Every year in the UK, more than 600 000 people start their own business.
Currently, 90% of all new jobs are being created by single person, self-employed enterprises with 70% of 25 – 34 year olds wanting to start their own business. There is a notable 40% increase in micro enterprises this millennium.
The startup market is saturated in the UK with initiatives the likes of Startup Britain offering financial aid to startups. However, at the moment, only 6% going onto become larger businesses. In this startup climate, it has become essential that businesses starting out are technologically advanced, organised and competitive in both product offerings and business operations, in order to form part of that successful 6%.
As the business world moves into 2016, we can expect to see an increasing adoption of the cloud as well as a huge spike in smart devices for use throughout many corporations. As it stands the BYOD debate has been rife for many years with companies increasingly incorporating tablets, smartphones and wearable tech into the running of their business.
There are huge benefits for startups launching their business in the cloud and with their latest Sage Live offerings, Sage has given UK startups an added advantage. In partnership with Salesforce, Sage Live is designed to break down the virtual barriers between front and back office accounting operations. Having been launched in the UK only a few days ago, Sage Live is currently available in the UK on a subscription starting at £15 a month per business user and £30 per month per full user for the Sage Live Essential package. Sage Live will bring advanced sage solutions to accounting problems in UK startups throughout 2016 and beyond. Mike Hickson the managing director LSA Systems, a partner of Sage, outlines just what UK startups can expect from the new cloud based Sage Live.
Under the new leadership of Stephen Kelly, Sage aims to restructure the way businesses approach their accounting – moving away from stagnated account processing at the end of each month and towards live data capturing. Startups will now be able to capture invoices and receipts themselves as they receive them, instead of waiting for financial reviews after mandatory end of month accounting procedures. Providing them with an immediate view of their company's overall financial position.
Built on the cloud, Sage Live allows for third party integration, giving startups real-time integration and financial audit logging. With access to your business operational stats from anywhere, Managing Directors are able to make quick and well informed decisions.
Ease of Access to Critical Financial Knowledge
The Sage Live platform can be accessed from anywhere and through any device. With app technology the software is made accessible through smart watches, tablets and smart phones. Real-time updates means that your business's current information is always at your fingertips.
The Sage Live app notifies users when critical cash flow levels are reached and key invoices become overdue. Financial transactions such as the approval of invoices, requesting funds from peer to peer lenders and extending bank credit lines can also be done from the app.
Innovation is not only achievable for software users, but also for Sage themselves. As with any cloud based tools, fixing bugs, updating offerings and improving the user experience is easier than traditional physical software offerings. With this cloud based software, Sage is able to update and improve their product offering at a much faster turnaround rate, creating a software that is always updating with SME's needs. This is a huge step for Sage and will see their products moving in smarter direction and at a revolutionary pace.
Sage EVP for global product marketing Antoine Henry said: "The future is mobile, and we're giving our customers the power to control their businesses from the palms of their hands. Using the smartest technology, we want to help our customers focus on their businesses and help them leapfrog to the future". Stephen Kelly also added to this sentiment stating that Sage is working towards a business model where their customers are at the centre of everything they do. Sage Live is a great step in the right direction.