Codestone

Category: Accounting software

A growing number of Scottish companies could be in need of accounting software such as SAP Business One, if they are to survive and thrive.

New figures from Accountant in Bankruptcy have revealed that 5,319 firms became insolvent in the country during the first three months of the year.

This is a 25 per cent rise when compared with the previous quarter, although it is also a one per cent drop on the same time in 2010.

Debt is a major worry for many business leaders and the Debt Arrangement Scheme has seen a significant take-up in recent months, according to the organisation behind the research.

As well as more than 5,000 insolvencies, there were 2,947 cases of bankruptcy – some of which could be prevented by more efficient accounting practices.

The Financial Reporting Council this week suggested standards of accountancy are poor in many UK arms of foreign banks, with work by many said to be sloppy.

Posted by Shannon Wells