Feeling like red tape is tying up your business and personal time? You’re right.
A study compiled by banking consultants East & Partners and released by Westpac’s business bank reveals that businesses spend around 18 hours on administration each week, with businesses in New South Wales spending a whopping 19.9 hours fighting red tape.
Peter Hanlon, head of Westpac’s business banking division, said the smaller the business, the more time spent on administration, as larger businesses tend to automate a lot of administrative functions.
The survey also found that just over half the businesses surveyed felt that admin cut into their personal time, but this varied depending on the size of the business. Almost three quarters of small business operators believed they gave up their relaxation and personal time to complete admin tasks for their business.
Hanlon said the most onerous administrative tasks related to superannuation and the GST.
Hours spent on administration by state:
|
State |
Hours |
|
NSW |
19.9 |
|
Vic |
15.7 |
|
Qld |
15 |
|
Other |
18.3 |
|
Total |
17.9 |
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