R E G I O N A L R E V I E W payments , we can unlock their potential to innovate , expand and contribute more significantly to the economy . It ’ s essential for all stakeholders , including larger corporations and government entities , to prioritise prompt payments to support the SME sector .”
R E G I O N A L R E V I E W payments , we can unlock their potential to innovate , expand and contribute more significantly to the economy . It ’ s essential for all stakeholders , including larger corporations and government entities , to prioritise prompt payments to support the SME sector .”
The role of technology in mitigating cash flow issues
Xero ’ s research highlights the role of technology in helping small businesses manage their finances more effectively . The adoption of cloud-based accounting solutions has been shown to improve financial management and reduce the time spent on manual processes .
According to the report , 68 % of small businesses using cloud technology reported better financial management .
“ Technology can play a pivotal role in addressing cash flow challenges ,” Timmis explained . “ By leveraging digital tools , small businesses can automate invoicing , track payments in real-time , and streamline their financial operations . This not only improves efficiency but also provides greater visibility into their cash flow , enabling them to make more informed decisions .”
To truly uplift and support the SME community in South Africa , it ’ s crucial that businesses of all sizes play their part . This starts with something as simple as purchasing from small businesses and making sure payment is made timeously . By doing this , South Africa ’ s small business landscape can thrive , innovate , and grow .
“ It ’ s going to take businesses of all shapes and sizes to make a real difference in addressing this challenge ,” said Timmis . “ It ’ s not just about supporting small businesses ; it ’ s about ensuring the long-term health and resilience of our economy . By supporting timely payments , we can help small businesses overcome these challenges and flourish , while creating a more equitable and sustainable business landscape .” �
46 www . intelligentfin . tech