- More than 1 in 3 Aussie small business owners say that financial admin is the most time-consuming administrative task
- 2 in 5 say administration time gets in the way of the day-to-day running of their business
- 1 in 5 Australian small businesses can't keep up with their financial administration
- Findings come as AMP Bank integrates with Xero accounting platform
New research from AMP Bank reveals just how much Australia’s 2.4 million ‘small’ small business owners – our solopreneurs, side hustlers and those with less than four employees – struggle to keep up with their financial admin.
It’s one of the most time-consuming admin tasks Aussie small business owners have on their to-do list, with 1 in 3 saying financial admin is their most difficult admin task, followed by marketing and sales (22%), and thirdly, legal and compliance (20.3%).
More than 1 in 3 (35%) Australian small business owners also feel they could be working more efficiently.
Close to 90 per cent– or approximately 2.4 million – of Australian businesses are either self-employed or employ 1-4 people, while the majority of businesses in Australia have an annual turnover of less than $200k.
A quarter of all businesses in Australia – approximately 640,000 – have
an annual turnover of less than $50k[1].
Integration with Xero to simplify financial admin:
AMP’s new digital bank – designed specifically for small business – has integrated with Xero, the global small business platform, to make
financial admin easier.
Through just a couple of clicks, customers can securely connect their AMP Bank accounts with their existing Xero account. If not a customer of Xero, they’ll be invited to follow a step-by-step guide to create a Xero account and link it to their AMP Bank accounts.
The integration means that when a small business owner makes a payment through the AMP Bank app, for example to a supplier, a record of the payment will automatically sync in real time with Xero’s accounting software, removing the need for manual data entry.
AMP Bank customers can categorise payments in the same way they are categorised within Xero including for past, present and future transactions.
This seamless integration simplifies the process of reconciling accounts, tracking income and expenses, and maintaining accurate financial records. It provides business owners with greater visibility and control over their business, while making tax reporting more straightforward.
John Arnott, Director Small Business and Personal Banking, AMP Bank said:
“We want small business owners – those that don’t necessarily have the luxury of bookkeepers and accounting support – to rest assured knowing their finances are in good order and that tax time will be simpler.
“The ability to automatically import bank transactions into Xero's accounting
software using our new fully mobile AMP Bank app will help achieve this.
“This is the first of a range of new features and tech we’ll be adding to the mobile app over the coming months as AMP Bank redefines the banking experience for Australia’s small business owners.”
Ian Boyd, General Manager of Partnerships, Xero said:
“Small business owners juggle multiple responsibilities, especially those running solo or with a smaller team. We know that managing the books often brings added stress and time spent away from building the business.
“We’re happy to have a new integration with AMP Bank, particularly given their focus to support some of the country’s smallest operators to better manage their business.”
Other innovative features of the new AMP Bank app include:
- The very latest in fraud and identify theft protection, including Australia’s first numberless-facing debit cards for small business and selfie-style video identity verification by two customer service reps for added security
- Seamless connectivity – yet clear distinction – between personal and business banking, making it a one-stop-shop to manage both through a single banking app
- Market-leading UK banking tech ‘Spaces’, allowing for the creation of virtual ‘sub-accounts’ and making it easier to manage tax payments, payroll and other financial obligations
- Customers can hide and reveal their on-screen account balance at the touch of a button, providing instant privacy while on the go
- 24/7 human contact centre support via both phone and live chat, recognising that many Australians and small business owners often work outside the 9 to 5 working day
- Smart self-serve features which provide insights and give customers control, like spending breakdowns across merchants and suppliers
Customers pay no monthly account keeping or international currency conversion fees across both business and personal accounts.
The new AMP Bank app is available to both business banking and personal retail customers and can be downloaded from the Apple App or Google
Play stores, with a simple and fully mobile onboarding process designed to
maximise customer security.
Visit AMP’s website to learn more.
[1] Australian Small Business and Family Enterprise Ombudsman, June 2024,
https://www.asbfeo.gov.au/small-business-data-portal/number-small-businesses-australia
The product issuer and credit provider is AMP Bank
Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517