The future of your business should not be left to chance. As a responsible business owner, it is imperative that you take the guesswork and wishful thinking out of the equation and start preparing for specific business situations.

In 2015, the Australian government tagged small businesses as the “engine room of the Australian economy” – they drive economic growth. As reported by the Xero blog, small businesses constitute 97% of all the businesses in Australia. Such a staggering figure presents a good opportunity for your firm to provide small business accounting services.

The month end closing process is one of the busiest period for accountants, new and experienced alike. It is the season of rushing deadlines, payroll processing, closing books, and finalizing reports, all packed in a few days. Even though the same thing happens every month, some professionals just learned to live with it, without doing something to make their month end closing process in accounting more efficient.

With the ongoing crisis, businesses are increasingly relying on remote employees and outsourcing to help them with their business processes. Outsourced bookkeeping services are on demand and they can help small-sized and medium-sized enterprises to manage their accounts in such tumultuous period. Here are the basic services you should expect bookkeeping outsourcing firms to handle:

A series of financial assistance programs have been launched by the British government for businesses in light of the pandemic. Coronavirus support for businesses are provided by the HM Revenue and Customs (HMRC) and partner banks of the government.

Economies around the world are reopening and businesses have made the necessary adjustments to the ‘new normal’ for the post-COVID-19 period. These adjustments will be with us for quite some time and it is important for small businesses to keep track of the expenses associated with them.