Accounting is a highly specialized task for any business. Most of the businesses suffer for not having outsourced accounting services looking after its finances. You don’t merely lose money but are at the stake of existential crisis.
As a business owner, accounting must be your topmost priority to grow and sustain your business. This infographic sheds light on some vital accounting stats for your business to grow.
Small business accounting stats
Small businesses are prone to poor cash flow management. They are likely to suffer more. 60% of the small business owners do not have sufficient knowledge of accounting. It is an alarming stat.
Cloud accounting stats
Cloud accounting is now becoming an inseparable part of accounting. The paradigm shift has impacted almost all businesses positively. Companies with 100% cloud accounting grow by 15% every year.
Accounts payable stats
Accounts payable management is a critical job. Keeping track of multiple payments altogether is not easy. It is time-consuming. Accounts payable automation can save up to one hour a day with invoice, payment, and other accounting processes.
Accounting automation stats
With almost everything being automated, business owners can focus more on their priorities day in and day out. Accounting automation frees you from the mundane tasks of invoice generation and transaction management.
Artificial Intelligence accounting stats
Majority of companies today are expanding the AI landscape. It enables your business to be more productive and removes redundancy. It is evident as 66% of accountants prefer to invest in artificial intelligence.
After the infographic content:
Numbers speak for themselves. The financial health of your company solely depends on good accounting practices.
Hope it helps. Please share your thoughts and add more helpful stats if you know.