{"id":2430,"date":"2018-05-01T08:01:16","date_gmt":"2018-05-01T08:01:16","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=2430"},"modified":"2018-05-01T08:01:23","modified_gmt":"2018-05-01T08:01:23","slug":"smes-struggling-with-bookkeeping-and-compliance-study-suggests","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/smes-struggling-with-bookkeeping-and-compliance-study-suggests\/","title":{"rendered":"SMEs struggling with bookkeeping and compliance, study suggests"},"content":{"rendered":"

UK small and medium-sized enterprises (SMEs) are struggling to keep on top of their bookkeeping and compliance burdens, new research from the Association of Accounting Technicians (AAT) suggests.<\/p>\n

According to the AAT\u2019s study, as many as 80 per cent of UK SMEs are relying on unqualified and uninformed staff to manage their business\u2019 financial information and accounts \u2013 with the average SME losing approximately \u00a315,000 a year as a result.<\/p>\n

Following the publication of the findings, the AAT is urging businesses far and wide to either \u201cengage external accountants\u201d or invest in \u201cupskilling\u201d their existing staff.<\/p>\n

The survey reveals that the average SME only seeks specialist advice from an external accountant once every two years and that SMEs are missing out on potential cost savings and growth opportunities as a result.<\/p>\n

In order to achieve \u201csustainable growth,\u201d businesses need to \u201cmake use of financial skills as early as possible,\u201d the AAT says.<\/p>\n

Adam Harper, Director of Strategy at the AAT, said that effective financial planning was critical for SMEs, as unforeseen crises can easily arise.<\/p>\n

\u201cThere are a number of simple things every business can do to avoid some of the most common financial pitfalls,\u201d he said, setting out a five-point checklist for sustainable SME growth.<\/p>\n

The ATT has said that businesses should consider the following:<\/p>\n