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How SMEs can approach collaboration
TO KEEP UP WITH THE CHANGES BROUGHT ON BY THE PANDEMIC
SMEs have had to cope with all of the changes brought on by the COVID-19 pandemic with less resources – both in their budget and employee numbers . Collaboration can help smaller businesses address these challenges and thrive in difficult circumstances . Three experts offer their advice to SMEs on collaboration .
JULIAN HUTABARAT , BEANY AUSTRALIA GM
Firstly , many people see the accounting process as something that simply helps you with compliance – but that ’ s because much of their time is taken up dealing with the drudgery of the process , from collecting the data to entering it and updating it .
But that process can be automated now and it ’ s taking much of the grunt work out of accounting . This frees up accountants to help a company forecast , project , undertake financial health checks and more . In effect , you ’ re spending less time on accounting and more on the things that help you grow the business .
For instance , in Australia right now , Sydney is in a protracted lockdown – as a result , State and Federal Government are each offering various stimulus packages , disaster payments to those unable to work and other tax changes to soften the blow for companies of all sizes but particularly SMEs . This is a common issue across the region as the pandemic is stubbornly staying put for the time being .
Now , does your typical SME have the time to keep up with all of these changes ? Many of them barely have enough time to send an invoice and are running on a shoestring budget just trying to keep their heads above water .
But they should look to collaborate with an accounting firm which has automated the process of compliance – these firms are proactively chasing payments their clients are entitled to and often at a much lower cost per month than non-automated accounting firms .
Julian Hutabarat , Beany Australia GM
Intelligent SME . tech