Over a Third of Small Businesses Are Losing Key Financial Data.

Tuesday, 13th June 2006 - For Immediate Release

Research from a leading small business bookkeeping software company has revealed that one in three small businesses fail to adequately back up their information and this results in them losing key financial information.

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Chairman:
The Rt Hon Lord Young of Graffham

Founder & CEO:
Duane Jackson

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Research has revealed that over a third of small businesses have admitted to losing key financial information because of either a computer malfunction or vital paperwork going missing.

The survey, carried out by KashFlow, highlights the risks associated with using accounting or bookkeeping software that is not regularly backed up. Many micro businesses and sole traders use only one computer to manage all aspects of their company. If that PC is not regularly backed up one slight error or a virus could mean the end of their financial records and a long time spent trying to rectify the situation.

The survey also revealed that it is not just those who use computers who are most at risk from not backing up. This also affects those who only keep one paper record as they risk losing their files unless copies are made at regular intervals.

KashFlow Managing Director, Duane Jackson said, “Despite high profile campaigns to encourage more businesses to regularly back up data there is obviously still a massive amount to learn and this highlights the very real risk of using a financial software package that is not backed up regularly to a remote location”.

He continued, “KashFlow users have the peace of mind that their vital information is backed up every 12 hours to a secure, confidential and contained environment which removes the risks associated with simply installing a piece of software on a machine that is vulnerable to errors”.

Tony Dalton, Managing Director at VS Datasafe said, “Thousands of businesses lose millions of pounds worth of data every year due to fire, theft, power cuts, hardware failures or operator mistakes with 100% of hard drives failing over time. Most small businesses don't have an active backup plan, instead backups tend to get left on the bottom of a "to do" list, not realising that 20mb of accounting data would take approximately 21 days and would cost in the region of £6000 to retype.”

In early 2006 the Rt. Hon. Lord Young of Graffham, former Secretary of State for Employment and Trade and Industry, invested a significant amount of capital in the accounting software development company.

The KashFlow accounting package is securely hosted online, requires no installation and can be trialled free for 60 days by visiting http://www.kashflow.co.uk . The site also displays examples of feedback from actual users.

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About KashFlow

KashFlow is an online tool specifically designed to help owner managers in small businesses manage their accounts. KashFlow’s aim is to take the boredom out of managing a company’s accounts and to make the day to day tasks easier to achieve so that less small businesses neglect this area.

KashFlow keeps accounts management simple: it requires no installation, software training or prior knowledge of accountancy.

All users benefit from a free, no obligation 60-day trial. The monthly subscription price is £15.99 a month - including free support and upgrades.

Contacts

For further editorial information, contact:

Carolyn Gordon-Smith
PR Manager
cgs@cimma.co.uk
01386 859090 / 07710 537 928

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Notes to Editors

In June 2008, KashFlow became the first accounting software package to be certified by PayPal for integration with its payment platform. PayPal and KashFlow now work in partnership to provide a seamless, end-to-end, payment processing and accounting system.

In October 2008 KashFlow won a Business Software Satisfaction award, judged entirely by customer feedback, for the category of small business accounting - beating the likes of Sage 50, Quickbooks Pro and MYOB. Statistics revealed by the awards organisers show that KashFlow has a 70% share of the web-based accounting software market in the UK.

KashFlow has received two rounds of venture capital funding from their now chairman, Lord Young of Graffham. Lord Young is a former Secretary of State for Trade & Industry and ex Chairman of Cable and Wireless

KashFlow is simple to operate, with users instinctively knowing where to click to perform almost any accountancy task

Owner managers are able to effectively manage their accounts with no need for software training or prior knowledge of accountancy

KashFlow has been featured in the likes of the Financial Times, Daily Mail, The Daily Telegraph, The Mail on Sunday, BBC Radio and all the leading accounting titles.

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