Toothbrushes, paper bags, razors, tissues… some things are no longer fit for purpose as time goes by. The same is true of software — particularly when it’s managing your business.
With millions of hours wasted on financial admin tasks every year*, the risks of outdated software operating in a modern finance team are huge. But why? Keep reading to find out more…
- Topic:
- Finance
Following the effects of the pandemic on the care sector, many care homes have been left facing the challenge of reduced occupancy and the impact that has on their income. Care homes are trying to figure out how to get those occupancy figures back up - at a time when many families have either postponed plans to move loved ones into a home or even taken them out of a home to help protect them against Covid-19. So it’s really not a straightforward situation.
According to forecasts, occupancy rates in the care sector will return to pre-pandemic levels by November 2021, but that still leaves a number of months where care homes need to implement plans to help increase cash coming into the business - and forecasts could change depending on the behaviour of the virus in the coming months. We have all learned that it’s an extremely fast changing situation.
Collaboration is going to be key for care homes right across their businesses. None more so than between marketing and finance, who will need to work closely together to present a viable plan to the business to increase occupancy.
- Topic:
- Finance
It’s well-known that parts of the health and social care sector in the UK - covering care homes, domiciliary care and hospice services - are experiencing financial hardship.
A study from BBC Radio 4 in November 2020 found that care homes had combined debts in excess of £100m, with a quarter facing closure.
Elsewhere in the health and social care sector, some hospices were already struggling to balance the books even before the pandemic struck. This is clearly worrying given that a report from Sue Ryder in February 2021 estimates that demand for palliative care alone is projected to rise from 245,000 in 2021/22 to 379,000 in 2030/31.
- Topic:
- Finance
The care sector is forecast to expand and become more diverse in the future, and with this comes more opportunities for providers to grow, meaning more choice for clients - as well as more competition. If you've become a successful provider, it's only natural that you'd want to expand your services to support more people.
Though expanding your business can be extremely rewarding, it’s also risky if you don’t control costs or invest in the right areas. So how do you off-set the risks and scale up successfully? Here are five things to think about.
- Topic:
- Finance
The widespread disruption caused by Covid-19 only underlined the importance of working efficiently to keep the wheels turning.
Some saw their costs go up due to new infection control measures and staff shortages, while many office-based firms unexpectedly benefited from reduced running costs and expenses bills because staff were working from home. Whatever sector you work in, months of uncertainty are likely to have meant sleepless nights over cash flow.
Late payments from customers, who may have been of experiencing cash flow problems their own or intentionally delaying payments, are extremely damaging for firms but are unfortunately all-too-common.
The Federation of Small Businesses (FSB) found that 62% of small businesses had seen an increase in late payments or had pay frozen completely due to the pandemic.[1] Some now find themselves in a precarious financial position and it’s certainly worrying to think that 17% of SMEs in the UK are at risk of going out of business in the next four years - with lengthening payment periods suggested to be a big factor in this.[2]
Experts believe that if every business is paid on time, it could unlock between £40bn and £60bn of additional revenue for small businesses.[3] Life-changing funds that could, without a doubt, secure the future of many SMEs.
- Topic:
- Finance
NFP organisations have faced an unprecedented change in the last 18-months and, while the sector is no stranger to operating on a shoestring budget, day-to-day operations have been dramatically affected in the wake of the pandemic.
One of the largest impacts on operations has been the steep decline in volunteering numbers; a challenge which urban farm and Nottingham-based charity, Stonebridge City Farm, has felt deeply leading to a dramatic cash shortfall.
- Topic:
- Finance
According to a recent study from the Parliament Street Think Tank[1], over two thirds of SMEs say they felt let down by their banks during the pandemic, citing feelings of frustration that they did not receive the right level of support and communication to help them navigate the crisis.
SMEs are the backbone of the UK economy, accounting for three fifths of employment and around half of turnover in the UK private sector. Yet, they don’t have the same resources as larger businesses. Many depend on their external partners, banks, tech providers and consultants, to help them achieve their goals.
As many as 55% of SMEs are actively considering a new banking provider - and it’s only a matter of time before they review all external partners to ensure they are getting the best support possible.
- Topic:
- Finance
Professional services alone contribute over £190bn to the UK economy. Meaning industries under this umbrella are fundamental to the future economy. But with companies facing unprecedented changes in the last 16-months, achieving sustainable growth can be daunting especially without the right tools at your finance team’s disposal.
Typically professional service businesses are in a strong position to target growth, with workforces in this sector already savvy with digital technologies compared to other sectors. They understand the commercial and long-term benefits that technology can unlock - from efficient billing processes and access to reliable analytics, to frictionless experiences for both staff and clients.
- Topic:
- Finance
In response to the effects of the Covid-19 pandemic, many SME businesses in the UK have now set out their hybrid working policies, enabling employees the freedom to choose where they work best either all the time or at least some of it.
According to research, 71% of SMEs plan to implement hybrid working long-term, though many of those may not have considered the new challenges that may arise for finance professionals – especially when tracking expenses. Clear hybrid working policies and investment in technology to manage budgets will be needed.
- Topic:
- Finance
Connected working is one of the latest trends to hit the HR and Finance landscape, and with its capacity to respond to a changing workforce in which agility and remote working are required, it’s easy to see why. The benefits of connected working for the two main teams it impacts, HR and finance, are well known. But what about the benefits to the wider business? From the power it offers management to uncover and use a single version of the truth to the productivity savings and cost control that all teams can enjoy by accessing a harmonised dashboard of data, there are plenty of reasons to consider this route.
- Topic:
- Finance
