bookkeeping and cashflow problems

Businesses Kiss Goodbye £8.72bn Managing Expenses

Businesses Kiss Goodbye £8.72bn Managing Expenses

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 t... »

Cashflow Causing Problems For 38% Of Small Businesses

Cashflow Causing Problems For 38% Of Small Businesses

38% of UK small businesses have struggled with cashflow issues over the past two years, according to research by Amicus Commercial Finance. A survey of 500 business owners revealed that 65% of medium enterprise owners, those with between 50 and 250 staff, have experienced similar problems – with 65% of all those surveyed admitting it was the biggest challenge they face. Worryingly for businesses, their concern seems justified as 12% of respondents came close to or became insolvent due to cashflow issues – with 15% still suffering from liquidity problems. When dived by region, firms in the North East are the most affected, while when broken down by sector, 35% of accountancy firms admit they themselves have financial complications. When quizzed about the biggest challenges cause... »

Over a Quarter of Firms Name Accounting and Tax Issues as Barrier to Success

One-in-10 self-employed people or small businesses still haven’t filed their 2014 tax return More than a quarter of small businesses believe that accounting and tax problems are one of the biggest obstacles to success, costing their firms valuable time and money, according to a recent survey. And small businesses are evidently struggling as one-in-10 companies have yet to file their tax return and are risking penalty fees as the deadline (Jan 31st) looms closer. The research, by business software provider Xero, also revealed that bookkeeping and cashflow problems are costing over five million small and mid-sized businesses a total of £175bn in their first year of trading (approximately £35,000 each). According to the report, 25% state that chasing payments is one of the most difficult part... »