Small and medium-sized businesses that use digital software to help with their accounting process could save 27.6 days a year, analysis by Sage shows.
According to Sage's research, 59% of SMEs use digital software for accounting, while 18% continue to use manual methods.
On average, those using digital methods estimated that they save 2.3 days a month on accounting processes - worth around £17,000 a year in saved time.
According to Sage, the main barriers preventing business owners from moving to digital accounts included:
- a lack of digital skills
- concerns about how easy the software is to use
- the time it would take to get used to new systems.
Alain Laing, managing director at Sage UK & Ireland, said:
"British businesses need support to become truly digital, so they can focus on their unique products and services, serving their customers, and driving the UK economy by creating jobs and prosperity.
"With the right training, support and framework, we believe that Making Tax Digital will be instrumental in helping give businesses precious time back."
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