small business money

Small Businesses Losing Money Due to Inefficient Petty Cash Systems

Small Businesses Losing Money Due to Inefficient Petty Cash Systems

On average, UK small businesses lose £355 a year due to insufficient petty cash systems, with 43% admitting that the biggest barrier to effectively monitoring petty cashflow was misplaced receipts. Worryingly the research, conducted by Argos for Business, found that 15% of employees did not know how the petty cash system worked at their small business employer, with 37% believing it was the responsibility of the finance department and 15% blaming line managers for misplaced cash. Complicated processes was the second biggest obstacle to the effective management of petty cash at 12%, and healthcare and retail were the largest sectors affected by the issue, with 17% and 12% respectively. Danny Clenaghan, managing director at Argos for Business, said: “While petty cash is often considered a sm... »

Miscellaneous Costs and Stationary Revealed as Biggest Surprise Expenses for Small Businesses

32% of enterprises fail to shop around for better prices for “small costs” 13% of small business owners are inadequately prepared for minor miscellaneous costs, such as tea and toilet roll, according to new findings from insurance company AXA. A further 13% named stationary and printer ink as the biggest unexpected cost, with the size of phone bills (9%) and postage charges (6%) also named among the top surprise expenses for small firms. Despite these shock costs, 32% of enterprises fail to shop around for better prices. As the financial year comes to a close, the survey, which featured 297 small business owners, highlighted the need for small businesses to dedicate more time to managing smaller costs. Darrell Sansom, managing director of AXA Business Insurance, commented on the research: ... »