Entrepreneurs 'spending too much time on financial admin'

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Entrepreneurs 'spending too much time on financial admin' (image credit: iStock/g-stockstudio)

New research has revealed the growing amount of time that new business starters across the UK are having to spend on financial admin.

Data compiled by small business banking service provider Tide showed more than two-thirds (67 per cent) of entrepreneurs would not recommend their current bank to others, as the amount of time they spend managing their finances has become excessive.

Overall, 63 per cent of respondents stated they are spending more than one day out of every month on administrative financial tasks, including setting up bank accounts, tax calculations, invoices and expenses.

This is time these entrepreneurs believe could be better spent on other duties.

Just over one-third (36 per cent) of respondents rated the existing level of help and support from their banking provider as being either poor or very poor, while the same proportion stated they are dissatisfied with their service.

George Bevis, chief executive officer of Tide, said: "The UK's economy is founded on the success of small businesses, but these figures show that many simply have not been receiving the help and support from banks that they need. In the early days of starting a new business, entrepreneurs and sole traders all too easily find themselves tied up in financial red tape."

He added that while many tasks have to be completed each month, banks should be doing as much as possible to remove the burden from small businesses themselves.

Mr Bevis concluded: "There is huge demand in the small business community for a financial services tool that helps solve their problems, instead of adding to them.

"Banks should be working for small businesses, not the other way around."