Almost one third of small businesses are relying on manual processes to manage their expenses, according to new GetApp research. Of the small business owners and managers surveyed, 26.8 percent said that they currently use Microsoft Excel while 5.2% use paper-based methods to manage their business expenses.
More than a quarter of small businesses paneled said they use dedicated expense management software, while 15 percent rely on their accountant to take care of their expenses. A further 16.8 percent of those surveyed said they use their own system.Taking these figures into account, almost three quarters of respondents are handling their expenses without using modern expense management platforms.
Key research findings:
32 percent of small businesses said they manage expenses manually using Excel (26.8 percent) or paper-based methods (5.2%).
More than one quarter of businesses (27.4 percent) surveyed said they use an expense management software.
15 percent of small businesses prefer to outsource their expenses management to their accountant.
Details of the research:
Answers to the question: “How much time do you spend managing your business’ mail each month, including: depositing checks, scanning, and distributing to recipients?”
Less than 1 hour - 29.2%
Between 1-2 hours - 25.7%
Between 3-5 hours - 17.2%
Between 6-10 hours - 10.3%
More than 10 hours - 9.2%
None of the above - 8.4%
Demographics: Over 500 US-based respondents from a panel of SMBs (small and medium-sized businesses). Respondents are aged between 25 and 54 and have an average inferred annual income of $24k - $150k. This research was devised in collaboration with Xpenditure.
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