How improved financial reporting can aid small businesses
Ian Hook of data analytics technology specialists Future Route outlines a new model for SME financial reporting to accelerate economic recovery.
Lack of credit and credit insurance is strangling business and the economy at large. Recapitalisation of the banks is only part of the answer. A fundamental change in the way companies, and SMEs in particular, report financial information to their lenders and insurers is critical to minimising the impact and longevity of the recession.
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I have a headache
I see that 1077 people have read this before me but you can count me as another 3 as that's how many times I'm managed to get all the way through it in order to try and get some idea of what it's all about.
Ian, in your 1st paragraph you say (in one breath) "new generation secure internet based accounts review technology provides the blueprint" and then in your conclusion "a fundamentally new model" etc etc is needed but you don't seem to (maybe I missed it) set out what this is, why is different, what it does etc etc.
I guess that the answer is in following the link to your website but it's broken and I'm too tired.
Not sure this article should have been a News item?
Who is this for?
Personally I have a pet hate of the term SME. It can mean so many different things to so many people. According to our EC friends it's a business with up to 250 employees. That is a very different animal to the vast majority of smaller businesses at best employing just a handful.
I believe the distinction is very important in the context of this article. Exactly what type of businesses do you think this applies to?
Most small businesses (by which I am probably talking sub £2m t/o maybe?) struggle even to keep an accounting system running that can produce rudimentary monthly management accounts, and if they do manage it they probably don't understand them!
I can see there are some pretty fundamental issues to address before we start worrying about uploading the results for everyone to see!