New research has revealed that UK smaller sized businesses are spending as much as 120 additional hours a year on admin tasks when their time could be used better elsewhere.
The report, carried out by Sage, found that not having sufficient systems, such as the cloud, are resulting in 5.6% of staff carrying out administrative tasks instead of using their time more productively within the business.
Rob Douglas, Adaptive Insights vice president of United Kingdom and Ireland, commented, “Small businesses simply cannot afford to spend an average of 120 working hours a year on manual, administrative drudgery – especially as the UK heads for Brexit. This time could be better spent on analysing performance and preparing for different scenarios as the UK faces a time of change, with trade agreements and legislation all set for alteration. A lack of technology – including that of sufficient planning systems means companies will struggle to know their current situation, let alone plan for the future.
“It is no surprise that companies are spending so much time on administrative tasks. Finance teams are under increased strain as businesses demand more from them at a faster pace. Finance can often spend days or even weeks manually rolling up data from across organisations, leaving little time to analyse performance. What’s more, the time and money spent on manually inputting data into spreadsheets can be wasted, as it often includes multiple data and formula errors. Ultimately, this leads to a lack of trust in the data and, as such, business decisions can take much longer.
He added, “With faster financial modelling processes, UK small businesses will not only be able to save time and money on manual, back-end tasks, but they can strategise using accurate data, as well as utilise ‘what-if’ scenario planning to be prepared for the unknown – vital during Brexit negotiations and consistent currency fluctuation. In terms of the economy, and Sage’s prediction that better use of this time could amount to an extra £33.9 billion contributed to British GDP each year from small business, the ROI of new systems will be music to the ears of those worried about the repercussions of Brexit.”
To find out more about contracting please contact Jaime on 01442 759100 or email jaime.thorpe@dolanaccountancy.com
Trusted by over 1,000 contractors |