One of the things that strike fear into those starting up a new business is the accounting. Many worry about doing the accounts incorrectly, which if they did, could lead to some hefty penalties from HMRC.
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How Much Time Do You Waste On Financial Admin?
One of the things that strike fear into those starting up a new business is the accounting.
Many worry about doing the accounts incorrectly, which if they did, could lead to some
hefty penalties from HMRC.
Wasting Considerable Amounts of Time
A new survey has highlighted that many small business owners are wasting significant
amounts of time on routine administration in the first stages of their company’s life span.
Figures released by Tide reveal that as many as sixty-three per cent of entrepreneurs who
run young companies are spending at least one full day per month dealing with financial
admin tasks such as invoices and tax calculations.
CEO of the Tide, George Bevis, has commented on this, saying, “In the early days of starting
a new business, entrepreneurs and sole traders all too easily find themselves tied up in
financial red tape. And while the tasks they have to complete aren’t necessarily
complicated, they are time-consuming and unfamiliar, and there can be significant
consequences if done incorrectly.”
Most Significant Challenges
The research was carried out on 149 entrepreneurs and sole traders, who were asked what
their greatest challenges were in managing their company’s finances. Number one was tax
calculations, as per 54 per cent of those surveyed. Next was accounting at 51 per cent,
followed by keeping track of expenses at 49 per cent, having to use multiple applications to
manage different services was 38 per cent, invoicing at 30 per cent, and finally payroll at 18
One Abacus offers a hassle-free bookkeeping and accounting service for those who would
like to get back to doing what they do best – run their business – without having the
constant worry of financial admin on their shoulders.
Contact us today to find out more about our excellent accounting service.
This article originally published at One Abacus Blog