Britain's 5.3 million sole traders and ‘micro businesses' are spending 19 million hours every month on managing their finances.
However, according to research by Kashflow.com - producer of management sotware for small businesses - 50 per cent of respondents are not confident in their ability to do so.
As well as judging how sole traders handle their finances, the research asked owners what they enjoyed the most and least about running their own business.
‘Being their own boss' was ranked top by 48 per cent of respondents, while 15 per cent said that managing finances was what they enjoyed the least. 34 per cent said that they feel ‘in control' of finances and 42 per cent were ‘totally confident'.
Among those who thought that their financial savvy was lacking, 25 per cent said that they rely on other people for help; 43 per cent said that they were frustrated with themselves; and 54 per cent are ‘constantly worried' that they've made a mistake.
Oliver Shaw, CEO of KashFlow, said: "Although half a day a month sounds reasonable for such a task, almost a third of those surveyed are spending longer than that, which is time they could be spending on…exploring growth opportunities."
Similar research from Soldo, conducted by YouGov and released in April, claims that British SMBs spend an average of 4.1 hours on finance management each week.
Small businesses spend about 3.65 hours weekly on these tasks, the research shows, rising to 5.8 hours for medium-sized businesses. The criteria used to judge these times was, of course, different to Kashflow's study.
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