Sole traders and micro businesses are thought to spend 19 million hours managing finances, every month. Equivalent to 2.5 million working days, a recent survey from KashFlow found.
The study aimed to gain a clear insight into how the self-employed feel when it comes to completing financial tasks such as book-keeping, cashflow management, and the dreaded annual tax return.
Of the 5.3 million UK micro businesses surveyed, the report revealed 53% are constantly worried they’ve made a mistake on their business accounts, leaving 43% feeling frustrated with themselves as a result.
Oliver Shaw, CEO of KashFlow, said:
“It’s clear that even those who feel confident managing their accounts still find it challenging at times, and that the overwhelming majority of sole traders and small business owners would like to spend less time on it.
“Although half a day a month sounds reasonable for such a task, almost a third of those surveyed are spending longer than that, which is time they could be spending on doing what they love or, exploring growth opportunities.”
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