Small business staff spend an average of 5.6% of their time on back-office tasks. If staff could increase efficiency by the same amount, it would generate an estimated £33.9bn in additional GDP each year.
Many administrative tasks are unavoidable. However, the study concluded that a significant proportion of time was lost due to UK small businesses having inadequate administrative systems.
Of all administrative processes, accounting the biggest drain on time, taking up over 20% of total admin hours. But, it doesn’t have to be this way.
How can UK small businesses reduce financial admin time?
These are just some of the processes you can streamline:
- Invoicing: automate estimates, invoices and payment reminders
- Expenses: document expense receipts using your smartphone and file them immediately
- Self-Assessment: auto-generate up to 90% of your sole trader self-employment form
- Cash flow: review your entire business cash flow at-a-glance
- Time tracking: identify where your admin time goes and where improvements can be made
With this software on your side, you can reduce your financial admin burden and focus more on tasks that generate profit.
Get more helpful accountancy advice for small business owners by calling on the friendly 3 Wise Bears team.