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Canada's SMEs prefer to manage their finances in-house, according to our survey of 727 companies
Canadian business owners have a do-it-yourself approach to financial management, according to the latest installment of the American Express Small Business Monitor.
Fully 92% of the 727 owners surveyed (each of whom employs fewer than 100 people) believed they could speak adequately to their businesses’ finances. While 71% said they handle their own bookkeeping, 95% deal with budgeting and forecasting in-house, and 79% handle their own payroll work.
Managing finances internally is not necessarily a drain on employees’ time, with 50% of respondents saying they spend less than five hours a week on it and only 9% taking more than 15 hours weekly.
Read: 8 Simple Ways to Improve Your Cash Flow
The one area that remains tricky for many Canadian firms is taxation—only 55% of the businesses polled do their own taxes in-house. At the same time, taxes were ranked the most challenging aspect of business finance by nearly one-fifth of respondents, with the same number rating cash-flow management as most difficult.
Technology is key to respondents’ financial management: 33% use software that makes the process simple; 11% turn to websites to learn the basics.
Small businesses are remaining positive, despite the slow economic recovery. Sixty-three percent are “hopeful” about their firms’ financial future, and 52% said they saw a slight or significant improvement during the last quarter. However, companies are continuing to take a cautious approach, with 66% willing to take only moderate risks, versus just 6% prepared to attempt significant risks.
Here are other key findings of the AMEX Monitor, co-produced by PROFIT and Canadian Business.
This infographic and article is from the November 2014 issue of Canadian Business and Profit
This column focuses on business problems and how to solve them. Andrew Gregson, BA, MA , M.Sc.Econ is an economist, author and a Senior Partner in iNTENT Financial Inc, a Kelowna based finance and consulting company. The 4 partners specialize in finance, pre-determined profitability, sales and marketing. If you need further information, please contact us through the website at www.intentfinancial.com.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
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