Few Canadian business owners would deny that the current economic climate is a tough one. Like many other nations, Canada has been slowly working its way toward financial improvement, and this has placed a significant responsibility on the shoulders of leaders to work as efficiently as possible. The potential for realizing these goals can be boosted through the implementation of high-tech accounting management solutions. Especially in times of hardship, these tools can prove indispensable, helping executives find areas for cutting costs while achieving optimum performance.
The use of small business accounting software can also help companies avoid losing money through simple inaccuracies. Without up-to-date programs, it can be difficult to keep records correct at all times, and this can lead to mistakes like duplicate payments. By providing easy to use interfaces and advanced accounting tools, software can make employees' jobs easier and allow leaders to focus on their own duties, rather than working to discover sources of missing funds.
Canadian accountants still hesitant
According to the recent Business Monitor from the Canadian Institute of Chartered Accountants (CICA), deploying accounting management tools may be crucial in 2013 thanks to accountants' lingering concerns over the state of the economy. The organization found that, overall, optimism among the country's executive chartered accountants was down in Q1 2013 in comparison to the previous quarter. While 31 percent of those polled were looking up in Q4 2012, only 26 percent reported feeling confident in the most recent study.
However, there is good news. More than half (64 percent) of respondents felt neutral or were "taking a wait and see approach" to the economy, and only 11 percent were pessimistic. While optimists may not have been in the majority, the hesitancy to optimism is not cause for alarm. CICA also noted that many of these feelings centered on the state of the U.S. economy, with 44 percent reporting they believed it was a challenge to their nation's economic growth. Only 12 percent cited the Canadian economy or consumer confidence as a source of anxiety.
There are other signs of improvement as well. According to the Toronto Sun, Canada has moved up in worldwide economic rankings, jumping to No. 6 from No. 11 four years ago in the most recent Conference Board of Canada report card. While experts stated that one reason behind the nation's new status is the decline of other economies, its overall grade remained steady among 16 countries.
In order to address the continuing need for efficient business processes and to support future growth, companies should invest in accounting management software to help achieve their financial goals.