SMEs are hampering their cashflow, by making delayed payments into their accounts. According to research by Barclays Business, 27 per cent of SME owners regularly put off taking their earnings to banks and seven per cent admit keeping their cash in a safe, rather than depositing it. The report also shows that SMEs spend 26 hours a year travelling to make cash deposits, leading to 93 million hours of wasted time across all UK small businesses.
At Beavis Morgan, we work with our clients to put processes in place which make it easier 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.