CIMA & SKS Report

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A report by CIMA & SKS showed how small and mid-sized business are failing to use their finance functions effectively to make important management decisions. “The root cause of smaller company underperformance is often inefficient use of their finance function. Finance and accounting is too often misunderstood as a ‘bean-counting’ operation, when financial analysis and forward-looking management accounts are meant to help you plant and reap more beans”. Some 45% of SMEs don’t use regular management accounts, while use of technology such as accounting information is also limited, as is use of low-cost online technology. “SMEs do not engage management accountants as their larger competitors do, and as such they are missing opportunities” (CIMA Spokesperson). Call or e-mail LBA Accountancy for your free consultation to see how we can help drive your business forward!