A recent survey by 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 yet using technology to automate bookkeeping processes – nor are they planning to –, 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%). Finally, 23% 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.”
The Power of Accounting and Bookkeeping Automation Tools
Automating bookkeeping and accounting tasks can save small business owners time and money, as well as give them the peace of mind they need to focus on growing their business. But it’s important to choose the right software and learn how to make the most of them.
Check out our Comprehensive Guide to Business Accounting Automation.
This challenging landscape revealed in our survey 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.
Dext Prepare allows businesses to easily scan, categorise and store receipts, invoices and bank statements anywhere. The data can then be published straight to the accounting software. Not only it saves hours every month but gives business owners the peace of mind that all their financial records are safely stored and easily accessible whenever they need them.
Dext Commerce, on the other hand, is a digital commerce-focused tool that can automatically fetch and organise sales transaction data to save time and money. It also integrates with the main accounting software and allows users to easily split out sales, fees and refunds, as well as allocate the right taxes, whatever the region. It’s a powerful tool to ensure all digital sales data is safe and organised, and gives a clear picture of how your business is performing in real-time.