The office of National Statistics has reported a 1% growth in the economy for the first time in 9 months, seeming to be the first bit of good news we have had since the economic downturn in 2007.
Economists at Reuters believe that there is even a chance in 2013 that the UK may have a growth rate that will beat their European peers and outpace Germany. This has been driven by the 1.3% growth surge in the UK service sector and the resilience of UK businesses.
This may not mean it’s a time to celebrate just yet, as the success may have been largely affected by the steady rise in consumer spending over the Olympic period. Experts urge businesses to still be cautious as a contraction in Q4 is expected to hit.
Chief Economist at the Foreign Exchange company, World First, Jeremy Cook has said; ‘we are bouncing along the bottom’ and there will still be harsh lending and payment terms for businesses throughout the UK.
It seems a good idea at this point to secure and strengthen operations and proceed with caution as business will still face tough conditions on the road to full recovery.
A recent interview with David Oldfield from Lloyds Bank explained that keeping control of cash is still key in this environment. By continuing to cover business costs, reduce cash flow problems and avoid late payments, businesses will be able to more successfully avoid any future dips in the economy.
By having better financial controls and by the finance department promptly invoicing and chasing debts future cash flow problems can be avoided. Cash flow management will be crucial to business growth with processes in place for careful analysis of current and future spending.
Employee expenses are one of the easiest areas that companies can start to control spending and save money instantly. By integrating an expense management software system, the finance team can keep a tight control of employee cost, analyse current and future spending and concentrate on their core activities.
At a time when growth can be achieved, refining your business process and investing in key technologies will be vital to enjoy the benefits of economic recovery.
Our expenses software can help you save the extra pennies along the road to recovery and can be implemented in a matter of days to help you have better cost control and detailed expenses analysis every month.
It may be a long climb out of the dreary days of recession, but our expenses software will make sure every penny that is owed to you is recovered along the way.