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Poor and time-consuming financial management techniques may be losing small firms in the UK billions every year, a new report has suggested.
A study by software and services provider Myob has found that the average small business leader spends 26 days annually on tax planning and other aspects of financial management.
This is almost double the 14 days annual leave these individuals typically take.
Myob has estimated that small firms may be losing up to £4.8 billion every year just by spending too long on company accounts.
As reported by Smallbusiness.co.uk, Wayne Schmidt, general manager of Myob, emphasised: "With compliance and tax issues growing in volume and complexity year on year, small businesses must implement more rigorous financial management systems and techniques to release the valuable time they spend on admin tasks and invest it in more profitable activities."
Some 19 per cent of small businesses were found to still be using a paper-based ledger to manage their accounts.
The Forum of Private Business (FPB) recently called on the government to modify company legislation to help small firms cut down time-consuming administrative tasks and red tape.
Many businesses in the UK are currently experiencing administrative disruption following the severe flooding and subsequent damage that hit several regions in recent weeks.
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