Online accounting firm Crunch.co.uk’s customers billed clients £52 million between January 2010 and January 2011 – highlighting the collective power of small businesses driving the UK economy.
Crunch.co.uk’s research reflects David Cameron’s speech given at the recent Conservative Party Spring conference, where the Prime Minister stated that backing small UK firms will boost enterprise; creating jobs, wealth and opportunity.
Small businesses are also being paid on time – with companies taking around 20 days to settle invoices, Crunch.co.uk found. This marks a change in a previous trend which showed that small businesses were essentially being used as banks, with companies delaying payments way past due dates.
According to the Federation of Small Businesses’ statistics, 30% of small businesses say they are being paid late.*
“Our customers’ healthy billings, based on 800 companies, is further proof that the future is in small business. They are key to driving the UK economy,” said Darren Fell, MD of Crunch.co.uk. “We are just about to hit 1,000 active customers now and expect to be looking after over 2,500 companies’ accounting needs by the end of the year. This will mean our small businesses will be driving the economy to the tune of around £170 million. Collectively, they are a powerful force and are becoming the backbone of enterprise in this country.”
Almost half – 48% - of companies whose billings Crunch.co.uk analysed worked in the IT sector. 17% were design, marketing and project management businesses.
Crunch.co.uk combines a team of expert accountants with ridiculously easy-to-use online accounting software. Designed specifically for freelancers, contractors and small businesses, Crunch.co.uk is more than just accounting and is a vital business tool. The accountant and software service is available for a fixed monthly fee of £59.50. For this, users can invoice, add expenses, have their annual accounts and returns prepared and see the exact health of their businesses instantly with a fun, innovative and simple-to-use website with banking grade security. Crunch.co.uk is the next generation of accounting which replaces the traditional accountant. It takes the pain out of accounting and helps people live the entrepreneurial dream.
Crunch.co.uk won ‘Innovation in Business’ at the Brighton and Hove Business Awards 2009 and is founded by online entrepreneur Darren Fell. Fell appears in the 2008 Courvoisier ‘The Future 500’ in association with The Observer’; a league table of the UK’s most talented business people and was also named Entrepreneur of the Year at the Sussex Business Awards 07/08. High profile online entrepreneurs – Bebo’s co-founder Paul Birch and former Skype Chairman Michael van Swaaij – are investors in the company.
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