- MYOB survey finds SMEs with revenue of less than $75k admit to dipping into savings in times of difficulty
- 86 per cent of SMEs provide staff with flexible work options
- Retail & hospitality sectors say reduced penalty rates will mean increased hiring
Australian SMEs have revealed that accountants are their first port of call when their business runs into financial difficulty. Nearly half (48 percent) of those surveyed said that these are the professionals they turn to when the going gets tough, according to a new survey by leading cloud accounting provider, MYOB.
MYOB’s monthly SME Snapshot survey provides the opportunity to quiz a selection of the company’s 1.2 million clients about topical issues in relation to business conditions.
The survey of more than 400 SMEs also shows that 62 percent have had to utilise some form of business financing in the last 12 months, and that SMEs with an annual revenue of less than $75,000 have had to dip into their savings to cover costs.
“The survey highlights that accountants are invaluable to business owners regardless of the industry or the size of business,” explains MYOB CEO, Tim Reed.
“Rather than just being called upon at tax time, they are actually a constant source of financial advice throughout the year, helping businesses grow and remain profitable.”
Flexible work options
The results also demonstrated that the majority of those surveyed who had staff (86 percent) said that they provide some flexible work options to them; the most popular being flexible working hours (59 percent) and time off for family or religious commitments (58 percent).
“Businesses with 1 to 5 staff members are the most likely to offer the option to work from home,” says Mr Reed.
“This is good to see because flexible working can increase business productivity, reduce turnover and improve job satisfaction.”
The Productivity Commission’s recent proposal to introduce more flexible arrangements for the retail and hospitality sectors has been generally well received by the SME community. Those retail and hospitality businesses surveyed (40 percent) agree that a reduction in weekend penalty rates will bring costs down and 23 percent say it will allow them to employ more staff.
“While the majority of SMEs may not be directly affected by a reduction in weekend penalty rates, they are fully supportive of the proposal. This change would have a positive impact on our retail and hospitality businesses allowing them to reduce staff costs and invest the saving in the long term growth of their business,” continues Mr Reed.
MYOB offers a host of tools, tips and advice and a growing range of add-ons to help businesses reduce administration tasks and increase cash flow. MYOB launched MYOB Portal in 2015; an online collaboration tool for accountants to work more efficiently with clients in real time.
For further comment or other information please contact:
Sarah Beyrath, MYOB PR and Corporate Affairs Manager
P: 02 9089 9043 / M: +61 427 223 841 / E: Sarah.Beyrath@myob.com
Laura Deane, Account Manager, Ogilvy PR
P: 02 8281 3228 / M: +61 448 277 334 / E: email@example.com
Established in 1991, MYOB (ASX:MYO) is Australia’s leading accounting software provider. It makes life easier for approx. 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, CRM, websites, job costing, practice management, inventory, mobile payments and more. MYOB also provides ongoing client support via many channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and spends more than AU$35 million annually on research and development. For more information, visit myob.com.au.
About the MYOB SME Snapshot
First carried out in July 2015, the MYOB Snapshot is a monthly online survey of a section of MYOB’s 1.2 million customers. The survey provides the opportunity to quiz SMEs about topical issues and their responses to business conditions.