Are you Wasting Too Much Time on Admin

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.

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