Based on the 4th quarter data of 2021, 53% of the UK’s SMEs reported a profit in the previous 12 months. However, it’s one of the lowest results in the past decade. In this article, we discuss practical strategies to help you boost profitability, so stay tuned until the end. After all, profit margins measure how well a business is doing, so it’s critical to keep them in check.
No doubt that as a small business owner you will want to know the headline figures but you may also have to do the bulk of the bookkeeping to keep costs down. “How hard can bookkeeping be? I’ll just do it myself.” This isn't an unusual thought for some small business owners but the reality can be quite different.
“Virtual bookkeeping services are scary. They will not work.” It’s a common misconception of those who have not tried yet the various online accounting services. But as soon as they’ve signed up for a virtual small business accounting service, they soon realise the benefits of it.
For many business owners who are trying to keep costs down, they try to do their accounting and bookkeeping themselves. But these areas that can make or break your business success. They are critical in managing your cash. Here are some reasons you must not do it all on your own if you wish to be successful in your endeavour.
Your Outsourced Finance Department to fit your growing business needs
Perfect for small and medium growing businesses serious about their growth and achieving their potential. This program allows you to outsource your entire Finance Department without incurring any costs of hiring whilst maintaining a focus on giving you the holistic financial expertise to enable successful growth.
Perfect for small and medium growing businesses requiring an outsourced/virtual Finance Partner and/or for those experiencing difficulties associated with growth whether that’s cash flow issues or lack of clarity in financial decisions. This service gives you a better grip on your payroll, financial analysis and offers you support in understanding the financial performance of your business including which key areas to focus on. This service enables you to make decisions that will help your business financially.
Perfect for all businesses requiring bookkeeping and management accounting to gain valuable, actionable insights. Outsourcing your recordkeeping will free up your time to focus on your business.