- British SMEs are concerned about rising costs, investigations
- The challenges of cash flows and global economic problems are also a concern
- Having more information and control can be key, says Intuit QuickBooks
Small businesses are becoming more and more worried that the increase in costs will result in unwanted pressure while they seek to grow and prosper.
New research from the accounting software giant Intité QuickBooks affirm more than half (57%) of British SMEs predict the increase in costs in the coming months.
Among these, almost two thirds (64%) said they were concerned about the effect that these increases would have on their business, with almost half (47%) of cash flow challenges.
Worry
The data, contained in the latest quarterly survey of small companies of Intuit Quickbooks, seek to highlight a certain number of challenges facing SMEs in the face of financial and commercial pressure.
Just under half (42%) said they come from abroad, which means that they are more exposed to global costs of costs, and just over half (51%) say that poor financial management or resources retains their business.
To help cope with pressures, Intuit Quickbooks may recommend the urgent adoption of smarter financial management processes. The results highlight a brutal need for better financial planning and financial advice to help companies navigate the ongoes in progress.
“SMEs may not be able to control the global markets, but they can control their finances and be better prepared for changes,” noted Pauline Green, responsible for international compliance at Intuit.
“Faced with the increase in costs, the supply chain pressures and economic uncertainty, solid financial planning procedures play an essential role by helping businesses stay on the foot.”
