02 Jan Why accountants can help SMEs prosper and grow
Many small businesses in the UK are currently going through an extended period of uncertainty. Worries over the long-term effects of Brexit, combined with an economy that is growing slower than many experts had predicted, has resulted in ambitions for business growth being put on the shelf, to be replaced by the simple desire to remain afloat for the foreseeable future.
However, growing a small business is largely a matter of knowing what tasks to focus on, hiring the right assistance, and being diligent when it comes to getting all responsibilities completed on time. This is where the expertise of an accountant can make all the difference.
Tackling low productivity
According to research carried out by the Federation of Small Businesses, more than half (55%) of SME owners said they were struggling to expand operations because they’re being forced to spend an undue amount of time on administrative tasks. According to the study, the average business admits to losing around 70 hours of working time completing such tasks.
Not only that, but according to the survey, just over two in every three small businesses (67%) admitted they were not able to focus on operating their firms effectively because of the additional burden of doing administrative chores. What is perhaps even more of a concern is that more than three-quarters (76%) of owners would like additional help when it comes to compliance, employment law and any number of accounting jobs.
How can accountants help?
With this research in mind, there are clearly any number of opportunities for accountants who are looking to give small businesses assistance. With so many currently facing difficulties, both with regards to planning for the future and staying buoyant in turbulent economic waters.
Not only can accountants help small business owners do tasks more efficiently and effectively, but they can introduce systems and software that will make much of what is currently manual, automatic. Accounting programs such as Xero, Streamtime and Quickbooks can help small businesses log work time more efficiently, can ensure all accounts are accurate, and can make billing more immediate.
Small businesses most definitely require assistance in some areas, and accountants are very often the people to give them that help. Contact SQK Accountancy today for information or advice.