The recently released Cash Flow Report by Zoho, a leading global technology company, reveals that despite the uncertain economy, SMBs are showing a positive business outlook, with 39.7% of respondents indicating that their business is growing and 39.9% stating it’s stable. The majority (63.1%) of financial teams at Canadian small and medium-sized businesses have not experienced cash flow problems.
Surveying 1,219 Canadian financial professionals in June about business performance, cash flow, the economy, and tech usage, Zoho’s Cash Flow Report also reveals that 45% of respondents using accounting software and accountants report business growth, followed by 41.4% saying their business is stable.
On the other hand, 66.3% of SMBs are yet to unlock their business potential with the help of resources like accounting software and accountants, despite clear evidence that respondents who utilize them earn 16.2% more revenue than those who don’t.
Key Survey Findings:
Benefits of Synergy between Accounting Software and Accountants
66% of businesses that use accounting software also utilize services of professional accountants. Of these businesses, 54.7% reported no cash flow problems, demonstrating the effectiveness of professional accounting tools and services.
45% of businesses that use accounting software and accountant services are experiencing growth and 41% are experiencing stability.
The survey also reveals a 16.2% increase in revenue for respondents who employ accounting software and accountants compared to those who do not use these resources.
Economic Downturn Impact
Only 13.8% of respondents attribute cash flow problems to the economic downturn, echoing the optimism reflected in the Zoho Canada SMB Outlook Report where 73.4% of respondents anticipated growth between 1-20+%.
Optimal Cash Flow Management
Over 95% of respondents improved cash flow by optimizing payment terms and providing a variety of payment options, instead of relying solely on loans or credit lines. Respondents are not using debt to improve cash flow.
Advocacy for Accountants
Not surprisingly, 87.9% of respondents highly recommend working with accountants to fellow small business owners, acknowledging the value of professional financial guidance.
Report Methodology
Conducted in June, 2023, using Zoho Survey and Zoho Analytics, this study contacted 1,219 individuals across Canada. Participants in the study included a range of financial team members at small and large enterprises.
Report Dashboard
Click here to access the survey insights.
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This entry was posted on August 15, 2023 at 9:49 am and is filed under Commentary with tags Zoho. You can follow any responses to this entry through the RSS 2.0 feed.
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Zoho report finds 63% of Canadian SMBs have not experienced cash flow problems despite the uncertain economy
The recently released Cash Flow Report by Zoho, a leading global technology company, reveals that despite the uncertain economy, SMBs are showing a positive business outlook, with 39.7% of respondents indicating that their business is growing and 39.9% stating it’s stable. The majority (63.1%) of financial teams at Canadian small and medium-sized businesses have not experienced cash flow problems.
Surveying 1,219 Canadian financial professionals in June about business performance, cash flow, the economy, and tech usage, Zoho’s Cash Flow Report also reveals that 45% of respondents using accounting software and accountants report business growth, followed by 41.4% saying their business is stable.
On the other hand, 66.3% of SMBs are yet to unlock their business potential with the help of resources like accounting software and accountants, despite clear evidence that respondents who utilize them earn 16.2% more revenue than those who don’t.
Key Survey Findings:
Benefits of Synergy between Accounting Software and Accountants
66% of businesses that use accounting software also utilize services of professional accountants. Of these businesses, 54.7% reported no cash flow problems, demonstrating the effectiveness of professional accounting tools and services.
45% of businesses that use accounting software and accountant services are experiencing growth and 41% are experiencing stability.
The survey also reveals a 16.2% increase in revenue for respondents who employ accounting software and accountants compared to those who do not use these resources.
Economic Downturn Impact
Only 13.8% of respondents attribute cash flow problems to the economic downturn, echoing the optimism reflected in the Zoho Canada SMB Outlook Report where 73.4% of respondents anticipated growth between 1-20+%.
Optimal Cash Flow Management
Over 95% of respondents improved cash flow by optimizing payment terms and providing a variety of payment options, instead of relying solely on loans or credit lines. Respondents are not using debt to improve cash flow.
Advocacy for Accountants
Not surprisingly, 87.9% of respondents highly recommend working with accountants to fellow small business owners, acknowledging the value of professional financial guidance.
Report Methodology
Conducted in June, 2023, using Zoho Survey and Zoho Analytics, this study contacted 1,219 individuals across Canada. Participants in the study included a range of financial team members at small and large enterprises.
Report Dashboard
Click here to access the survey insights.
Share this:
Like this:
Related
This entry was posted on August 15, 2023 at 9:49 am and is filed under Commentary with tags Zoho. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.