Businesses Kiss Goodbye £8.72bn Managing Expenses
It’s been revealed on Valentine’s Day, that small firm employees spend just over four hours a week completing financial admin
UK small businesses kiss goodbye £8.72bn every year by just managing expenses, it’s been revealed on Valentine’s Day.
A survey of 1,200 small firms, conducted by Soldo and YouGov, has revealed that employees who work for smaller enterprises spend just over four hours a week completing financial admin, including invoicing, accounting, expenses, budgeting and forecasting.
While money can’t buy you love, the resources in real cash terms needed to complete the management of expenses actually equals billions of pounds.
When respondents were asked to identify particular struggles, day to day cash flow management was signaled by 15% as being a significant problem – with the smaller the business, the more likely they’d struggle.
Just last week, it was revealed that 35% of small firms waste the majority of their day doing admin, suggesting businesses are failing to prioritise the most important tasks.
Carlo Gualandri, founder and CEO of Soldo, said:
“The time and money taken up by day to day management of a company’s cash flow is astonishing but not surprising. If staff were freed up to dedicate their time to the activities that made a big difference to the company, productivity levels would rocket.”
Worried about cashflow problems? Read this guide and learn how to manage it.