Over 600,000 British micro-businesses admit to missing their tax return deadlines and a third to being overwhelmed by the burden and complexities of accounting.
The research, conducted by YouGov, suggests that poor organisation and inadequate systems may be one of the key reasons for accounting anxiety, as one in five (20%) micro-business owners confess that their main method to manage their financial accounts is via pen and paper, while almost one in six (17%) said they did not have immediate access to all of their important financial data.
Starting and running a business does not mean you carry on doing what you did before but get the money directly from the customer, instead of being paid by an employer. Running a business is a skill in itself and like all skills they either require time from you, the business owner, or an investment by you to a person skilled dealing with paperwork. We have a number of systems available that we would be happy to share with you if you are prepared to make the investment, all of which will mean that you have time to do the things you are good at and yet be completely up to date with your obligations to all creditors (not just to HMRC). You will know at the click of a button what your profit is, how much you are owed and how much you owe to others. This means people will be keen to do business with you because you are reliable which in turn will boost your business.
Don’t try to skimp on the administrative side of your business. If you find yourself overwhelmed, give us a call.