Posted: Thu 23rd Jun 2022
A recent survey conducted by Accountant Online found almost seven in 10 business owners said that they found the legal and accountancy elements involved in setting up their business to be overwhelming.
Of the new founders surveyed, 95% had prior business career experience, yet 64% of respondents said lack of confidence in their financial knowledge and awareness caused them to struggle when liaising with their accountant and understanding legal documentation and other requirements.
The results were compiled after surveying 595 people in May.
Commenting on the survey findings, Larissa Feeney, CEO of Accountant Online, said:
“With the possibility of a recession looming, it will be important for business owners to feel confident that they can ask the right questions and get the support they need in keeping their business compliant.
“Most new business owners are non–financial managers and need support to navigate this hugely important and vital area of the business with a little more ease and understanding, even if they have been in business before.
“Our survey findings mirror a recent SFA (Small Firms Association) survey in 2019 which showed that 51% of business owners do not read their monthly accounts on a monthly basis.”
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