Outdated financial information is stalling growth opportunities among Britain’s small businesses according to recent research.
With better financial visibility, small firms would have invested up to £1bn more in the economy last year, according to research by KPMG’s small business accounting. The study suggests that out-dated financial information slows SME growth and also results in lower levels of investment and employment, stunts productivity growth and holds back the economic recovery. The study found that small businesses with accurate information grew twice as fast as those whose data was nine months old over the last 12 months. Small business owners also spend more than two and a half hours on average each week trying to stay on top of their finances but still struggle with decision-making, the research revealed.