Small businesses rely heavily on their employees for a variety of operations, whether it's marketing, customer service, sales or many other factors. Unfortunately, many developing companies were hit hard by the economic recession in recent years, meaning that they had to let go of some staff members. For this reason, businesses turned to technology solutions to help keep operations running, one of which was accounting software. These platforms provided an effective way to manage company finances and ensure all information is correct. Although hiring conditions are picking back up with economic improvement, owners shouldn't get rid of the technology, and those that currently have outdated or manual methods for tracking finances should consider adopting these solutions. They give companies the assurance that all accounting data is accurate and firms are following all accounting legislation.
Employment picking up, but not yet strong
As the nation's economy continues to improve, so too do the hiring outlooks of many small business owners. These professionals are becoming more confident about bringing on additional employees. However, recent research from Intuit found that while there is job growth among developing companies, it is moving at a slow pace. The study revealed that during the month of February, small businesses boosted their hiring by 0.07 percent, representing approximately 15,000 new positions.
Researchers also discovered that hourly wages and the amount of hours employees worked per month rose. Pay increased 0.4 percent from the previous month, reaching $12, and hours jumped 0.17 percent, resulting in 12 minutes extra per month. Despite these climbs in jobs, wages and hours, recovery remains slow, the report stated.
"Small business employment has risen by 75,000 jobs from this same time last year," said economist Susan Woodward, who worked to create the indexes. "However, if small business employment were growing at its usual proportionate rate of 15 percent of national employment, that number would be 300,000 - a 400 percent difference."
Shortage of accounting talent
Although employment may be a priority for many businesses, owners are having difficulty finding financial professionals to manage their accounting processes. A study by Robert Half International revealed that 45 percent of companies say it is "very" or "somewhat" challenging to seek out skilled workers for overseeing finances. Businesses can use accounting software to efficiently maintain control over their money.