Today, Canadian Western Bank (CWB) released its new study: Modernising cash flow management, how technology supports growth among Canada’s small and medium-sized businesses. The report reveals that almost half (42%) of SMEs in the agriculture, manufacturing, transportation and professional services industries continue to use manual processes to manage their cash flow.
Manual tools, such as spreadsheets, paper records and calculations, are especially prevalent among professional services and agriculture businesses, small businesses with a single employee and businesses that generate less than US$500,000 in revenue.
The majority of businesses (60%) reported ongoing challenges in managing their cash flow, with 18% expressing a challenge in tracking expenses, revenue and generating accurate forecasts. The study highlights a lack of technology and tools for automated and efficient money management as a common weakness in cash flow management across the industries surveyed.
Click below to share this article