Accounting causes stress to micro businesses

Micro businesses spend 10 weeks a year trying to sort out their finances and accounting compliance is one of the most stressful tasks.

The most time-consuming finance task is accounting, which takes the smallest businesses 1.7 hours a week, equating to more than one week a year spent solely on keeping the books.

The average micro business works 79 hours per week, of which 15 are spent on financial administration – equivalent to 19%, according to research by digital only banking service, Starling Bank.

Accounting was viewed as the most stressful part of running a business and was more likely than any other task to eat into downtime, with a third (32%) of micro owners stating this was the case.