Finding, hiring and retaining the right people to support and grow your company is just as important for your growth as attracting new customers and maintaining profitability. Yet staffing may be a significant challenge. The Business Development Bank of Canada reported that nearly 40% of SMEs have difficulty finding and retaining new workers.
Particularly when hiring for business administrators and accountants, small businesses may face competition from larger organizations that can offer more competitive starting salaries and better benefits. Geography can compound the issue, as potential hires are typically less willing to travel for work, especially for a smaller compensation package.
Fortunately, there are solutions that can help by delivering the capabilities you need in a flexible, efficient and affordable way.
One such solution is cloud accounting, a collection of digital apps that automate manual processes. These can save you both time and resources while producing valuable data that is stored ‘in the cloud’. Cloud accounting can manage:
The automation provided by cloud accounting enables it to perform many business administration and accounting tasks that would previously have been done by a controller or an accounts payable manager. In addition to providing an immediate solution to staffing challenges, cloud accounting can help control expenses, free-up time by automating manual time-consuming tasks and produce valuable data on your business.
There are dozens of different cloud applications and your Grant Thornton advisor can help you choose that are right for your business needs. They’re typically user-friendly and don’t require much training. Even better, when your business grows to the point where you absolutely need a full-time person to handle the accounts, the cloud-based system can support your team in a seamless manner.