Nearly half (45%) of small businesses in Birmingham are spending
up to one day a week on financial admin such as VAT returns,
monthly accounts and tax issues according to findings from
workplace provider Regus.
As the 31 January tax return deadline looms for small business,
a survey of 80 companies with less than ten employees found that
more than one third (37%) spend three days a month on time
consuming VAT tasks. A quarter (28%) are bogged down with the
complexities of paying staff for a further day each month. And over
two thirds (69%) of small businesses in the city believe a day a
month is lost due to bookkeeping chores.
Add to this employment issues and legislation queries and a
small company could find itself spending almost as much time
keeping its books straight as it does dealing with customers, a
situation not helped by the confusion caused by three changes in
VAT in two years.
The findings are published as Regus announces the launch of a
new range of products for its customers in Birmingham. Bepro
includes a suite of options which take the burden out of running a
small business from monthly bookkeeping to a managed payroll
service for up to ten employees, which Regus is offering free to
customers for 12 months.
Howard Rosenberg, Managing Director of Regus Professional
Services, says: "Our survey shows that many small firms in
Birmingham are effectively 'downing tools' to work for free one day
a week, which is not an effective way to run a successful
business.
"Bepro is a cost effective solution for everyone struggling to
keep up with the financial demands of running a company.
Outsourcing the financial admin side of managing a small business
brings peace of mind that VAT or monthly accounts are being done
correctly and allows entrepreneurs to unleash their potential and
concentrate on what they do best - generating ideas and increasing
their profits."
The Bepro services include three key elements to free up admin
time for small businesses:
Accounting - including monthly bookkeeping, management
reporting, VAT returns, Directors' tax return + end of year filing
and a business advice line;
Payroll - including setting up payroll, payslips for all
employees and processing of all HMRC forms;
HR - including bespoke document drafting, tailored contracts of
employment and a comprehensive legal expenses insurance policy.
Regus customers can pick and choose from Bepro services to
create a package that suits the size and nature of their business.
The products range in price from £35 a month + VAT to
£65 a month + VAT depending on the options selected and are
now available to all Regus customers.