A leading UK based accounting software company has revealed the kind of worrying business statistics that would have Duncan Bannatyne and Peter Jones swivelling in their Dragons Den chairs. Over a third of SME owners admit they don’t know how much money they owe or are owed at any given time.
Over a third of small business owners have admitted that they do not have a clue how much money they owe or are owed at any given time. Added to this nearly half admit that they don’t have any form of system to alert them to the fact that an invoice is overdue.
The statistics, revealed by accounting software company KashFlow, demonstrates a worrying trend by business owners and comes at a time when the UK economy is slowing down.
Small business owners said in response to the survey that it would take them an average of 2 hours and 45 minutes to calculate how much money they owe or are owed.
The company commissioned the survey of 1479 small business owners from across the UK as part of its research into the mindset of small business owners as it looks to increase its market share of the accounting software market.
Speaking about the worrying statistic Duane Jackson, Managing Director of KashFlow said,
“I was really shocked that in the 21st Century, when advances in technology means that people can work out their finances at the click of the button, over a third of small business owners are saying that they don’t have clue how much money they owe or are owed”.
“As an accounting software provider that prides itself on being hugely popular amongst the start up and small business market we know how easy and affordable it is for business owners to keep up to date with their company’s financial position”.
KashFlow hopes that by publishing the research more small business owners will explore the various accounting software packages that are on the market, such as theirs, and in turn this will help companies keep a better track of their finances which will in turn improve their chances of long term success.
KashFlow launched its flagship product, an online tool specifically designed to help owner-managers in small businesses manage their accounts, in mid 2005. Since that time it has quickly won a significant share of the valuable accounting software market along with launching a new direct to accountant division in late 2006.
In late 2007 KashFlow won a Business Software Satisfaction Award, judged entirely by customer feedback, for the category of web-based accounting beating the likes of Sage and Netsuite. KashFlow also received a second round of venture capital funding from Lord Young of Graffham, former Secretary of State for Trade and Industry and ex Chairman of Cable and Wireless.
The KashFlow accounting package is securely hosted online, requires no installation and can be trialled for free by visiting https://www.kashflow.com/ .
The site also displays examples of feedback from actual users.