UK's small businesses waste one day a year taking cash to the bank

Annabelle Green
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Seven per cent are so reluctant to go to the bank they'd rather stash their cash under the mattress (Source: Getty)

UK SMEs spend 26 hours a year travelling to make cash deposits, research out today has found.

Total average time spent making deposits has led to the loss of 93m hours across all UK SMEs, with one fifth (18 per cent) having to shut up shop during trading hours to do so, placing pressures on already time-starved businesses.

According to Barclays Business, which carried out the research, around a quarter (27 per cent) of business owners regularly put off taking their earnings to banks and seven per cent admit to keeping their cash in a safe or under the metaphorical mattress, rather than depositing it.

On average SMEs delay making payments into their local branches by two weeks, stifling their cash flow as a result.

Read more: SMEs meet the Prime Minister on Brexit

"Running a business is time-consuming enough, so shutting up shop to deposit cash simply shouldn't be a factor preventing businesses staying open for their customers," said Ian Rand, chief executive of Barclays Business banking. "We recognise that time is precious and want to give our business customers an hour back in their day with our new cash collection service, meaning they can get on with running their business, staying open, and increasing their cash flow as a result."