In today’s economic climate, the world of business is fast moving, ever-changing and incredibly demanding. For small and medium-sized enterprises (SMEs), this is especially so. The UK start-up market is a saturated one with only 6 per cent of start-ups and SMEs going onto become larger businesses. Managing directors of SMEs are expected to be on top of their company and their offerings in order to compete with the larger, more established corporations.

Without the larger and more intricate financial and operative infrastructure of larger companies, smaller companies are forced to work doubly hard to achieve the same results. With more than 500,000 people starting their own business each year, nearly one in six of the UK workforce is running their own micro-enterprise. There is also a marked 40 per cent increase in micro-enterprises for this millennium with numbers growing by half a million each year.

Statistically, the economic situation of SMEs is a competitive and tough one with things not set to improve in the near future. SMEs need to look towards tools and operative techniques that will allow them that edge to stay ahead of the pack.

With regards to its accounting books, however, Sage has announced itself as having the answer for SMEs. At the Sage Summit earlier this year in New Orleans, Sage announced its newly relaunched Sage Live software. Sage has hopes to provide a cloud based product perfectly suited to answer the daily requirements of any SME.

Real-time accounting

Partnering with Salesforce, Sage Live is built to break down the virtual barriers between front office and back office accounting operations. The software provides a single live view of customer finance, payroll and accounting data.

The product was announced amongst a number of new cloud based offerings from Sage, such as Sage x3 in the cloud. However, Sage Live has been heralded as the answer for many fast-paced and growing SMEs. Sage aims to redefine the way businesses handle their finances, moving away from a stagnant form of doing accounts at the end of each month and towards real-time capturing of data at the source. Instead of waiting for financial reviews after mandatory end of month accounting procedures, owners and managing directors of companies can capture receipts and invoices themselves, providing them with an immediate view of their company’s financial position.

Sage Live is built on the cloud and allows for third party integration. It brings to the party multi-dimensional interactivity as well as real-time integration and audit logging. The software can also be personalised to suit every business, making your accounting software work in the way you work.

Accessibility and app technology

Moreover, Sage Live can be accessed through smart watches, tablets and smart phones through app technology. Allowing for timely account management on your wrist. With real-time updates, this means that your business’s current information is always in the palm of your hand or on the cuff of your wrist in this case. Important decisions can be made with the most current and up to date information and innovation is now a lot quicker and accessible for smaller businesses.

Innovation and adaptability

Innovation is not only achievable for the businesses that use the software but also for Sage themselves. With Sage Live being cloud based software, Sage is able to update and improve their offering at a much quicker turnaround rate, creating a software that is contemporary and always up to date with SME’s needs.

Stephen Kelly, the new leader and CEO of Sage, has emphasised that the formerly conservative company is aiming at placing their customers at the centre of their business model, always listening and catering to their needs. Sage Live certainly does this and as an accredited Sage software provider, we at LSA Systems are very excited to see how it evolves in the upcoming months.