A recent survey by cloud pre-accounting platform Dext, has revealed the ongoing accounting pressures felt by small business owners at present.
The survey of 250 small business leaders in the UK uncovered some major issues relating to the time required to complete bookkeeping tasks, visibility of finances, and general ongoing stress. It found that almost half (49%) are not using technology to automate bookkeeping processes, while 51% of respondents admit they wouldn’t know where to start with automating these tasks.
Perhaps most surprising is that, in an increasingly digital age, 53% of respondents have not considered automating bookkeeping tasks at all.
Struggling to make time
Against the backdrop of the cost of living crisis and continuing economic uncertainty, small businesses are navigating a challenging period. In a recent survey by the Office for National Statistics, more than two-thirds (67%) of businesses reported some form of concern for their business for June 2023, which included concerns on inflation of goods and services prices (14%) and energy prices (12%).
On top of this, a third (33%) of respondents to the Dext survey don’t have real-time visibility into their bookkeeping, in large part due to their reluctance to deploy the latest tools and technologies in the market. Alongside this, almost 40% feel like they spend too much of their time manually completing bookkeeping tasks. Stress levels are also cited, with 49% of respondents experiencing strain due to completing accounting tasks annually, alongside quarterly (26%) and a few times a month (22%). Twenty three percent don’t feel confident in their bookkeeping practices at all.
Sabby Gill, CEO of Dext, commented “The results of our survey paint a vivid picture of the struggles small businesses are facing right now. There is a clear lack of understanding around the benefits of automated tech and how to access it at all, while many feel like they are spending too much time on manual tasks. With advancements in AI and machine learning continuing to emerge, there is light at the end of the tunnel. Stress levels, like the ones found in the survey, can be reduced and time can be saved through automation, giving users the opportunity to focus on what really matters; growing their small business.”
This challenging landscape signals the growing importance of tools like Dext, which can support small business owners in many of the pressures revealed in the survey. Dext streamlines complex tasks for small business owners, saves time, and empowers users to be more efficient in day to day activities, as well as celebrating over 99% accuracy in its processes.