A key pillar in any SME’s business development should be self-knowledge. A key facet of this self-knowledge is knowing what your areas of expertise are, and when it is best to bring in outside help.
In other words, you cannot do everything yourself, and when it comes to accounting, this is especially true.
Why do SMEs Need Accounting Services?
“Managing accounts is often time-consuming. In fact, it’s pretty much a full-time job in itself, which makes it difficult if you’ve got other aspects of your business to think about.”
“SMEs can be resource-poor when it comes to specialist functions outside the core activities of their business, and attempting a DIY approach to accounting has potentially costly consequences”
“There are various HMRC deadlines companies must meet, such as submitting annual accounts and company tax returns. Missing these deadlines can then mean costly penalties.”
Counting the Cost
“For many SMEs, accounting is something they know they need, but at the same time, they’re cautious about.”
This is understandable, where issues like cash-flow are very much in the forefront of the minds of business owners.
“Some professional support represents a real financial commitment, and where margins are tight, this can be challenge. Paying an accountant by the hour is one such challenge.”
Early in 2018, a survey by Barclays Business Banking came to the conclusion that many SMEs were taking a prudent and cautious approach to the New Year.
“In 2019, this is unlikely to have changed with so much economic and political uncertainty on the horizon.”
“Businesses are not in the mood to spend unnecessarily but having clarity about their accounts is something they really cannot afford to be without”
This is where fixed fee accounting provides the ideal solution.
What Does Fixed Fee Accountancy Involve?
With fixed fee accounting, the client pays a single fixed fee each month, within a price band that is dependent upon the size of the business and the services it requires.
“It means smaller businesses, and freelancers working as contractors, can more easily budget for their accounting. They gain all the benefits of having a specialist accounting service looking after their affairs, but none of the pain that comes with an open-ended, paying by the hour service.”
“As a value-for-money solution, fixed fee accounting gives SMEs unlimited professional help and advice, paid for at an agreed monthly basis, with no hidden extras”
“Business support is essential for SMEs, and accounting is one of the fundamentals.”
“If you’ve got a dedicated personal account manager on hand, included as part of what you’re getting on each month, this offers an excellent means of minimising some of the stress of running your own business,” Mike concludes.
To discuss your options for fixed fee accounting, please call One Click Group on 0345 557 1287.
Alternatively, click here to read One Click Group’s Complete Guide to Fixed Fee Accounting Services for Small Businesses.