You can never release your foot off the gas as a business owner. It can be exhausting to constantly search for the best accounting tips to level up your SME and unlock its growth potential. So, let us help you out.
In this article, we’ll give you four accounting tips that will provide your SME with a boost. Let's get to it!
1. Monitor Your ESG efforts
Net zero is becoming more and more of an expectation for most businesses. This goes beyond pledging some petty cash for a social cause! Explore what measures you can implement to reduce your carbon footprint and consider ESG factors when choosing your next vendor.
Keeping an eye on ESG factors can have countless positive aspects for your organisation, from financial benefits to reputational gain and a boost to the material value of your company. With more than 50% of SMEs in the UK interested in applying for ESG initiatives, your financial advisors should aim to supply relevant insights that can identify your best approach to sustainability.
2. Work With an External Financial Advisor
Investing in expert help can bring significant value to your business. Accounting has a crucial part to play in your company's health, so it's vital that you ensure that it's managed well. As 61% of UK small businesses outsource their accounting processes, you can ensure you get quality advice. Depending on your organisation, external financial advisors can cover many parts of your operations, from bookkeeping to payroll and accounts payable.
Through digitised workspaces, you can be connected to your accountant 24/7, providing a secure collaboration space for increased productivity gains and efficiencies.
3. Rethink Your Asset Management
When you start a business, keeping a tab on your assets might not be your priority. However, failing to maintain an asset register can bring severe troubles to your door. The lack of asset management policies can make it tricky to keep track of your purchase history, and subsequently, it could cause you to miss out on capital allowance claims.
4. Level up Your Cloud Game
Long gone is the era of manual bookkeeping. Since the announcement of HMRC's Making Tax Digital Initiative in 2019, cloud accounting is not just a nice to have but an essential requirement for your company.
Besides ticking regulatory boxes, cloud accounting will make your accounting processes significantly easier and quicker. Issue sales invoices or chase overdue accounts with a click of a button! With worldwide end-user spending on public cloud services reaching $309 billion, it's clear that technology trends are also playing an essential part in your finance department.
The Bottom Line
The ever-changing world of SME accounting can be stressful to navigate, even for the most weathered business owner. Here at Sanay, we can help you to bring out the most value in your company.
Reach out to us today!
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