Nineteen percent of these are devoting 15 hours a week to the laborious tasks, while a third say the financials’ grind is having an effect on their personal life. Sole traders take the biggest hit however, with a third of these admitting they spend 31 per cent of their time staying on top of the financials. The majority of firms felt this was all way too much, concluding not only did it hamper their growth, but squandered a precious resource that could be far more productively spent on driving up sales.
The situation also spoils life outside work, giving traders sleepless nights they say and weighing on them even during holidays.
Accounting is the biggest wrecking ball, taking the most time, the equivalent of a working week every year.
So how can cash-strapped and time-poor tiny traders get their lives back?
According to them being able to see and access all their finances in one place would be a big help, as well as having an accounting system integrated with their bank account.
“The importance of micro-businesses can’t be overstated,” says Starling chief executive and founder Anne Boden.
“They make up the vast majority of enterprises in the UK, employ almost nine million of us and generate nearly a trillion pounds in revenue each year.
“What our findings unequivocally show is that micro-businesses are spending a huge amount of time on financial admin work.
“We have developed our business account with this challenge in mind. By offering businesses a digital bank account with smart money management tools as well as a range of services that can be linked to their bank account and easily accessed, we hope to reduce the burden caused by finance work, freeing up more time for business leaders to focus on growth.”