant, but in truth it enhances the productivity of the accountant.

When asked why they needed to spend more time with financial management now vs when they started up, around92% of them have cited business expansion as the reason for getting their finances in shape. Some other reasons cited are more invoicing (71%), aggressive marketing (64%), and more customers than expected (63%).

54% of business owners felt that the first year of operations was the most difficult because they did not invest in financial management. The majority said they eventually had to invest time in understanding the financials of a larger, more complex business.

Managing Finances on Time Matter

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