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Australian SMEs admit to struggling with cash flow

A new survey commissioned by accounting software specialist CODA has found that Australian SMEs have admitted they lack control of their cash flow and have trouble improving payments from debtors.

In a survey of 100 CEOs and business owners, 63 percent of respondents said they have no idea of the state of their cash flow, and admit it should be better. The survey also revealed that business owners are time poor with 40 percent saying that doing the books is something that gets done at the weekends or in the evenings.

When asked about using a cloud based accounting package, the survey revealed openness to the concept – less than a third (30 percent) said they had any reservations about using an online accounting package.

The survey was commissioned by CODA to coincide with its launch into the Australian accounting software market, offering a cloud accounting service via Salesforce’s Force.com platform.

The new software CODA 2go is designed for businesses looking for financial management without the time and resource costs associated with more traditional on-premise software implementations.

Jeremy Roche, CEO of CODA, said the fact that 40 percent lack any automated processes to help manage their business, instead relying on spreadsheets or paper and pen, emphasises the need for an “easy to use, cost effective and functionally rich accounting tool.”

A free 30 day trial of CODA 2go is available from www.coda2go.com.au and will be supported locally by Australian SaaS consultancy and salesforce.com partner Sqware Peg.