Moneytech, a leading non-bank business lender, has identified delayed invoice payment as one of the biggest issues facing Australian small and medium enterprises (SMEs) this new financial year.

Uncertainty about economic conditions, supply chain issues, cost of materials, and lack of access to additional funds are just some of the factors hampering general business activity according to the Australian Bureau of Statistics.[1]

These factors are slowing invoice payments, with delayed payments impacting cash flow for small businesses at a higher rate than larger operations. SME operators, who are generally accepting of already lengthy 90 and 120-day payment terms, are now waiting even longer if invoice payments are delayed.

“These conditions are strangling SMEs,” said Moneytech CEO Nick McGrath.  “Our internal research shows SME customers chasing invoice payments to maintain cash flow as their main business concern prior to seeking finance products.”

To combat slow invoice payment and improve cashflow, SMEs can tighten their own internal processes and also seek external assistance to ensure their business activity is not negatively impacted in FY23-24.

15% of businesses reported having sought debt or equity finance[2] and debtor finance is one financial product which can alleviate small and medium businesses cash flow issues.

“If a business’ cash is tied up in outstanding invoices, debtor finance helps free up cash by supplying up to 100% of invoices as soon as they are raised, instead of waiting 90 or 120 days, or more, for payment,” said McGrath. “Debtor finance can be used for better cash flow management, realising the full value of customer invoices, paying salaries, paying suppliers, and investing in growth opportunities. Moneytech’s straightforward, simplified approach to business lending ensures customers can invest in their businesses’ growth and development.”

With poor cash flow and insufficient collateral or security being two of the top three barriers to accessing finance[3], many SME operators are dipping into their personal savings or mortgage to cover business costs.  Moneytech’s products generally take no security against primary places of residence giving business owners the ability to separate business and personal assets.

For businesses facing slow invoice payment, Nick McGrath, CEO of Moneytech, shares his top tips for businesses owners to consider for effective planning around the new financial year and identifying any potential cash flow hurdles.

Assess finance

“By outsourcing an independent accountant to do an in-depth analysis of the business’ finance, business owners can gain a fresh perspective of their finances. Using a strategic budget can also help predict the financial implications for the upcoming year and may identify new opportunities for business growth. The budget should include financial forecasts including profit and loss, balance sheet and cash flow statements.”

Reassess strategic plan

“Reviewing the business’ short-term and long-term goals can help evaluate the current strategy in place and ensure they are aligned. Undertaking a situational and SWOT analysis can be of use, especially if you leverage customer’s feedback as a starting point for developing solutions to meet customer feedback. The key is to keep any plan flexible so your business can adapt to any changes in the environment and make the most of potential opportunities.”

Utilise a sustainable cash flow option

“SMEs struggling with cash flow, should consider both immediate and long-term support. Moneytech’s trade and debtor finance solution frees up a business’ cash flow tied up in outstanding invoices to be redirected towards staff wages, equipment or stock. 

Drive Personnel, a specialist labour hire company providing recruitment and labour solutions in the construction industry, has primarily used debtor finance from Moneytech to cover weekly wages while awaiting salary invoice payment from larger, multinational corporations. Josh Fowler, Drive Personnel’s CEO, notes using debtor finance has improved cash flow and given Drive Personnel more opportunity for business growth.

“Since starting, Drive Personnel has experienced consecutive years of 50% growth,” said Josh. “In our first year, our existing lending facility wasn’t equipped to deliver what we needed. Moneytech has helped our business grow significantly, specifically in our time management, payroll compliance and hired staff’s salary payment.”

Josh, who otherwise can be waiting up to 120 days for invoice payment, is at the mercy of good cash flow to ensure his direct labour hires are paid on time every week. Rather than dip into his personal savings and mortgage to cover the shortfall, Josh’s debtor finance can be accessed as and when he needs it and paid-down as he goes rather an paying a lump sum at the end of each month.

[1]-3 https://www.abs.gov.au/statistics/industry/technology-and-innovation/characteristics-australian-business/latest-release

[2] https://www.abs.gov.au/statistics/industry/technology-and-innovation/characteristics-australian-business/latest-release

[3] https://www.abs.gov.au/statistics/industry/technology-and-innovation/characteristics-australian-business/latest-release

Synology has announced the DiskStation DS224+ and DS124, the two newest additions to Synology’s range of data solutions for professionals, small teams, and edge deployments.

Powered by the versatile Synology DiskStation Manager (DSM) operating system, these storage devices offer comprehensive tools to protect and manage important data, access files remotely, and monitor physical properties, all within a compact desktop format.

Streamlined file management with anywhere access

The Diskstation DS224+ and DS124 deliver intuitive file management and sharing with Synology Drive, a private cloud solution combining cross-platform access with advanced privacy controls. Professionals in all fields can be more productive with the convenience of working from anywhere and the simplicity of centralized data.

Learn more about file management

Versatile backups for better business continuity

Synology’s new devices offer a multitude of ways to back up data. Users can leverage them to continuously or manually back up workstations, laptops, and mobile devices, or by following a user-created backup schedule on Windows and macOS systems.

For an increased level of protection, users can create backups of the folders, system settings, and software packages stored on their Synology device, storing them in the cloud, on secondary Synology systems, and on external devices. Additionally users can create point-in-time snapshots of their device’s data for rapid restoration, which in turn can be stored locally or remotely.

Learn more about data protection

Private video surveillance management

With support for more than 8,300 validated IP cameras and ONVIF devices, Synology Surveillance Station video management system (VMS) transforms the DS224+ and DS124 into a powerful surveillance management and recording platform. Users can quickly set up and manage cameras through a highly configurable interface, making it easy to encrypt, back up, and archive recordings.

Adding optional dual recording to Synology C2 Surveillance enables storing footage in the cloud for improved remote access and as an added backup. End-to-end encryption protects streams from unauthorized access and low-latency recording ensures footage is recorded up to the last seconds before a camera stream becomes unavailable.

Learn more about Surveillance Station

DiskStation DS224+: Edge deployments for teams

The DS224+ is designed to be a versatile edge deployment solution for small to moderate-sized teams, offering one drive of data redundancy in a RAID configuration or two drive bays for storage. From system-to-system syncing solutions, to hybrid storage and public cloud services, the DS224+ enables multi-site data synchronization using a variety of methods that support diverse, global deployments.

“The DS224+ is ideal for teams and branch offices looking to sync up with their central office,“ said Michael Wang, Product Manager at Synology Inc. “The range of synchronization features it supports right out of the box makes it ready to slot in to just about any existing deployment.”

DS124: Streamlined workflows for professionals

The DS124 is purpose-built to help small business owners and professionals boost their productivity by consolidating their data. Whether at the office or on the go, mobile apps for Synology Photos and Synology Drive enable hassle-free backups and file synchronization. On-demand sync gives users the ability to offload much of their locally-stored data to the DS124, minimizing the need for costly storage upgrades on laptops and workstations.

Julien Chen, Product Manager at Synology Inc, said: “The DS124’s small desktop form factor and low power consumption make it especially well-suited for entrepreneurs, business owners, and freelance creative professionals, who can get more done with less overhead after streamlining their workflows with the DS124.“

Availability

The Synology DiskStation DS224+ and DS124 are available from Synology resellers.

New research reveals that 90 per cent of Australian online retailers expect zero growth in 2023 as a litany of challenges including rampant inflation, surging interest rates and wage pressures weigh on consumer spending and demand.  

The findings were derived from a survey of 200 online retailers and conducted by leading parcel delivery service CouriersPlease.The results highlight the ongoing pessimism across Australia with respondents flagging cashflow availability as their primary concern, followed by customer retention and overhead costs. The full survey results, including age and State breakdowns, can be found here: E-Commerce Under Pressure: A Survey of the Biggest Challenges Facing Online Retailers Today 

Commenting on the survey results, Richard Thame, CEO at CouriersPlease said the findings were a stark reminder of the challenges faced by online retailers of all sizes and regardless of jurisdiction, but that he wasn’t concerned, given the strength and resilience of online retailers. 

“While the economic outlook is uncertain, I have no doubt that the E-Commerce sector will overcome the challenging environment and emerge ever stronger on the other side. As one of Australia’s leading parcel delivery services, we ship and deliver every day from across a network of over 1200 franchisees and contractors. In 2022 we delivered more than 30 million parcels, an increase of two million when compared with 2021. Both years were fraught with their own economic challenges, but as our records show, online retailers managed to adapt and strategise to secure sales.” 

State-based segmentation of the data provides unique insights and a valuable temperature check into the varying outlooks held across the country. When asked about sales revenue estimates, online retailers in Victoria were most pessimistic with 57 per cent expecting sales revenue to decrease in 2023. This was followed by South Australian online retailers (55%) and Queensland online retailers (52%).  

Conversely, West Australian online retailers were resoundingly optimistic with 60 per cent of businesses surveyed not expecting to see any drop in sales revenue for the calendar year and 13 per cent stating they expected to see sales revenue increase.  

Regarding organisational size, the mood of smaller SMEs with 16-50 employees was most bleak (57%) followed by microbusiness with 1-15 employees (50%), larger businesses with more than 200 employees (46%), and larger SMEs with 51- 200 employees (42%) saying they expect to see a drop in sales revenue this year. While cash flow availability was the dominant concern for microbusinesses (40%), SMEs employing 16-50 employees were most concerned about customer retention (37%) followed by staff shortages (35%). 

For larger SMEs employing 51-200 people, the dominant concerns were equally weighted between cash flow availability and overhead costs (36%). This contrasted with larger businesses employing more than 200 employees who flagged their most acute concerns were equally weighted across staff shortages, staff retention, competitor activity, cashflow availability and overhead costs.  

On a state-by-state basis, the findings also revealed the diverging views of online retailers regarding which challenges they were most concerned about. Whilst cash flow availability and customer retention were flagged equally as the biggest issues for West Australian businesses (47%), in South Australia only 28 per cent raised these as major concerns, with staff retention and overhead costs taking precedence (46%). In New South Wales, customer retention was the most acute concern (35%) followed by cash flow availability (34%). Cash flow availability was also the number one concern in Victoria (34%) and Queensland (45%). 

Richard explains: “The data reveals online retailers are facing a varying number of significant challenges and that there isn’t one universal issue affecting all businesses. Concerns such as cash flow constraints and the ultra-competitive labour market can’t be resolved overnight, but by keeping the customer experience at the heart of their business journey, such as providing convenient delivery options or offering loyalty incentives, online retailers can mitigate avoidable revenue loss.”  

The full survey results, including age and State breakdowns, can be found here: E-Commerce Under Pressure: A Survey of the Biggest Challenges Facing Online Retailers Today 

Dual cab utes may attract FBT.

There is an FBT exemption for eligible commercial vehicles, including dual cab utes, but this only applies if private use is limited.

If you’re unsure what is considered limited private use, here are some examples:

• travel between home and work

• travel that’s incidental to the work you do

• non-work travel that’s minor, infrequent and irregular.

If you or your employees drive the work ute to weekend footy matches, towing the boat to go fishing on Sundays, or going on camping trips, it’s likely you’ll go above and beyond the definition of limited private use.

In short, the FBT exemption applies only to vehicles that are predominantly used for work purposes.

If an employee’s use of a dual cab ute doesn’t meet the conditions of limited private use, it’s a car fringe benefit, or residual benefit and FBT applies.

The ATO recommends employers have policies in place to limit the private use of these vehicles.

The ATO uses third party data sources, including motor vehicle registry information to identify FBT non-compliance and penalties may apply.

Remember to check the facts to ensure you don’t end up with an FBT liability you are not expecting.

Find out more at www.ato.gov.au/CarFringeBenefits or talk to a registered tax professional.

Xero, the small business platform, today released research revealing some of the most common learnings shared by Australian small business owners. The findings highlight that hiring the wrong or inexperienced staff and working for free or at low cost are considered the most costly business mistakes, impacting more than one in five (22%) small business owners.

The ‘Do Better Business’ research, which surveyed more than 1,000 Australian small business owners and leaders, not only sheds light on the challenges faced, but offers invaluable insights for businesses embarking on a new financial year, and provides helpful learnings for aspiring entrepreneurs.

“Small businesses make up more than 97 percent of all businesses in Australia and form an integral part of our communities. We know running a small business can be incredibly rewarding, enabling Australians to pursue their passions or achieve greater flexibility. But, as our research has highlighted, it also comes with its unique set of challenges, which have only been exacerbated by a turbulent economic climate,” said Will Buckley, Xero Australia Country Manager.

“As the new financial year commences, it’s a timely opportunity for business owners to reflect on the year that was and embrace key learnings that will pave the way for future success.”

Taking risks and learning from setbacks

Owning a small business is a constant learning process, with the majority (83%) of those surveyed admitting to making costly mistakes over the course of running their business. In addition to hiring challenges and working for free, working with the wrong partners, suppliers and investors (18%) and working with family and friends (12%) were other blunders. Additionally, nearly one fifth (19%) reported spending every dollar of their personal savings in the early years of running their business.

Among the biggest learnings was a need to implement strong financial management practices, with nearly three quarters (73%) of those surveyed rating this in the top three priorities they believed small businesses starting up should focus on. This was followed by building a strong network of industry contacts (63%), working with an accountant or bookkeeper (46%), and asking for help when struggling (46%).

Greater flexibility driving business ownership

There are many reasons driving Australians to business ownership, but the survey revealed a desire to be their own boss as the number one reason for 64 percent. This was followed by seeking greater flexibility (61%), and wanting to pursue a passion or dream (41%). Nearly three quarters (71%) of small business owners, however, admit to delaying starting their own business, with financial concerns being the number one reason holding them back (35%), followed by a fear of failure (21%). Despite this, 65 percent of business owners surveyed by Xero say there’s never a perfect time to start a business, but they wish they’d done it sooner.

Small business ownership is also not without its sacrifices, with one in five (20%) small business owners from the survey reporting they missed a significant life moment like the birth of their child, a wedding or birthday in the early years of running their business. The majority of those surveyed (86%) also wish they could prioritise their personal boundaries more while running their business, especially around their physical and mental health (43%) and spending time with their family, friends or partner (40%).

“Fostering an environment where Australians feel confident to pursue business ownership and are supported throughout their entrepreneurial journey is essential to ensuring a prosperous small business community and a resilient economy. We hope that by understanding some of the challenges facing small businesses, together with industry and governments, we can provide the right tools and technology to ensure businesses have the best possible chance to thrive this financial year and into the future,” said Buckley.

The generational divide and young small business owners holding back

The survey revealed it’s tougher for younger Australians to get into business ownership, with Gen Z reporting they were more likely to face negativity and discouragement from friends, family and associates about starting their own business venture (77%) compared to Baby Boomers (60%).

The fear of failure was also more common amongst young business owners and entrepreneurs with 29 percent of Millennials saying they delayed starting their business because they didn’t want to fail, compared to just 12 percent of Baby Boomers. Despite this, the flexibility of being a business owner was a central reason for 68 percent of Gen X business owners, with 60 percent saying they are now achieving this goal.

Paperform, the world’s most powerful online form builder based in Australia, today announces the launch of its e-signature product Papersign — helping businesses further streamline digital signatures while saving time and money on software.

Amid the economic downturn, which has forced businesses to reevaluate spending and streamline processes, Papersign enables businesses to save on their software budgets, while automating the process of spinning up and collecting signatures on company-branded documents.

Industry incumbents like DocuSign already claim to help businesses reduce the time they spend collecting signatures by up to 50%, while speeding up contract turnaround time by 85%. Papersign promises even better savings through its tight integration with Paperform’s online form-building software, helping businesses to draft, create and sign documents all via a single platform.

Diony McPherson, co-founder and COO of Paperform said: “At Paperform, we’re always looking for ways to free up time for business people, so they can focus on what matters. Companies like DocuSign have done a great job of digitising what used to be a slow manual process, but we wanted to take e-signatures one step further and change the way people think about e-signature software.

“Papersign is to digital signatures what Canva is to graphic design. We’ve built in features that will surprise and delight users, even on the free plan. It will make you think twice about how businesses can use software to change their entire operating model. And by integrating the e-signature process with our form builder, businesses can look to save even more time.”

Paperform’s latest move with Papersign, seeks to capitalise on Asia Pacific’s speedy uptake of digital signatures. According to Deloitte, the e-signature market will grow by over $14 billion USD by 2026 (up from $4 billion USD today) — with Asia Pacific and Europe expected to be the fastest-growing regions globally by 2026.

Dean McPherson, co-founder and CTO of Paperform adds, “As a product-led business, we had the idea to integrate digital signatures on Paperform when many of our customers needed to spend additional time and cost to have their forms signed. Papersign solves these challenges in one fell swoop, making it as seamless as possible for them to get their documents signed.”

Paperform was founded in 2016 by Diony and Dean, a husband-and-wife duo, with a vision to facilitate a world where business leaders spend less time on work and more time on the things that matter in life. Having seen first hand the detrimental impact startup’s hustle culture has had on its people and business, Diony and Dean decided to take on a sustainable growth approach to bootstrap Paperform and have the autonomy and leadership to grow the business.

What started as an online form-building company quickly turned into a ‘digital swiss army knife’ for companies, enabling them to create and automate registration pages, payment pages, ecommerce sites, restaurant order forms, surveys, quizzes, application forms, proposals, project scopes, onboarding forms, invitations, and more. Now, Paperform has over 10,000 paying users — without any venture capital or other external funding whatsoever.

A significant number of Australian retailers (44%) are either investing in or planning to invest in artificial intelligence (AI) and automation, according to recent research conducted by Shopify. These technologies are being employed for various purposes, with the top five use cases being: improving employee experience, enhancing the customer online experience, predictive analytics, handling customer service inquiries, and content creation.

Australian businesses are implementing automation and AI in areas that consume more resources than necessary. Almost two-thirds (64%) of retailers plan to utilise automation technology to enhance employee experience and manage lower-value tasks. Furthermore, 40% of retailers are looking to adopt AI and automation in the next year to assist them in handling customer service inquiries, while 32% are considering these technologies for improving logistics and delivery processes.

To answer this demand and accelerate the innovative AI opportunities for retailers today, Shopify Founder and CEO, Tobi Lütke, provided a sneak peek into some of the AI product offerings that Shopify is working on. One of these offerings is Sidekick, a first-of-its-kind natural language interface that makes every user a power user. With Sidekick, merchants have an AI-powered digital assistant that will do everything from time-sucking administrative work to complex creative tasks. 

As the first AI-enabled commerce assistant, Sidekick allows entrepreneurs to harness the power of AI to increase productivity, improve workflows, make smarter decisions, and dedicate more time to growing their businesses. Sidekick can comprehend and interpret questions or prompts, enabling business owners to generate new ideas or accomplish tasks using regular, everyday language.

“We’ve only just scratched the surface on AI’s real-world application for small businesses and entrepreneurs,” said James Johnson, Director of Technology Services & Enterprise, APAC at Shopify. “As entrepreneurs face new challenges everyday – often alone – doing more with less is critical to success and AI technology has the power to increase productivity, improve workflows and make smarter decisions without the need for a technical skillset. This kind of innovation is set to revolutionise what it means to run a small business, and support Australian retailers to get ahead.”

Business owners can ask clarifying questions or prompt Sidekick to shorten, rewrite or give feedback. It understands context in real-time, and can help people make smarter decisions that propel their business forward by simply asking things like “how to set up a discount for a holiday sale” to “help me segment my customers so I can better engage them in my marketing.” 

As Australian retailers face mounting economic pressures, AI and automation have emerged as crucial tools for enhancing efficiency and doing more with less. Shopify merchant Vincent Lebon, Founder, CEO, and Designer, from Rollie Nation agrees that AI is a game changer, saying “I see AI as revolutionary as the internet. I think AI is going to play a huge, huge role in the future, whether that’s through material science, design, helping make more informed decisions and prediction analysis. I think, right now, people are looking at operational efficiencies, and that’s a very surface level aspect of what AI is going to provide.”

This unveiling marks the introduction of a new suite of AI tools offered by Shopify. On July 26th, Shopify will be announcing its 2023 Summer Editions, unlocking unprecedented capabilities for their merchants. These advancements aim to boost creativity and productivity among entrepreneurs, empowering them to scale their businesses while saving time and streamlining operations.

While some small Australian retailers are surpassing performance expectations in the face of significant challenge, many say they are failing to meet their financial benchmarks, the inaugural ARA & American Express Small Retail Index has revealed.

The report reveals 17% of SMBs have remained resilient in the face of a consumer spending slowdown and rising costs of doing business; performing above (15%) or far above (2%) their expectations for the FY23.  On the other hand, 41% of SMB retailers are performing below (33%) or far below (8%) their FY23 financial forecasts.

Unsurprisingly, more than 91% of SMBs have seen cost increases in their businesses across the past 12 months, however around one-third (32%) say their costs have increased more than 10% – which is above the level of inflation.

As economic conditions become more challenging, retailers are increasingly prioritising the acquisition of new customers and building customer loyalty.

Key findings of the ARA & American Express Small Retail Index:

• An equal number of businesses feel somewhat confident (23%) or very confident (11%) to those who feel somewhat concerned (25%) or very concerned (9%) about the financial year ahead – both totalling 34%.
• Uncertainty is also a key theme with 32% of SMB’s feeling uncertain about the year ahead. This will impact growth, employment and investment decisions.
• The consumer spending slowdown and rising wage costs are the most pressing concerns for SMBs in the year ahead.
• Acquiring new customers and encouraging customer loyalty are top SMB priorities for the year ahead.
• The rising cost of doing business is a consistent concern with wage pressures, the cost of goods and services and cash flow management high on the list of concerns.
• SMBs are absorbing cost increases by passing higher costs onto customers (24%), with 19% of SMBs reducing margin and looking for cost savings in the business (16%). Furthermore, 12% have reduced staff and 7% have reduced stores or store hours.
• SMBs say among the measures they would like to see from government are: tax breaks, reduced inflation and relief for utilities, leasing and wage costs.

ARA CEO Paul Zahra said the index – which is the first to focus exclusively on SMB retailers in Australia – highlights the unprecedented pressure small retailers are under.

“I cannot recall a period of more significant challenge for our retail community – with our small retailers disproportionately affected by ongoing revenue and resource pressures,” Zahra said.

“2023 ushered in the perfect storm for retail – a spending slowdown, coupled with the rising cost of doing business, all taking place alongside the largest set of government reforms in decades and a retail crime wave that is impacting the wellbeing of workers and the bottom line of companies.

“We are concerned about the outlook for small retailers in these tumultuous economic conditions and the toll these pressures are taking.

“Small businesses are the cornerstone of our economy and it’s vital that they receive adequate support.”

Emily Roberts, Vice President and General Manager of Consumer and Commercial Services at American Express said the index serves as a vital barometer of the wellbeing of Australia’s small retail sector.

“Following years of consumer uncertainty, supply chain constraints and economic pressures, this research commissioned by the Australian Retailers Association and American Express paints a picture of an industry that is bracing for more challenges ahead,” Roberts said.

“Despite this, history has shown that no industry is more resilient and better positioned to emerge from adversity.

“Retailers that adapt how they build, market and sell their products to meet new consumer behaviours will be best placed to acquire new customers, secure their loyalty and navigate the challenges to come.”

The ARA & American Express Small Retail Index survey was conducted online nationally during May – June 2023. Almost 400 retailers were surveyed, with retail turnovers below $50m.

Most of the survey participants had retail turnovers below $5m.

Download the ARA & American Express Small Retail Index here.

New data shows Australian companies are improving staff retention rates by up to 39% by offering their workers flexible pay.

Australian Earned Wage Access (EWA) provider Paytime has analysed the staff retention rates of companies using their platform and found an average increase in staff tenure of over 18% and as high as 39% in some industries.

“With the cost of living being a major pain point for employees at the moment, more and more employers are looking at what will help alleviate the financial stress of their staff,” says Paytime CEO, Steven Furman.

“Giving workers access to their earned wages before payday is a simple, effective and proven way for companies to increase the average tenure of their staff,” he says.

“Forward thinking companies are realising that a focus on financial wellbeing is critical in the current economic climate and with a tight labour market,” says Mr Furman.

Earned wage access allows employees to access a portion of their pay when it suits them so they do not have to rely on-demand pay advance apps, BNPL schemes or payday loans to make ends meet between pay cycles.

In the US and UK Earned Wage Access is already a commonplace offering with Bupa, Amazon, McDonalds, KFC, Virgin Active, Target, Unilever, Hilton Hotels, Paypal, Tesla and many other companies which have this in place for their staff.

Paytime has seen a 600% surge in enquiries over the past year as more Australians live paycheque to paycheque, struggling with rising interest rates and the cost of living. 

“Even those that are on higher salaries are using Paytime to put their salary into their mortgage offset accounts on a weekly basis to save on interest, fees and charges, in order to pay down the mortgage quicker,” says Mr Furman.

“The number of earned wage access requests we’re processing through the app has increased by more than 340% over the past 12 months,” he adds.

“We’ve also found implementing flexible pay improves staff morale, with 73% of users stating they feel more in control of their finances after implementing and using the app,” he says.