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The Sunday Times say that small businesses spend 120 days on paperwork!
It says that these 120 days a year are spent on administrative tasks such as invoices and recruitment, it is claimed.
An average of 5.6% of staff time from each UK-based small business is used doing back-office tasks because firms do not have sufficient systems to deal with them, according to research from technology firm Sage.
If productivity was in-creased by the same amount, an extra £33.9bn could be added to the British GDP each year, the study said.
The report found that time spent on accounting is most costly amounting to more than 20% of total administrative time.
Alan Laing, UK and Ireland managing director at Sage, said the Government could do more by helping firms to access digital ways of working. “No one started their business with a desire to spend hours carrying out admin”, said Mr Laing.
Business control strongly supports this study and believes that by outsourcing the accounting function, it could save up to 70% of an internal finance function cost. This time could be more profitably directed to generating or supporting new business growth. It’s a win win solution.
