Who could have imagined that there would be a time when the whole world would be under a lock down? A good CEO is expected to come up with a plan even when there are no good choices in front of him or her. This situation is one of those. This is a time for businesses to make some hard choices to survive and alongside become stronger. It is a time to ensure business continuity, especially for SMEs/ Start-ups since they are a backbone of our national economy.
So, what are the major requirements from a financial perspective for the show to go on?
- Knowing the timing & quantum of critical business continuity transactions (including payroll, vendor payments, utility payments etc.)
- Knowing the payment terms & cash projections
- Having a visibility over receivables visibility
- Identifying profitable sales channels and sources of quick wins
- Help the company’s cash inflows to remain strong
- Filtering out long term plans to focus on immediate successes
- Identify if business channels need re-visits
- Minimal Management times spent for ensuring compliance and day to day accounting
- Effective, faster & timely reporting and data availability
- TOP Priority – Cash flow management (the lifeblood of any company)
- Visibility of key inflows & outflows
- Deferment of non-essential payments including requests for more time with landlords, lenders and even some vendors
- Incentives to customers for faster payments; & so on
All these require valuable & timely financial data to be available anytime and anywhere. We live in an age of 24×7 online connectivity but unfortunately, also with one of frequent socio-economic disruptions. It is unthinkable to not have access to valuable and analytical historical data forming the basis for reliable future projections while taking the kinds of life and death business decisions. In times like this, how does an SME/ Start-up owner ensure that he or she is in sync with technology and the demanding new business climate?
These sudden disruptions are perhaps the new normal. May be this is what the government expects when the RBI Governor says “Go digital” to end his speech on measures to combat the economic fallout from this crisis.
We founded Slate.ac, with a goal based on the hypothesis that SME/ Start-up owners would want access to their financial data even when working remotely, and with a reduced lag in reporting. We never envisioned a catastrophe such as this, but nonetheless, we are here to help in times – good or bad.
The economy is under stress today. In such times, we aim to help you focus on your core “business”, as you leave your bookkeeping, compliances, and valuable management reportings to us, at Slate. We help you with online banking partnerships, provide you with a qualified professional accounting & compliance team (working quietly and tirelessly) to fulfil your obligations, keeping you informed all along. Our service is designed especially for startups and SMEs. WE ARE THE NEW NORMAL – the new default choice for accounting and compliance for SMEs. Let’s embrace this change – TOGETHER!