UK small businesses are seriously underestimating the importance of financial management by spending just 3.6 hours on the matter each month – according to a report by KashFlow.
The survey of small firms with less than ten employees revealed that while the process of managing money is a stressful one for a significant number of respondents – a strong majority remain confident in their ability to keep on top of things.
Indeed, 87% of those surveyed described their bookkeeping as either ‘really good’ or ‘not bad’, with just 6% admitting they were “not good”.
Despite their confidence however, 32% of small firms still suffer from the strain and pressure of financial compliance – a strong indicator businesses should allocate a lot more time to financial management.
Oliver Shaw, CEO of KashFlow, said:
“It’s really encouraging to see that many of those we surveyed feel confident and in control when it comes to their business finances, especially as we know it’s not their favourite thing to do.
“However, the figures suggest that many could be underestimating how long they actually spend each month, or perhaps overlooking important finance management tasks which will help them stay in better control of their business in the long term.
“We know that they would far rather be earning money doing what they love than staring at a spreadsheet. It’s one of the reasons why software like ours exists; to make the time intensive and tricky things easier for people.”
Need help with your finances? Read our guide on managing your money here.
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