26m Fine for UK Small Businesses.
Tuesday, 25th April 2006 - For Immediate Release
Research from a small business book-keeping software company has revealed
that 1/4 of new businesses do not get their accounts prepared on time despite spending an average of 3 hours a week trying to keep records up to date.
Research from a leading UK book-keeping software company has revealed that despite spending on average 3 hours a week on their book-keeping around 25% of small business owners who formed a company in past three years have been forced to pay a £100 penalty for not submitting their accounts on time to Companies House.
The research by KashFlow shows that this has collectively cost small business owners a massive £26m in fines over the last three years. The survey was carried out to establish small business owner’s attitude to accounting and book-keeping.
KashFlow Managing Director, Duane Jackson said, “£26m is a scarily large figure and just goes to show that small business owners are still shying away from over-complicated accounting packages”.
He continued, “We at KashFlow strive to make Book-keeping easier to process and manage in order to reduce the risk of failing to get company accounts in on time”.
Bob Austin works for the London Youth Support Trust, an organisation that helps small businesses get off the ground and he commented, “We welcome book-keeping packages such as KashFlow that makes keeping financial records up to date so much easier and helps prevent small businesses from receiving those much dreaded fines”.
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 for free 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:
Andy Barr
andy@kashflow.co.uk
01452 527 898
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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 2007 KashFlow won a Business Software Satisfaction award, judged entirely by customer feedback, for the category of web-based accounting - beating the likes of Sage and Netsuite.
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.
