Survey reveals that poor retail software costs SMEs £3.7bn per annum

A new survey has revealed the true costs of inexact business and retail software, poor internal systems and mismanaged finances. It seems that SMEs, including retailers and traders, are hemorrhaging money as a result of ineffective business mismanagement systems.

The survey revealed that a massive 45% of SMEs claimed that cash flow problems had forced them to defer payments in the past, while a worrying 12% of companies had even been forced to delay employee wages while cash flow issues were resolved.

One fifth of SMEs questioned revealed that they had ‘forgotten’ to invoice for goods and services rendered one or more times in the past, and 12% admitted to failing to invoice for jobs between £5,000 and £10,000. For many, an accurate electronic point of sale system or retail management software solution would help to solve a number of these challenges.

All told, the costs of business mismanagement are in the billions for the country’s SMEs. There are 4.8 million SMEs in the UK, and poor internal systems could contribute to a cumulative cost of £3.7 billion between them every year.

Poor business software – or a lack of retail software whatsoever – has been cited as a reason for these onerous annual expenses. Fortunately, such issues are easily rectified. Integrity Trader’s point of sale, retail management software can help to get your business back in line and reduce needless expenditure in future.