The past several years have not been easy for small business owners. During the recent recession, many of these leaders were faced with difficult decisions, including cutting back on staff, adjusting their inventories and delaying expansion plans. Even as the economic recovery begins to take hold, it's only natural for some executives to remain hesitant to return to doing things the way they had before the downturn. Fortunately, with the right accounting management technologies, firms can adjust to the improving business environment and get back on track.
By using small business accounting software, companies can be sure that all internal record-keeping operations are running smoothly and efficiently. By automating some processes that may have previously been done by hand with the goal of cutting costs, organizations can actually save more money than ever before. This is because with advanced solutions, fewer errors will occur, reducing losses related to missing funds and rectifying any problems. Additionally, with staff spending less time crunching numbers, small businesses will be able to dedicate more of their effort to initiatives that directly support more employees, sell better products and gain more customers.
Good news in hiring
According to some recent data, one positive sign is that many small businesses are taking advantage of improving economic conditions to bring on new workers. The Bureau of Labor Statistics (BLS) reported that employers added 175,000 jobs in May, which USA Today noted was better than economists' expectations of 165,000. The unemployment rate remained relatively steady at 7.6 percent, which could be partially attributable to the 420,000 people who joined the labor force last month.
Additionally, ADP found in its most recent Small Business Report that small businesses added approximately 58,000 employees in May, compared to 49,000 in April. This figure reflects a year-over-year improvement from last May, during which 50,000 job were created. The source noted that small businesses accounted for 43 percent of growth across all payroll size groups. ADP also pointed out that 64 percent of these employment gains occurred within businesses with between one and 19 employees.
With more workers on hand, small business owners will be more even more capable of reaching their goals. However, it is important that they also forge ahead while using the right solutions to support them in their journey. With business management software, it's possible for companies of all sizes to achieve strong results.