One in Five UK small businesses struggle with bookkeeping basics
August 14, 2015
For many cost-conscious small businesses, an accountant can be deemed an unnecessary expense, which can lead many business owners to forgo one in favour of doing the books themselves.
However, new research revealed in a YouGov survey suggests that this tactic may be a false economy, as 20% of small business owners revealed that they rely on pen and paper to keep track of accounts. Furthermore, 8% of respondents admitted to feeling anxiety about filing a self-assessment or corporation tax.
While it may seem that tending to the books, chasing invoices and managing tax returns in-house can save money, the facts point to the opposite. In fact, a quarter of new UK businesses declare insolvency owing to late or non-payment of invoices, with poor credit control costing UK small businesses a whopping £20 billion annually. Furthermore, statistics also show that the average amount UK small businesses face outstanding at any one time totals £39,000!
Luckily, bookkeeping, credit control, year-end accounts and tax returns can be made easy with affordable accounting services from Berics.
How Berics can help
If you run a small enterprise, you need help and support from an accountancy firm that understands your needs.
Outsourcing your bookkeeping and credit control can boost productivity, reduce outstanding payments, and ultimately save you a great deal of hassle, time, and money. Placing your company financials in the hands of a professional can help you maximise your tax benefits, and ensure that your business is compliant and efficient at all times.
Substandard bookkeeping can make a headache of things like VAT, payroll and tax returns, and missing filing deadlines can result in a hefty fines. With ongoing support from an accounting firm, you can make sure you maximise your tax benefits, and file within deadline. Outsourcing your bookkeeping also provides you with more time to focus on your core day-to-day operations; it’s estimated that 158,000,000 man-hours are lost by UK small businesses that have to chase outstanding invoices, time that could be better spent managing other aspects of your business.
As an experienced, nationwide accountancy firm, Berics can help you circumvent these and other common issues. You can ditch the pen and paper, and make light work of keeping track of your finances, as we utilise industry-leading software to manage your accounts. We offer affordable bookkeeping, credit control, payroll services, VAT returns, preparation and filing of year-end accounts, tax returns, and self-assessments. Many small business owners quibble over hiring outside help due to capital constraints, but with the cost of basic services from Berics Accounting starting at just £15, it couldn’t be more affordable to have expert, professional help on your side.
With your bookkeeping operations in safe hands, you can focus on what matters most to you – growing your small business. To learn more about the benefits of outsourcing your accounts, visit us online at www.berics.co.uk, or call 01908 904122 to speak to an adviser.
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