Stressed traders say they tackle paperwork alone
Most one-man bands still soldier on with their finances alone -- without professional help -- despite their admittance that it takes a large toll.
Such is the headline finding of a new study that reportedly lays bare the extent of paperwork for business soloists, and its impact on their health and lifestyle.
Seen by the Mail on Sunday, the study was quoted as finding that for almost half of owners (42%), financial record-keeping is the most stressful part of running a tiny business.
So stressful that almost one in five (17 per cent) say that it has made them unwell, warns the study by Nesta, the innovation charity and backed by the Competition & Markets Authority.
But the bulk of traders emerged as not having any external help with their finances -- or with banking, which one in five reportedly spend more than eight hours a week on.
The cost in time terms is so acute that 25% do not
have time to switch their business bank account, a move the study is said to
estimate to be worth as much as £60m over five years.