- UK SMBs are concerned about rising costs, investigations
- Cash flow challenges and global economic questions are also a problem
- Having more insight and control can be key says Intuit Quickbooks
Small businesses are becoming more and more concerned that rising costs will lead to unwelcome pressure as they appear to grow and flourish.
New research from the accounting software giant Intuit Quickbooks claims over half (57%) of UK SMBs predicting rising costs in the coming months.
Of these, almost two -thirds said (64%) that they are concerned about the effect these climbs will have on their business, with almost half (47%) reporting cash flow challenges.
SMB concerns
The data contained in Intuit QuickBooks’ latest quarterly small business insight survey seems to highlight a number of challenges facing SMBs in light of the installation of financial and business pressure.
Almost half (42%) said that the sources from abroad, which means they are more exposed to global cost pressure, and just over half (51%) say that poor financial or resource management is holding back their business.
To help deal with the pressure, Intuit Quickbooks may recommend surprisingly urgent adoption of smarter financial management processes. The results highlight a sharp need for better financial planning and financial guidance to help companies navigate ongoing headwinds.
“SMBs may not be able to control the global markets, but they can control their economy and be better prepared for changes,” noted Pauline Green, head of international compliance with Intuit.
“In light of rising costs, supply chain pressure and financial uncertainty, robust financial planning procedures play an important role in helping companies stay on the front.”
