£26m Fine for UK Small Businesses As 25% Fail to Get Accounts in on Time
Research from small business book-keeping software reveals that 1/4 of new businesses do not get their accounts prepared on time.
Research from a leading UK book-keeping software company has revealed that around 25% of small business owners who formed a company in past three years have been forced to pay a £100 penalty for not submitting their accounts on time to Companies House.
The research by KashFlow shows that this has collectively cost small business owners a massive £26m in fines over the last three years. The survey was carried out to establish small business owner’s attitude to accounting and book-keeping.
KashFlow Managing Director, Duane Jackson said, “£26m is a scarily large figure and just goes to show that small business owners are still shying away from over-complicated accounting packages”.
He continued, “We at KashFlow strive to make Book-keeping easier to process and manage in order to reduce the risk of failing to get company accounts in on time”.
Bob Austin works for the London Youth Support Trust, an organisation that helps small businesses get off the ground and he commented, “We welcome book-keeping packages such as Kashflow that makes keeping financial records up to date so much easier and helps prevent small businesses from receiving those much dreaded fines”.
KashFlow has a 60 day free trial and is an online tool specifically designed to help freelancers and owner managers in small businesses manage their accounts. Since its launch it has won a sizeable amount of market share, and more importantly, plaudits from business owners across the UK.
In early 2006 the Rt. Hon. Lord Young of Graffham, former Secretary of State for Employment and Trade and Industry, invested a significant amount of capital in the accounting software development company.
The KashFlow accounting package is securely hosted online, requires no installation and can be trialled for free by visiting http://www.kashflow.co.uk. The site also displays examples of feedback from actual users.