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 per cent.

Hassle-Free 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.

Source:

http://smallbusiness.co.uk/wasting-time-financial-admin-2534425/