Managers of small to medium-sized businesses (SMEs) in the UK may be wasting valuable time and money on financial management, it has been claimed.
According to a report by services group Myob, the average SME owner uses 26 days each year to carry out financial management processes.
The research, according to smallbusiness.co.uk, also found that one in three firms still use excel spreadsheets to manage accounting figures and 19 per cent used paper methods, which could be using extra time that could be more effectively put towards other tasks.
Myob said as much as £4.8 billion may be lost by SMEs annually on poor financial management.
"Small businesses must implement more rigorous financial management systems and techniques," Myob's general manager Wayne Schmidt was quoted as saying.
Myob stands for "mind your own business" and is the name of an Australian software and services provider for SMEs founded in Australia.
