Do
you find yourself constantly tied up in the red tape of admin? Struggling with
day to day financial tasks such as tax calculations and payroll, when all you
really want to do is work on the products and services you offer? If so, you’re
not alone.
According
to Tide, 63 percent of young businesses are
spending too much time on admin. At least one day a month, to be precise. And
these tasks typically include the likes of administrative financial tasks, tax
calculations, invoicing and paying invoices, expenses and setting up bank
accounts.
So
are you wasting too much time on admin?
Bank Account Woes
Some
of the biggest problems that the 149 small business owners surveyed had were
with their bank accounts. To this end, more than a third rated the help and
support that they received from their bank accounts as poor or very poor, and
two thirds said that they wouldn’t be likely to recommend their bank to other
business owners.
36
percent of respondents also commented that they were dissatisfied with the ease
of use of their business bank account.
Financial Admin Difficulties
And
the financial administration problems don’t stop there. According to the
survey, other admin difficulties can be found in the likes of tax calculations,
accounting, recording and paying expenses, invoicing, payroll and having to
manage multiple different financial applications.
When
asked, the top five things that most new business owners had on their wishlist
to make their lives easier included:
- Easy internet banking (listed by 80 percent of respondents)
- A good mobile app (66 percent)
- Free transactions (54 percent)
- A speedy set up (39 percent)
- A good length to the free banking period (36 percent)
Factors
the respondents didn’t rate highly included some of the more traditional
aspects of banking, such as banks offering an overdraft, telephone support or
the proximity of a local branch.
The Wisdom of Age
The
report also found that the age of the business had a factor in determining
which admin tasks companies struggled with the most. For those businesses less
than a year old, tax was one of the aspects that they found hardest to deal
with, whereas more established companies found that the responsibilities of
payroll were more of a burden.
No
matter what difficulties you may be experiencing as a company, or how
established your firm is, the expertise of local bookkeepers could be all you
need to keep your administration in order. Speak to your local bookkeepers
today to establish how they can stop you from drowning in admin.
