As the UK experiences a widening generational wealth gap, research from credit comparison experts TotallyMoney, uncovers how much different generations are spending or overspending - along with some tips so you can save for that three month trip to Thailand in no time.

61% of millennials feel like they overspend on entertainment - including nights out and trips to the cinema.

Where Do Millennials Overspend?

While the average Brit puts away £183.50 into savings each month, the research revealed millennials (born between 1977 and 1995) save less at around £176 a month. Millennials are also the most likely to run out of money before payday - with 24% saying this is the case, and the majority of these blaming it on their expensive spending habits rather than an overall lack of funds.

The survey also revealed 61% of millennials feel like they overspend on entertainment - including nights out and trips to the cinema, with a further 34% believing they spend too much on eating out.

Tips and Tricks:

We’re pretty sure you’ve thought of ways to save money - but here are a few others just in case you haven’t thought about it, or that final reminder to get you started:

• Student Discount and Perks

  Some millennials can benefit from discounts in various shops and restaurants with a valid student ID. A few student bank accounts offer free railcards or interest-free credit cards, as well as a number of other incentives when you sign up.

• Calculate your expenses

  Whether it’s an app, a diary or scrap piece of paper - tracking your incoming and outgoings can really help identify where you spend unnecessarily. Try logging your main costs down and avoid impulse buys.

• Lowering the Value

  You might be used to brand names, but simple changes such as value brands can help save the pennies! Shopping in local butchers or greengrocers can help minimise the costs too - or swap your Sainsbury’s shop for an Aldi or Lidl.

• Haggle your utility bill

  Us Brits are notorious for avoiding the hassle of change, but research has found speaking to your provider may enable you to find cheaper plans or deals to cut down on your bill. We’d recommend researching other offers online in case making a switch would work better for you.

• Treat yourself...Sometimes!

  In a world where we can get anything at a touch of a button, overspending on food, transport, and online shopping has been the bane of our bank accounts. Monitor your spending, and if it makes it any easier - delete the apps from your phone if it makes it you think twice.

• Cheaper Flights

  Going on holiday doesn’t have to be expensive, with new travel sites such as Kayak, Momondo, and Skyscanner - there are deals for all destinations you’ve been dying to tick off your bucket list.

• Stop buying lunch

  We’re all guilty of this - Pret sandwiches, Costa coffees and sushi bowls from Wasabi - if you’re not careful you could spend around £10 a day on lunch, which could add up to a whopping £200 a month.

• Gym memberships

  According to studies, there’s around £37 million unused in gym memberships each year, and for many of us we sign up each year and forget to cancel them once the novelty has worn off. If you want to lose the pounds of your waist, but keep them in your pocket, sign up for a pay as you go contract or keep fit by jogging or running in your local park.

Henry Keegan from TotallyMoney commented: “Property is certainly more expensive than ever, and interest rates are notably low at the moment – both of which make it hard for younger people to be as well off as their parents or grandparents

“But there is a noticeable trend that younger people might not be acting with a clear view towards saving for the future. Whether it’s higher spending on unnecessary purchases or an approach to spending which means that they run out of money when they need it, their spending habits may not always be in their best interests.

“We encourage everyone to do research, keep a budget, and use helpful tools to ensure they’re making smart financial decisions.”

(Source: TotallyMoney)

A traditional industry like finance and accounting doesn’t often go through many changes. However, with the rise of artificial intelligence (AI), machine learning and automation, technology is having – and will continue to have – a huge impact on every business; changing the way people work within an organisation. And, finance departments are not exempt from this change. Below Andy Bottrill, Regional VP at BlackLine, discusses the future of finance and accounting with Finance Monthly.

Whether finance departments like it or not, technology is going to become part of the accounting process. And despite 71% of workers admitting to still using spreadsheets to manually carry out month-end tasks, 80% of businesses are expected to be ready to adopt AI by 2020.

So why should today’s accountants look forward to, and not fear, the future and technology?

Automating Admin

Companies have already reported that 75% of intercompany transactions are automated, and this is only set to increase over the next 10 years; with 45% of individuals predicting invoicing will cease to exist by 2030.

Although the prospect of investing in automation may seem negative to many accountants at face value, they need to consider the long term benefits it can bring.

Workers must realise that technology will actually positively impact them. For example, removing mundane tasks such as admin data entry – automation can do this far quicker than a human, with a much higher accuracy rate. Using this technology, accountants are seeing manual admin tasks disappear, giving them time back to do tasks of greater value, such as financial analysis.

Augmenting the Accountant

A large concern around the future of finance and accounting is that robots will result in redundancies. But many fail to realise technology won’t wipe out jobs, but instead augment existing roles.

In 10 years’ time, the accountant we know today will no longer exist and instead, an accountant with a completely new skillset will have evolved. Technology is transforming employees’ roles, allowing them to transition from accountants who report last month’s numbers to reporters and analysts who deliver real-time data and predictive analytics.

Removing mundane tasks from day-to-day activities frees up time for more rewarding tasks in the finance department and others that require help – augmenting accountancy roles. Having the opportunity to work in other departments or take on other areas of expertise augments the skillset that accountants have.

Augmenting the accountant role in this way not only boosts job prospects within the workplace, but makes employees much more employable in the future.  Making it an opportunity accountants should embrace.

Removing bad habits

Many organisations pride themselves on “best practices”, and don’t stray away from what they have always known. Sometimes, however, adhering to outdated traditional processes can do more harm than good and that is seen within the finance department.

Financial departments are known more than any to practice the phrase “if it ain’t broke, don’t fix it”. However, technology is changing this and removing these somewhat bad habits from day-to-day tasks and instead replacing them with new “best practices” through the use of technology.

Efficient Processing

Amid the personal benefits technology can bring to businesses, the practical savings are just as important – especially for C-suite level executives.

Imagine it’s the year 2028. The CEO questions the finance department on the likelihood of being able to acquire a desirable start up. In response, the CFO brings up real-time figures on her iPad and analyses them with her team to evaluate the potential options. She then emails the CEO their forecast: the business can afford to put in a competitive offer.

And while this evaluation is happening, the machine learning programme installed in the finance department has spotted and flagged a suspicious transaction that looks like possible fraud. The team are able to investigate this straight away, instead of waiting for auditors to discover it. Through this continuous accounting, businesses gain better insights and minimise mistakes.

Increased Sector Reputation

Whilst it’s important to look forward to the internal benefits technology will bring, it is equally important to understand the external impact.

When it comes to quarterly reporting, many finance departments have been scrutinised for incorrect data. But the technology available to finance departments today is helping reduce, if not eliminate, this from happening.

By using real-time data analysis, automation and machine learning businesses can reduce the number of reconciliations required and decrease the margin of error. As a result, more accurate financial results and closing data is produced.

This not only increases the reputation for individual businesses, but for the sector as a whole. Instead, accountants can promote their profession in a positive light. As businesses look to be the best in their industry, enhancing reputation is critical – and technology can certainly help do that.

Multi-currency payments provider FairFX has revealed that since the Brexit referendum, the Euro has decreased 13% against the pound increasing financial pressure on businesses who operate cross border.

Uncertainty over future trade agreements alongside fluctuating currency rates have put the spotlight on the cost of doing business internationally and highlights the importance of monitoring foreign currency transactions.

An estimated 17% of UK based SMEs are doing business internationally, boosting their own bottom line, as well as the UK economy.  Whilst international expansion offers access to new markets, ambitions for growth need to be well planned financially, starting with the basics.

35% of SMEs state cashflow is a barrier to growth, making smart currency moves essential when it comes to international payments, and by getting the best value for every international transaction, both business ambition and cashflow can be supported.

FairFX Top tips for getting the best value when making international payments:

1. Know what you want

To get the best international payment provider for your business you need to know what you want. Consider how regularly you’ll be sending and receiving money overseas, how many currencies you’ll need to transact in and understand the costs associated with making both singular and regular transactions.

Fees and charges can vary by transaction type, day, time and speed you require the transaction to be completed in, so list out the different transaction types you may want to make and understand how the fees and charges can vary so you don’t get caught out. Understand how currency rates are set and how they compare to other providers. This can be confusing to unpick so speak to a currency expert if necessary.

2. Review your current payment package

High street banks don’t offer the best value when it comes to international business payments. Using your current banking provider to handle international as well as domestic transactions may be convenient but defaulting to them might mean you’re missing out on better rates and lower fees.

As your business grows and develops, your business banking needs will also evolve and if you’re transacting regularly small charges can add up, meaning you could be paying a high price for an unsuitable service. 

3. Select a transparent, convenient and consistent service

If you’re regularly buying from and selling abroad, fees could soon take a portion of profit from your bottom line. Pick a provider whose fees are transparent and made clear upfront so you can better manage your expenses. Look for a service where rates are consistently good – don’t be lured with teaser offers that expire and leave you trapped or unaware of post introductory fees and charges.

4. Understand the market you’re operating in

Keeping track of currency movements can be easier said than done, so sign up for a reliable rate watch service, like the one provided by FairFX which alerts you when currencies you operate in have moved in your favour. This way you can make international payments when rates give you a commercial advantage.

5. Maintain your standards

The rigorous standards you set for expenses and payments at home don’t stop when your employees pass border control, so find a solution where you are confident in who is spending what. Consider prepaid corporate cards which allow you to transact with competitive exchange rates and top-up in real-time, giving your staff the funds they need to travel for work, providing peace of mind and control over expenditure on a global scale.

6. Watch the way your employees pay

When it comes to travel, regardless of whether your staff are hosting meetings or need to cover the cost of their own accommodation and essentials, make sure you’re in charge of the exchange rate they are using for their payments.

If staff are currently paying their own expenses and then claiming back, make sure they don't fall into any exchange rate traps. Advise them to always pay in the local currency when travelling and avoid exchanging at the airport.

The FairFX corporate prepaid card allows staff to pay for expenses with the amount of money you have approved them to spend, whilst you can track and report on spending on the integrated online platform, so there is no reliance on employees using their own payment methods, choosing the exchange rate and fees charged and reclaiming the cost from your business.

7. Benefit from the best rates

Exchange rates fluctuate from day to day with the euro currently 13% lower than before the Brexit referendum announcement, a sum that on a large transfer could make the difference between profit and loss. Consider a forward contract to ensure you can benefit from peak rates by fixing international transactions up to a year in advance.

8. Ask an expert

If you are regularly making international payments it is worth finding an expert to help you with services not offered by your bank to help minimise risk and maximise the return of doing business overseas.

9. Set up a stop loss or limit order

Protect your business against market downturns with the aid of a Stop Loss, which will ensure any losses are limited if you’re aiming for a higher rate and the market takes a turn.

Also consider a Limit Order where you set up ‘target’ exchange rates and ask your currency dealer to process the transaction when the rate you’ve set is achieved to give you certainty over how payments will affect your bottom line.

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Ian Stafford-Taylor, CEO of FairFX said: “Easy access to international currency at market-leading rates whether travelling abroad or sending and receiving payments is vital for businesses breaking into and operating successfully internationally, especially in a market where rates are constantly fluctuating.

“Many small and medium sized businesses settle for high street bank accounts which can charge extortionate fees for international transactions and offer poor service. The right account and sensible planning could add up to big savings, something that SMEs can ill afford to waste in a competitive marketplace.

“As future trade agreements post Brexit become clearer businesses could find themselves with heavy workloads as they adjust the way they operate, so finding a trusted payment provider and reaping every possible benefit when it comes to currency will continue to be crucial for success.”

(Source: FairFX)

Last November, the Bank of England raised interest rates by 0.25% - the first increase for ten years. The Governor of the Bank of England, Mark Carney, warned that we could see two more increases over the next three years – but then in February of this year, the Bank’s policy committee warned that rates may actually need to rise “earlier” and by a “somewhat greater extent” than previously envisaged. Below Steve Noble, COO at Ultimate Finance, provides excellent insight into protecting against rate changes from hereon.

This will concern many SME owners. Research has shown that a quarter of SME entrepreneurs have funded the growth of their business through their own personal finances. The higher payments required when rates rise across mortgages, credit cards and other loans could put a squeeze on them at a time when conditions are already challenging. This is particularly true if high street banks tighten their lending to specific sectors, as happened during the last recession.

If this happens, good businesses could find themselves pressurised on both sides – putting jobs and entire organisations at risk.

My advice to small business owners and entrepreneurs worried about the prospect of almost certain rate rises is to assess the situation in a series of steps:

Work out what impact a rise of 0.25% or 0.5% would have on your repayment costs

Get your calculator out! Pool together all the finance products you have on variable rates and see how much a rate rise could add to your repayments. Many finance websites have handy calculators that will do this for you. The impact of a 0.25% increase may be small on one individual product, but if you have several it could add up.

Is this something that you can absorb, or will it put a strain on already stretched cash flow?

Think about what the likely increases mean for your business. If you are funding the company through your own finances, will rate rises create difficulties? If finances will be too tight following rate rises and banks reign in on lending, there’s no option but to look at the alternatives and rather than expecting the high street to come up with the answers.

Review your business costs and income

Are there are any unnecessary expenses you can cut out? Little business ‘luxuries’ you’ve been allowing that might need to go? On the income side, have you been undercharging for certain services or are you running ‘special offers’ that might need to end?

Fight back against late payments

Research by the FSB shows that late payment costs the UK economy £2.5bn every year and results in more than 50,000 business deaths. If rates rise as expected, black holes in your cash flow caused by late payments will have increasingly dire consequences. Have serious conversations with your partners and suppliers to lessen the problem, rather than accepting it as a usual part of running a business.

Explore the finance options

There are many forms of finance outside of traditional bank loans. For example, invoice finance that enables you to borrow funds against the value of invoices you have issued but not yet been paid for. Purchase finance that pays your suppliers for goods you buy from them. Asset finance for the purchase of business equipment. Or simply short-term loans to help you meet your needs.

Although banks will offer services of this type, the customer experience will be vastly different. Where high street banks will reject a business that doesn’t meet its pre-set criteria, other providers will offer a more flexible, tailored approach. A solution can be produced with payments terms that suit the business in question, rather than a set agreement which simply won’t work for many in need of financial support. As rate rises seem to be looming, now is the time to begin doing your homework.

SMEs are the growth engine of the UK economy and now more than ever its vital they are supported at every turn. Although rising interest rates will prove difficult for many, for those who plan for the future now, the road will become much less rocky.

With financial services going increasingly global, companies are now doing business all over the world. While this presents a bounty of opportunity, it also throws up a fair share of risk, particularly when it comes to the tricky question of travel etiquette.

Economies from established to emerging each have their own cultural norms and social mores — make one (unintentional) error and you could land yourself in an embarrassing situation, hot water or something far more serious indeed.

Today, forward thinking companies are becoming increasingly aware of travel etiquette. As firms spend financial resource on sending their staff abroad for meetings, training and networking, they are focusing on ensuring that their employees are fully up to speed on professionalism and understanding.

After all, when deals are being signed, made or broken and contracts are based on the outcome of a successful meeting, it’s more crucial than ever that everyone present knows how to present themselves, communicate properly and engage their audience. So what is travel etiquette in the finance sector?

Travel etiquette is about understanding local customs

While some people may think that globalisation means that customs and norms have become identikit, go out into the world and you realise that really isn’t so, especially when it comes to doing business. Each and every country has its own business etiquette, and it’s important you’re aware of the intricacies of these, as even a minor slip can have serious consequences. This useful resource from travel experts Expedia gives you lots of little tips for getting business meetings right when you’re in undiscovered country. In Turkey, for example, small talk is considered important in business meetings, so don’t jump straight into business-talk!

Travel etiquette is about mutual respect

Unprofessionalism can cost you business. But professionalism can help you grow. Understanding travel etiquette helps financial service firms treat people with respect, admiration and decency. In today’s fast-paced world, such traditional values, some say, are fading out. Practicing good travel etiquette helps you forge connections with people in different countries, network appropriately and set strong standards of performance and quality.

Travel etiquette is about empowering and inspiring your employees

Upskilling your employees in travel etiquette not only minimises the risk of an awkward business meeting peppered with social faux pas, it means you’ll be helping them become rounded individuals and employees with a thirst for knowledge. Workers confident about travelling to a new country and negotiating, selling or pitching for business will feel inspired and ready to take on any challenge. This improves them as people, and it improves them as employees, giving them the skills and knowledge they need to help grow and develop your company.

Here's five tips for travel etiquette in the finance sector:

1. A handshake is still important

We might have ditched the formal dress code, titles and everything else, but a handshake should still be considered an essential when doing business. It takes little effort and, as we all know, a little goes a long long way.

2. Don’t interrupt people

In competitive industries, interruption isn’t uncommon. But far from making you look ambitious and driven, in most cultures it simply makes you appear rude and unprofessional. If you’re ever tempted to interrupt someone when they’re part way through a sentence, think twice, and wait until they’ve finished before making your point.

3. Avoid using your phone during meetings

The rise of the smartphone means many of us now use our personal devices more or less all day. And they’re an important tool when it comes to doing business, as we use them for sending emails, making calls and more. But when it comes to a meeting, put the phone away. Even if you’re doing something work-related, it looks like you’re distracted and would rather be elsewhere.

4. Greet everyone

When meeting a large delegation of people, it can be easy to overlook a couple of individuals when it comes to introducing yourself. However acknowledging everyone is a basic sign of respect, regardless of their status or job title, and ensures you don’t look like you have a superiority complex. Respect across all levels of any organisation and is crucial.

5. Say please and thank you

It sounds obvious, but you’d be surprised how the simple act of saying please and thank you is a dying art. Manners cost nothing, so be polite at all times.

When it comes to financial investment, whether it's in supply chains or your employees, business decisions are an everyday chore. If you add Brexit, hurricanes and fluctuating stocks to the mix, planning for uncertainty can become tedious. Here Lena Shishkina, head of finance, EMEA and APJ at Workday, provides Finance Monthly with some insight into planning for uncertainty.

The level of uncertainty that businesses have to deal with today due to various political, social and economic forces is almost unprecedented. From fluctuating currencies and political leadership to other disruptive events such as Brexit, there are plenty of reasons for a degree of global anxiety. The reality is that the effects of these things are still unknown. Business leaders are in a state of flux, questioning how this instability will affect trading, regulation, policies, and markets, for instance.

This level of uncertainty is impacting the finance world most. Now more than ever striking a balance between executing the day-to-day and future planning is critical. Unfortunately, not everyone has this mastered just yet. Despite the advent of tools such as big data and predictive analytics, recent figures show that 50 percent of businesses cannot create revenue forecasts past the next six months.

When uncertainty strikes, the c-suite tends to revert to requesting more frequent forecasts and adopting a ‘what about now’ mindset. While this tends to be a knee-jerk reaction, finance planning is only effective if it is based on relevant, real-time data.

Expecting the unexpected

It’s probably from personal experience that most financial professionals know that an annual budget can be rendered useless in the space of a few days. This is due to the unexpected nature of market volatility and political changes for instance that can shape the future of companies.

This is why continuous planning is being widely adopted by organisations, as it allows them to have the ability to re-run forecast predictions based on these kinds of changes. And it works: businesses that have already adopted this methodology claim to be almost twice as likely as their peers who haven’t accurately forecast earnings between plus or minus 5 percent.

Another benefit is that this kind of approach can create and develop the authority of the finance department. In fact, the same study found that respondents were three times more likely to report increased stakeholder confidence, and finance leaders were four times more likely to be able to respond more quickly to market disruption.

Despite the clear advantages of this methodology, why do many so companies still choose not to go down this path? A lot of businesses continue to rework forecasting on outdated budgets, which breeds inaccuracies and further trepidation. Financial professionals need to rethink their forecasts and look beyond financial data to ensure their projections are robust, accurate and of the highest quality.

Continuous planning and the importance of non-financial data

Non-financial data has traditionally been left out of forecasting largely because it is not as quantifiable or predictable, but executives can no longer get away with that thinking. A recent report found that executives who make better use of non-financial data are more than twice as likely to be able to forecast beyond a 12-month horizon.

Take workforce costs, for example. This is typically an organisation’s greatest expenditure and relies on much more than just financial data for an accurate forecast. That includes everything from anticipated salary to recruitment plans as it paints a more comprehensive view that teams can then use for an accurate look at the future.

A robust data set is one thing. But being able to adjust forecasts in real-time as changes arise at the last minute is just as vital. This is where continuous planning can be truly valuable as it adds context from across the organisation, helping to involve more stakeholders and providing deeper visibility into plans and real-time revisions. A rolling model means the business is in a much better position to react quickly to external factors and give the organisation the visibility they need when these changes arise.

Innovation is key

In theory, continuous planning is a saviour for financial services professionals. However, the reality is most organisations do not have the infrastructure or technology in place to support it in practice. Embracing new technology is the only way organisations will be able to seamlessly bring together rolling forecasts and non-financial data.

The fragmented way finance teams currently work is stifling operational agility. All too often, they are using a mixture of legacy tools from a variety of vendors, which makes it difficult to integrate data sets and make educated decisions. Organisations can no longer afford to base their decisions on luck; they have to start rethinking their technology and the foundation it’s built on. It is the only way to achieve real transformational change. A visionary CFO and a highly engaged finance team will see that and be well placed to usher in this new era.

Determining the future

The only constant in this world is change. And as this time of uncertainty shows no signs of slowing, continuous planning is the only antidote. The combination of rolling forecasts alongside both non-financial and financial data is a significant step in effectively predicting future business outcomes. As a finance professional, you’ll no longer feel like you’re being asked to gaze into your crystal ball, you’ll finally have the answers.

By their nature, M&A transactions are challenging at the best of times - never mind during periods of political and economic uncertainty. History is littered with unsuccessful deal-making that more often than not leads to poor staff retention rates, buy side write-downs, divestment, dissolution and/or bankruptcy.

Typically, failed transactions are caused by a culmination of different issues. So what are some of the major industry pitfalls that merging parties ought to be aware of?

Lack of strategy

Believe it or not, many investors do not focus on the long term strategy associated with a merger or acquisition. The logic behind a deal is all too often side-lined for short term goals and perceptions driven by politics, ego and self-interest. In 2005 EBay’s acquisition of Skype, which left many dumbfounded, was valued at $2.6 billion. The lack of rationale behind the deal was a topic of much criticism. Four years and following an £860 million write-down, the e-commerce corporation announced the sale of over half of the telecommunications company. Although it is clear that in order to gain better insight long-term, reforms that substitute quarterly updates for more extensive financial reporting periods need to be implemented, the issue of an effective incentives system remains unsolved.

Cultural incompatibility

Disregarded for the most part, culture actually plays a big role in the success or failure of a merger. According to the Society for Human Resource Management, clashes account for more than 30% of overall failures. A particularly high profile case gone awry was AOL’s merger with Time Warner in 2001 referred to subsequently by Jeff Bewkes as ‘the biggest mistake in corporate history’.

The deal which equated to a $99 billion loss and led to the eventual divorce of the conglomerate in 2009, caused numerous job losses, retirement plans, workplace disruptions and probes by the SEC and Justice Department over the eight year period.

Although there are a number of variables outside of a buyers’ control, a focus on realistic and applicable core values, an effective internal communications strategy and an engaged workforce can help safeguard against the worst outcomes.

Poor due diligence

Being unprepared for the due diligence phase is among the most common reasons for botched deals. M&A transactions rarely fail due to lack of knowledge however. Over half of them go pear-shaped because those involved in the deal are reluctant to confront issues head on. All areas of potential liability therefore need to be acknowledged and investigated.

Buyers are often guilty of proceeding with a deal despite the challenges they face because of the amount of time and money involved. Being prepared to call it a day if risk outweighs benefit is critical. Allocating inadequate resources during the review stage cost Bank of America $50 billion in legal fees following the acquisition of Countrywide Financial in 2008. The former, which also suffered significant reputational damage, paid the ultimate price for mistakes made by the mortgage lender.

Going about due diligence strategically in both a logical and rational way is paramount to ensure success, as is transparency. Although it may seem counterintuitive, in order to increase trust and iron out potential issues from the get go, sellers should guide buyers to areas of potential difficulty rather than wait for them to learn of the issue themselves much later on in the process, which could result in a breakdown of trust.

Not using the right tool for the job

These days the majority of transaction due diligence is carried out online and handled by virtual data rooms (VDRs) facilitating, among other things, the digitisation of documents, the automation of tasks and the streamlining of workflows.

Given the need for highly secure access to confidential documents during the due diligence phase, security should be the priority for everyone implementing a VDR. Two-factor authentication, automated encryption and a detailed rights management system that enables the administrator to grant different permissions is essential.

A VDR should allow for high-speed access to documents, high-speed batch uploads to process large volumes of documents and real time document translation given the increasingly international nature of M&A transactions.

The software should also allow all parties to conduct their due diligence in a structured and transparent manner. A clear and flexible index structure that supports document review workflows, a structured Q&A and a reporting process that creates a clear audit trail should all be sought out and secured.

About Drooms:

Drooms, Europe’s leading virtual data room provider, works with 25,000 companies around the world including leading consultancy firms, law firms, global real estate companies and corporations such as Morgan Stanley, JLL, JP Morgan, CBRE, and UBS. Over 10,000 complex transactions amounting to a total of over EUR 300 billion have been handled by the software specialist.

Business of all shapes and sizes need to keep a strong eye on their financial situation. But this is especially true for small to medium-sized enterprises, lacking the resources of their larger brothers and sisters. Wink Bingo below lists 5 quick money-saving tips for Finance Monthly.

The essential fragility of the SME means that - unlike larger companies - should something go wrong they could find themselves in deep trouble.

To that end, it is essential that SMEs manage costs at all times, always being on the lookout for ways to save cash. Here are five ways you can do just that.

Control staff costs

If a member of staff leaves the company, ask yourself if they actually need replacing. You might find their workload can be comfortably accommodated by the remaining members of the team -  perhaps those looking to take their career to the next level by getting more involved in the company.

If you definitely do need to hire a new member of staff, you could consider recruiting someone part-time or on an informal basis instead. And rather than pay a recruitment company to source candidates for you, why not do it yourself, or assign the task to a member of the team? It’ll save you money and give you greater ownership over the hiring process.

Hive off suppliers you don’t need

Paying external suppliers for goods and services is bread and butter for many companies. But it is worth reviewing your outgoings - are there any supplier services that you either don’t use, or could move in-house instead?

For example: if your senior management team uses an external travel management company to arrange travel for them, consider whether you really need to pay for this expense. Booking trains and hotels is something anyone can do - and with the internet and the number of travel-booking apps available, this is not particularly time-consuming either.

Encourage your employees to save money too

It pays to be smart with money at work. While you might be looking for ways to tighten the purse strings, is your staff doing the same? Encouraging them to help find ways in which the company can save cash, however small, is a no-brainer.

If you’re big enough, you could organise a workplace investment scheme or offer your employees suggestions on how they could save money – such as cycling to work in order to cut commuting costs.

Remember that employees have an appetite for saving. This infographic by Wink Bingo demonstrates that even if they win a fairly modest £50 playing online casino games, most people would choose to stick it in the bank rather than spend it. So, if your employees are keeping an eye on their own wallets, it’s likely that they’ll also keep an eye on yours, too.

Hire staff as and when you need them

Whatever your industry, you will know of certain areas of your company that are extremely busy at some times and extremely light at others. This could be anything from picking deliveries, to data entry, to website maintenance.

To better manage the ebb and flow of demand for these jobs and tasks, why not use freelancers when you really need lots of staff?  The US and UK are freelancing hotspots, with millions of people in both countries now working independently, so there’s a vast network of professionals to tap into.

Using freelancers is a cost-effective strategy - it means you only employ people for specific jobs as and when you need them, rather than throughout the whole year.

Maintain healthy cash flow

If you have a healthy pool of cash flowing through your business then you shouldn’t have problems paying bills, staff and suppliers. But if your cash flow is shaky, it could cause problems, and end up costing you money.

To maintain a good cash flow, get a handle on your supplier management by negotiating better payment terms, carrying out regular credit checks and issuing your invoices on time. To raise cash levels, consider putting prices up or run special promotions or discounts to increase sales volumes.

Even when things are running smoothly, it is crucial that small to medium-sized enterprises ensure they always think about costs. After all, when the customers are coming through the door and everything seems fine, it can be all too easy to become complacent.

By managing your costs, shedding non-essential expenses, keeping a firm eye on cash flow and encouraging your employees to be financially responsible, you will be doing all that you can to stay financially buoyant, and in a stronger position to cope should the unexpected happen.