The day-to-day financial management is one of the biggest concerns that many small business owners will commonly face, according to a survey of more than 1,000 entrepreneurs carried out by software developer, Reckon.
20% of those surveyed admitted that financial management kept them up at night, as they continually struggle to stay abreast of the figures within their businesses.
Though financial management isn’t only an issue that’s solely felt by many start-ups. 29% of those with a turnover greater than £10m admit that they have had similar worries either now or have had in the past.
This survey also highlights the need for greater financial support and education within the small medium business community.
One-in-ten of those surveyed believe that there is not enough financial planning and advice available for small firms and business start-ups. The same number of respondents would consider outsourcing their day-to-day financial management if money was no object.
Mark Woolley, Commercial Director, Reckon, believes the UK government should put financial management firmly on the agenda for the new Small Business Commissioner.
“It is worrying that so many businesses are concerned about financial management, as it is an issue that can impact their suppliers, partners and our economy,” said Woolley.
Financial management is one of the fundamental keys to success for any business, regardless of size.
History has shown that companies with high sales revenue but with poor financial management can still fail.
“Whilst there are some good resources out there already, clearly there still appears that a gap still needs to be filled and it needs to be fixed quickly! We’d urge any new and existing businesses alike to seek good advice on the easiest and quickest ways to take control and stay on top of day-to-day finances of their businesses. Says Tom Lowe Director of ABS Accountancy.
However, with ABS Accountancy to hand, there’s no need for start-ups to fear the financial management of there businesses. From day one, you can count on our expert accountants to quickly assess your cash flow position and recommend the most efficient system that would allow you to spend more time doing what you do best – running your business. So why not get in touch with us today to relieve that burden?