INDUSTRY OUTLOOK
economy . The new government is focused on improving working conditions , supporting local businesses and promoting sustainable practices , which will all directly impact SMBs .
These policy changes could mean new compliance requirements and business owners will therefore need to embed these into their processes . For example , new laws such as the elimination of zero hours contracts could implicate employment contracts . Additionally , the introduction of new wage laws will force businesses to review their payroll systems .
A data foundation that powers decision-making
All this change will ultimately impact business planning and A & Bs play a crucial role in helping business owners to navigate these challenges . They must provide up-to-date records that consider any tax and employment changes and ensure leaders are educated with compliance requirements and financial implications . With the potential for new legislation and economic shifts , they must also anticipate changes in operational costs and adjust budgets accordingly .
Ultimately , SMBs need to make smart decisions and also timely ones but having poor data leads to making poor decisions . Having accounting records that are not upto-date can also result in delayed insights and , therefore , decisions being made at the wrong time .
Data such as expenses , receipts , invoices and other financial transactions need to be accurate and complete . Outdated systems and manual processes are a hindrance , so reacting to any legislative change starts with having the right technology foundation . However , for firms that still rely on manual processes and outdated systems , that remains out of reach .
Promisingly , Labour promised to clamp down on late payments in its manifesto with packages designed to help entrepreneurs and SMB owners .
42 www . intelligentfin . tech