In this article, we will examine the most common reasons why finance teams underperform - 1. Missing accounting automation, 2. Transactional accounting 3. Lack of integration - and what can be done to improve their performance. An external financial partner might be a good option for companies that are always searching for help with functions that their in-house finance department cannot perform.

Whether you are running an established small and medium-sized enterprise (SME), or you are in the early stages of forming your business, having a solid financial contingency plan is a must. Understandably, if you are just starting off with your new endeavour, you might not be necessarily thinking about developing your contingency plan — you’re all focused on growing your business.

Making a company more efficient should be a goal for every business owner. Business efficiency refers to the fundamental reduction of wasted resources used to produce output, whether the latter be physical products or services. As a result, efficiency determines how effectively a business converts inputs such as capital, labour, and materials into outputs like revenue, goods, and services.

It's difficult to deny the importance of properly managing your company's money. A study by CBInsights revealed that 38% of new enterprises fail because of a lack of capital and the inability to acquire further funding.

An effective way to focus on growing your software/technology business is to turn over your company’s finance functions to a trusted outsourcing partner at a reduced cost. A virtual finance department might be the most important step you take in cutting down costs in your business. Outsourced finance departments can supply companies with a higher quality and quantity of work at less of the cost.

Financial statements record everything that happened during a certain time period and enables owners to analyse the financial health of their organisation as well as the internal and external processes of the company. Let us look at how financial statements can be key to a company’s growth.

A software company usually incurs a heavy investment both for human resources as well as IT systems during its initial phase. As much as we would like to reduce the burden of hiring and buying, there is always a basic cost that a company has to bear. And, so it is important to get the accounting process right.

Some key reasons why you might be on the lookout for financial management software business could be: a) Scaling up from a small to a medium business, b) Moving from an offline (desktop-based) system to a cloud-based system, c) Expanding your business geographically or d) Expanding into a different product/service market.

Many business owners I talk to don't have a problem growing their business, they have a problem managing that growth. Often when a business grows rapidly without being prepared it can lead to strains on the owner’s time, stretched resources, unhappy and disengaged employees and pressure on the finances of the business.

“Virtual bookkeeping services are scary. They will not work.” It’s a common misconception of those who have not tried yet the various online accounting services. But as soon as they’ve signed up for a virtual small business accounting service, they soon realise the benefits of it.