Wednesday, October 19, 2011 11:44:00 AM
The majority of the UK's SMEs (61%) are not using management accounts or forecasts for financial planning according to a new survey. Less than one third of SMEs (31%) agree that they have the right finance processes for their business to ride the recession.
The research highlights the need for better finance planning in UK SMEs, with only 12% agreeing the financial management information provided to their business was very useful. Almost a quarter (22%) also said that better forecasting would have put their business in a better position to cope with the current economic climate.
The resarch was commissioned on behalf of a major specialist company supplying on-line support services to SMEs. Their founder said "it's worrying that so many SMEs don't fully understand the key elements of finance planning, or use forecasting as a key tool to manage their business. Adopting forecasting as a key discipline can mean the difference between success and failure in the current economic climate."
NFS can provide a reasonably priced bespoke business planning and forecasting service to SMEs or larger businesses. Additionally we can tailor management information systems to your needs, and provide a management accounting service. Contact us through the enquiry form on the Contact page for more information.