Another quarter feel that having a rough idea, but not exact figures, is fine when it comes to managing the day-to-day cash flow.
The study of 500 UK SME owners found 26 per cent struggle with financial admin, and 38 per cent cite rising costs as their biggest challenge.
Nearly six in 10 (58 per cent) operate from week-to-week rather than planning for long-term sustainability.
And 29 per cent don’t know where to begin in terms of advertising their business and one in four struggle to balance growth with product quality.
A spokesman for accounting platform Dext, which commissioned the research, said: "It's no secret that SME owners put in long hours to keep their business thriving, but these findings demonstrate a real cry for help with financial admin that we know many businesses struggle with.
“Our research found there are a lot of gaps in business owners’ financial knowledge.
"Businesses rely on a solid cash flow to stay solvent, so it’s critical for SME owners to either get on top of this themselves – or hire people who can do it.”
Of those business owners who believe they get by week-to-week, 40 per cent said it’s simply because they don’t have experience in wider planning.
More than a third would like to employ the services of an accountant or bookkeeper, and 41 per cent are stretched too thin by other business demands.
As a result, 61 per cent of those polled wish they had more time to strategise about their business goals with a professional.
Fortunately, despite the lack of planning, 77 per cent of respondents describe their business as being ‘reasonably healthy’ – with 27 per cent of these claiming theirs is ‘very healthy’.
Respondents also admit they are sometimes their own worst enemy, as six in 10 feel ‘too proud’ to ask for help with their business.
But 84 per cent admit they rely on the staff they employ to keep the business running effectively, according to the OnePoll.com data.
One in three SME owners do currently employ an accountant for their business, with the same amount saying they ‘could not do without’ their services.
It also emerged that 39 per cent say their accountant keeps them in line with local tax filings – with 47 per cent relying on theirs to ensure they pay the right amount of tax.
Another 26 per cent lean on their accountants to spot areas their business can save money, and a further quarter use them for fraud detection – and prevention.
Dext spokesperson added: “Our results clearly show the benefits of having a dedicated accountant or bookkeeper for a business.
“As much as they can save cash – and make sure all your incomings and outgoings are above board – they can also offer huge peace of mind.
“It’s really one of those things where once you start to use one, you wonder how you ever got by before.”
12 THINGS ACCOUNTANTS HELP SME OWNERS WITH:
1. Ensure you pay the right amount of tax
2. To audit your business (legally)
3. Ensure you comply with local tax filings
4. To help you balance your business books
5. To support your business financial planning
6. Help you understand my business cashflow
7. Help you understand the risk exposure of your business
8. To provide you with tax simulation services
9. Help you understand corporate governance
10. Help you identify business savings
11. Help you identify where you're reliant on a customer for revenue
12. To detect or prevent fraud in your accounts
