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Being paid late , for example , is a key contributor to unhealthy cash flow and low profit margins . Software that includes designed features such as invoice tracking and automated reminders can help small business owners avoid wasting time on awkward calls and emails to chase late payments – and ultimately , help them get paid on time .

Financial software also provides small businesses with the latest up to the minute financial information , which in turn enables businesses to have the most accurate data . Accurate data is the backbone to any successful business , as it improves forecasting capabilities and gives business owners a better understanding of discrepancies or unnecessary expenditure . This means issues can be avoided or resolved faster so better decisions can be made going forwards . In fact , our data found that nearly half ( 48 %) of entrepreneurs admit rushing into important business decisions , so it ’ s even more important to get as much help as possible from technologies .

Financial software also ensures day-to-day admin is automated and easy . For example , it is possible to clock and record mileage and

ACCURATE DATA IS THE BACKBONE TO ANY SUCCESSFUL BUSINESS , AS IT IMPROVES FORECASTING CAPABILITIES AND GIVES BUSINESS OWNERS A BETTER UNDERSTANDING OF DISCREPANCIES OR UNNECESSARY EXPENDITURE .

expense receipts automatically – with a direct link to your bank account . By streamlining back office operations and obtaining accurate insights , small business owners can focus on growing their business in the area they ’ re most skilled in , rather than getting bogged down in financial admin . The time saved can be spent building face to face client relationships or driving sales .

As well as assisting with objectives such as business performance , financial software can help reduce stress that business owners feel – especially at challenging times of the year , such as the new tax year . Financial reporting is a source of stress for many , with the most challenging jobs proving to be running tax year end reports ( 44 %) and meeting HMRC payroll deadlines ( 28 %). We found that many small business owners report feeling more isolated due to the increased stress around the time of the new tax year ( 21 %), for example , falling behind on the day-to-day running of the business due to increased admin ( 20 %) and even losing sleep due to concerns over potential errors in accounts ( 16 %).

SMEs already using financial management software can see how much of a difference it makes to their well-being , profits and client relationships from day one .

FINANCIAL MANAGEMENT SOFTWARE CAN HELP SMALL BUSINESSES MAINTAIN A HEALTHY CASH FLOW AND MITIGATE THE EFFECTS OF RISING COSTS ON BUSINESS PERFORMANCE .