According to the most recent Australian Bureau of Statistics figures, almost a third (3.5 million) of all employed persons regularly work from home. That number is expected to rise, with technology making it easier for people to work remotely. It is not just possible, it is a driving factor behind many people’s reasons for starting a small to medium enterprise to begin with.

An NBN report, compiled by KPMG Demographer, Bernard Salt, showed that 80 per cent of business owners believed work-life balance is a key motivation for starting a small business. Public affairs firm Essential Media head of research Rebecca Huntley said the changing face of the modern Australian workforce was becoming obvious.

“You’re starting to see the very geography of the workplace changing – all people really need is a mobile device and a laptop,” she said.

New technology like high speed internet (broadband and wireless), cloud service applications and powerful devices like laptops, mobiles and tablets mean workers have the tools to work remotely and collaborate just as easily as if they were in the same office.

But while this new workforce has many benefits, like lower office costs, equipment expenses and other overheads, there are also many challenges. With so many people working in the field or from home, keeping financial data centralised can be one of the biggest challenges of all.

How finance reporting becomes a challenge

While SMEs can become nimble and reduce office overheads by employing remote workers, it does present challenges when it comes to financial reporting.

Payroll tax, superannuation, workers compensation premiums and record keeping of all payments to and from government bodies are just some of the mandatory financial reports that need to be completed. Quarterly Business Activity Statements (BAS) are the real challenge though, as collating the information from remote workers under strict deadlines opens the door for error.

It means remote workers have to take time out to collate and report this data, then it is all has to be compiled centrally before being put together for submission. With so many touch points comes margins for error.

So how can SMEs get around these financial challenges in the modern, digital world?

The tools that assist in financial reporting

Fortunately for SMEs, there are fintech SMEs that are helping out businesses the same size as them that are facing the same challenges.

These fintech SMEs have produced some groundbreaking software and apps that can streamline the reporting process and cut down the error count that comes with a remote workforce. Here are the two main platforms being used today:

Oracle Netsuite: This has become the staple in recent years, with cloud-based solutions for all sized businesses. This means that financial reporting can be uploaded by all remote workers into a central location in the cloud which everyone can access. This enables dynamic, real-time reporting that allows your finance team to monitor all aspects on the fly. You can also get instant visibility to your expenses, inventory and customers to ensure your business cash flow is going to the right places. It also means you can upgrade from multiple platforms like; QuickBooks, Microsoft Dynamics GP, Sage and others to one streamlined program that handles all of your finance reporting.

SAP Business One: A recent challenger to Netsuite has been the Business One platform released by German company SAP SE specifically for small and medium-sized enterprises. This is the company’s cloud based system that supersedes its previous platforms and offers a one-stop reporting shop for SMEs. Like Netsuite, it includes financial management, reporting and resource management functionality all streamlined in one platform. It also offers analytics, reporting and business intelligence through the fully integrated version of SAP Crystal Reports. This means you can not only by on top of your reporting for today, but plan for tomorrow.

While these are the two major players in financial reporting, there are many other nimble solutions coming onto the market every day – including from home-grown SMEs. These apps and tools allow you to have the freedom of a remote workforce without sacrificing efficiency in your financial reporting.

If you’re in the market to take your business to the next level, find out how the Morris Finance team can help you get started.