3 tech keys to unlock cash flow issues

IT is that time of the year for well wishes and good cheer. But for some of Singapore's small and medium-sized enterprises (SMEs), it may also be a time to reflect on finances - what worked well, what didn't, and what other options are out there to ease business growing pains in the new year.

The financial difficulties faced by Singapore's SMEs have been widely talked about last year. In Spring Singapore's SME Financing survey released recently, delays in customer payments were cited as the top challenge expected for 2018.

Such delays not only damage cash flow management but affect productivity and staff morale. This is not surprising when you consider that it takes Singapore SMEs an average of five work weeks per year to chase up payments, according to research by Xero, the online accounting software for small businesses.