Sage, the cloud software provider, has revealed that small and medium-sized enterprises (SMEs) could save some £17,000 per year by making the switch to cloud accounting.
Its research shows that businesses have the opportunity to save up to 27.6 days a year in administrative time, allowing them to reallocate resources and generate additional revenue.
The study looks into Britain’s productivity, or lack thereof. Recent data found that the UK has the lowest productivity of all the G7 nations – 15.8 per cent compared to an average of 8.8 per cent.
The solution to this is cloud accounting, according to Sage, one of the largest providers of software in the UK.
On average, users of cloud software save 2.3 days per month on accounting processes compared to those who process their finances manually, which is around 18 per cent of businesses.
Alan Laing, MD, Sage UK & Ireland said: “British businesses need support to become truly digital, so that they can focus on their unique products and services, serving their customers, and driving the UK economy by creating jobs and prosperity.
“We believe this research shows the huge benefits that will be realised as a result of digitising accounting processes.”
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