SMEs have on average £556,000 in business savings accounts, that’s according to research of 500 businesses by Hampshire Trust Bank. This equates to 57 per cent of an SME’s total funds, and £423,000 in the current account. Charities and architects are the most active savers, followed by businesses within the retail sector. According to the report, SMEs are holding onto cash reserves as a result of concerns about the UK economic outlook following the EU referendum.
At Beavis Morgan, we work with SMEs to make the most of your hard earned cash, always seeking opportunities to make it easier for you to run your business and to maintain effective management of your company’s working capital. We also assist with management accounts, enabling better control of your financial situation and awareness of the business in real time, enhancing planning for the peaks and troughs.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your SME business.