The SME sector is by far the biggest contributor to Canada’s economy.  There are almost 1.1 million small and medium-sized businesses in Canada, which employed 89.6% of workers in 2017 and served as the backbone of the Canadian economy.

Despite accounting for such a high percentage of the business environment, SMEs have their own challenges to face. Specific issues revolving around attracting customers, generating revenue, developing a skilled workforce, and collecting payment have been of special concern to SMEs for decades. However, the most crucial challenge that any small business has to face is sustainably managing cash flow.

No matter how innovative your business model is or how high quality your products are, your business is destined to fail if you don’t manage your cash flow year-round.

In fact, a study by Intuit Inc reveals that 64% of small businesses and startups were cash flow negative in October 2019. The difference between failure and success depends on the way your money moves. That’s why SME cash flow management and forecasting is important in making smarter financial decisions, plan ahead, and ultimately avoid unnecessary cash flow crisis.

Since running out of money is the top reason small and medium-sized businesses don’t succeed and shut down faster than anything else, accounting professionals may have to come up with a solution to overcome poor cash problems and grow the overall development of the company.

The Role of Advisors

PayPie - Role of Advisors

Accounting can be seen as a science and an art. From maintaining books and preparing the financial statements to engage in internal audit and filing tax returns, accounting professionals perform a variety of functions using financial data to help businesses make better-informed decisions.

The evolution of technology has changed the accounting industry and how accountants work. Thanks to artificial intelligence, machine learning, cloud computing, mobile accounting, and futuristic accounting software that has dramatically improved accuracy in the field, reduce the margin of error and made the accountant’s job easier.

To stay ahead of the game and position themselves as a trusted advisor, accountants must offer solutions to problems their clients face most and all year around – Cash Flow Management.

Offering Cash Flow Advisory

 

Offering Cash Flow Advisory

Cash flow advisory is an accountant’s biggest opportunity and advanced technology is helping accountants to provide top-notch service to aspirational SMEs.

Producing a cash flow is such a challenging and time-consuming endeavor. Besides that, the usefulness of the cash flow forecast depends on its accuracy and the wrong process, ultimately, damage an organization. Though accurate cash flow forecasts are hard to achieve but with a bit of preparation, the right strategy and advanced technology, accountants can help prevent small businesses’ cash flow problems.

PayPie –Cash Flow Forecasting and Management Solution

Failing to address cash flow problems and act promptly could prove critical for businesses’ success and, in the worst-case scenario, even lead to insolvency and liquidation. If a business is unable to buy new inventory, pay bills or pay staff wages on time, chances are said business is more likely to run into serious financial problems further down the line. It is important for businesses to have an innovative tool at their disposal to properly manage and forecast future cash flow. This is where our best cash flow forecasting software intervenes.

PayPie is a creative team of entrepreneurial minds that love small and medium-sized businesses. We all come to work every day because we want to solve the biggest challenge every small business struggles with – cash flow management.

PayPie Dashboard

Throughout the history of accounting, businesses use data to make intelligent financial decisions. Our mission at PayPie is to empower businesses by enabling better, more affordable ways to improve financial health. Today we provide the most accurate, up-to-date and real-time view of data to manage your client’s cash flow and make better decisions about the future of their businesses. Our vision is to transform cash flow management through greater speed and access to short term funding.

PayPie - Cash flow chart and calendar

Here are the top reasons why you should use PayPie to manage and forecast your client’s cash flow.

• Improve client’s cash flow with daily, weekly and monthly forecasts to make data-driven decisions and reshape their financial health.
• Forecast in minutes with just a few clicks
• Export cash flow forecasts onto Excel reports
• Easily use all the basic and advanced features of the software and understand cash flow forecasting with our state-of-the-art algorithms, simple and easy to use interface, elegant design and interactive charts.
• Glance through cash flow estimates and simulate possible improvements
• Enable SMEs to row clients’ cash flow successfully all year round and always stay ahead of future changes and events.

PayPie’s business cash flow software enables account professionals to track, understand and compare past and current performance in real-time so they can improve numbers and fine-tune the most efficient strategies for their clients’ businesses. From cash flow forecasting to scenario analysis, business reports, and financial analytics, PayPie’s variety of advanced features help accountants leverage analytical data and performance indicators to reshape their clients’ finances to positive new standards.

Say Hello to PayPie

Taking the time to create a cash flow forecast and analyzing financial data with PayPie. PayPie makes it easy to manage and predict cash flow, get a complete view of business’ finances, and make smarter financial decisions within minutes.

Put an end to your client’s cash flow problems and try out PayPie for FREE today at www.paypie.com

The information in this article is not financial advice and does not replace the expertise that comes from working with an accountant, bookkeeper or financial professional.

 

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