According to official statistics by the Government of India, small and medium enterprises (SMEs) make up 95% of the total industrial units in India, with a whopping 4.25 crore industrial units that account for around 45% of the manufacturing output of the country and employ 40% of the skilled workforce. However, the hard truth is that…
Top 5 Ways to Automate Your Payment Collections Process
For every business the collection of payments can be frustrating and time-consuming. It can become a full-time job, even with making collection calls, filing paperwork, and keeping track of each outstanding account. The difficulty is that many small business owners do not have the resources to devote a full-time effort to collecting payments, and they…
Advantages of Financial Management Software for your Business
SME businesses must pay extra attention to their financial conditions, as most fail due to a lack of funds to continue operations, pay employees, and cover marketing expenses. Small business owners do not need to be financial experts to be successful entrepreneurs; however, using a business financial management software can help better their financial decisions and processes….
5 ways to manage business finances better in 2022
Creating a financial plan is essential for developing a strategy that will aid in the management of the company’s cash flow and revenue. In 2021, many small business owners faced several challenges. As we enter a new year, whatever your business goals are, strong financial management with the help of a smart business intelligence platform will be a key to your growth. Here are some smart ways that…
5 Smart Ways to Manage Your Business Finances Effectively
In this competitive business environment, owning an SME is a great experience, but it is also risky. You must deal with an endless stream of finance, tech, and administrative issues that require most of your attention. Managing your SME’s finances is one of them. You must not only save enough money to cover your expenses, but also require adequate funds and…
4 Ways to Manage the Accounts Payable Process
Accounts payable is one of the most important tasks in every modern business. Every firm must pay its debts; you cannot afford to do this wrong. It is critical to managing invoices in a timely and correct manner to maintain excellent relationships with suppliers. A strong accounts payable system guarantees that obligations are not carried on your books for…
Top 5 Cash Flow Tips Every Business Owner Needs
Every organization believes cash is king, but only 33% use a business intelligence tool to manage their cash flows. For those who use accounting software, creating entries, sending invoices, and following up for payments is most often a manual process, which requires time to monitor cash flow and make a report. Additionally, according to a recent survey, 74 per cent…
The Impact of Bad Debts on an SME
Businesses rely on income received from sales to pay off their expenses and other company operations. However, in every organization, there’s some uncertainty of debtors not paying dues because of an unexpected liquidity crunch. Especially during the pandemic when many businesses have faced losses, bad debts have become common across every industry. An increase in bad debts has various consequences. They…
How to streamline credit control process for small businesses?
Every business owner, large or small, needs to ensure that their customers are paying on time. As the recovery of debt is often time-consuming and unsuccessful, having proper credit control measures in place helps businesses manage cash flow better. What is Credit Control? Credit control is explained as the lending technique used by banks, financial firms, and business owners to lend money to consumers. Credit control focuses…