UK small businesses are spending more on software - but also spending more time on admin

• Monzo Business report finds UK SMBs are spending, despite economic headwinds
• More than half (56%) of UK SMEs are confident about growth over the next year
• Yet businesses are now losing an average 53 minutes every working day on financial admin

Despite the economic headwinds plauging the UK in recent years, new research has claimed the country's small and medium businesses (SMBs) are still willing to splash the cash on new technology.

A report from Monzo Business found spending on software is up 15% over the past year, showing an encouraging upswing in belief across the industry.

Overall, more than half (56%) of SMEs said they were confident about their growth prospects over the next year, and nearly two-thirds (62%) reporting that they plan, or hope to grow their teams over the coming year.

Growth vs admin

Monzo Business' Money Moves Reportsurveyed a thousand SMBs across the UK, finding...

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