small business financial advice

Small Businesses Spend Just 3.6 Hours A Month On Finance

Small Businesses Spend Just 3.6 Hours A Month On Finance

UK small businesses are seriously underestimating the importance of financial management by spending just 3.6 hours on the matter each month – according to a report by KashFlow. The survey of small firms with less than ten employees revealed that while the process of managing money is a stressful one for a significant number of respondents – a strong majority remain confident in their ability to keep on top of things. Indeed, 87% of those surveyed described their bookkeeping as either ‘really good’ or ‘not bad’, with just 6% admitting they were “not good”. Despite their confidence however, 32% of small firms still suffer from the strain and pressure of financial compliance – a strong indicator businesses should allocate a lot more time to financial management. Oliver Shaw, CEO of KashFlow,... »

7 Ways Small Businesses Can Avoid Late Payments

7 Ways Small Businesses Can Avoid Late Payments

Running a small business demands juggling sales, customers service, managing staff, bookkeeping and 101 other jobs. Business owners work to their limits to run and grow their firm and the stress can be made much worse when you’re worrying about getting paid for it. Late paying customers has become a massive issue for small and medium business owners, with many owed billions in outstanding payments and being forced to borrow in order to keep cashflow going; whilst chasing late payments and managing the administrative burden also causes a huge strain on resources. So what can business owners do in order to avoid or at least reduce the impact that late payments may have on their business? Here are seven tips to help you keep your firm’s cash flowing: 1. Do your research: Seek busi... »