How to be a better cashflow and budgeting adviser
The Association of Accounting (AAT), a professional membership body that awards skills-based accountancy and finance qualifications to accountants operating in global organizations, recently interviewed Workiva General Manager of EMEA, Dermot Murray for his thoughts on how accountants can be better cashflow and budgeting advisors.
For the piece, AAT presented the issue that cashflow problems caused by a lack of funding or late payment can cause immense stress to owners and directors of small and medium-sized enterprises (SMEs).
"Thankfully," AAT wrote, "accountants have more options to help SMEs ensure their current assets are enough to cover its current liabilities."
Murray, discussed utilizing new technology as as one way accountants can address cashflow problems.
"SMEs can take advantage of machine learning and API integrations to connect current and historical data. When data is processed manually, it can be very labour intensive to correct errors," Murray said. “One of the most beneficial things an SME can do is invest in automation to link quantitative or qualitative values across multiple reports. This connection minimizes misreporting risks, saves money and improves data consistency for the future.”
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