Business owners within the UK are having to spend at least one day each month on their financial admin causing 67% left with a bitter taste when it comes to their banks.
Being a part of a small business means that time is crucial, so when it comes down to the nitty gritty stuff such as admin tasks they don’t have time, especially not a full day.
A survey conducted by Tide, found that 63% of start-up owners are spending the best part of one day each month working on tasks such as their bank accounts, tax, costs and invoices.
The survey which was sent out to 149 small business owners and sole traders asked about their encounters with small business banking and how they are handling finances. It found that 36% of those who responded reviewed their experience poor and very poor. 67% have revealed that they would not recommend their current bank to others looking for business bank accounts.
George Bevis, CEO of Tide comments;
“In the early days of starting a new business, entrepreneurs and sole traders all too easily find themselves tied up in financial red tape. And while the tasks they have to complete aren’t necessarily complicated, they are time-consuming and unfamiliar. There is no reason why banks can’t help their customers to navigate these waters more efficiently and save them time, but they simply aren’t doing so.”
The survey also found that when it comes to the frustrations and limitations of business owners, 54% place tax calculations first in line, 51% believe their biggest threat is accounting, 49% say it’s keeping on top of their outgoings and expenses, 38% are not fond of different apps for different services, 30% revealed invoicing is their biggest limitation whilst 18% say it’s payroll.
When asked, what features make choosing a bank account easier, the survey revealed;
Easy internet banking – 80%
Mobile app – 66%
Free transactions – 54%
Speedy set-up – 39%
Duration of free banking – 36%
For things that were not a key factor in a business account the survey found;
Convenient and local branch – 5%
Overdraft facility – 10%
Phone call support – 16%
Cheque book – 0%