With 60% of startups in the UK failing in the first three years and almost three-quarters of small business owners experiencing cash flow issues, it’s not surprising to learn that almost two-thirds (65%) of small business owners wish they had known more about accountancy before starting their business.
Despite small businesses single handedly generating a quarter of the UK’s GDP, over a quarter (26%) of small business owners have next to no accounting knowledge. In fact, accounting is the reason many budding entrepreneurs don’t get a business off the ground with one in 10 people put off starting a business by tax and accounting.