Small and medium enterprises (SME) are gradually switching to digital book-keeping apps to record their business transactions. Over 50 per cent of all transactions are recorded using book-keeping apps by a significant number of SMEs, according to an SME survey by management consulting firm RedSeer conducted in August this year. SMEs used two undisclosed book-keeping apps to record 43 per cent and 48 per cent transactions respectively. The survey, however, didn’t mention the number of SMEs surveyed. While poor access to finance and credit along with technology talent are the major challenges for small businesses, they often tend to burn out due to various reasons including lack of proper financial planning and internal accounting.
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The survey also revealed 67 per cent and 48 per cent small businesses using the two book-keeping apps respectively. “New age bookkeeping apps are seeing daily usage amongst large chunk of their user base- indicating increasing comfort,” RedSeer said in the survey published in October. While for the rest, the usage ranged from a few times a week (23 per cent and 31 per cent) to not even once a month (3 per cent for each app).
Source: Financial Express
