The Boom or Bust report by The Accountancy Partnership revealed that more than a third, 37%, of entrepreneurs, use paper-based systems or a collection of photos to keep track of their finances, with one in 10 storing essential documents in an old shoebox or drawer.

The survey of 1,200 entrepreneurs and business owners found that two-fifths of business owners have failed to claim expenses due to physical lost receipts and invoices.

It also found that the majority of entrepreneurs were making use of accounting or bookkeeping software to manage their businesses expenses but 37% were not.