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Better reporting, not simpler reporting needed for businesses

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Wednesday November 9, 2011 at 5:16pm

Xero, the company that develops our online accounting software, is calling upon the UK Government to abandon proposals to simplify statutory reporting for the smallest businesses. Xero believe that there are other ways to address any reporting concerns that the UK’s smallest businesses – 60% of UK businesses registered at Companies House - may have, without requiring yet more legislation. And our response is ‘here, here’.

This follows the Department for Business Innovation & Skills discussion paper “Simpler reporting for the Smallest Businesses.”

Xero’s UK Managing Director Gary Turner has been quoted as saying, “We don’t believe the proposed changes highlighted in the paper would deliver more than superficial benefit and instead, could even be detrimental... What businesses and their stakeholders need is better reporting... In the current economic climate accurate and real-time information is even more important for managing cash flow and returning to growth.”

Gary, how right you are! I’ve lost count of the number of business owners I’ve spoken to over recent years who run a great business but find it really difficult to keep on top of their financial position, due to out-of-date or inaccurate information.

Real time accounting information (which we help our clients get by using Xero Accounts) is one solution, regular monthly management accounts with some degree of interpretation and extrapolation by your accountant is another.

Anything that will help the millions of small business owners in the UK to manage and run their businesses better has to be a good thing. More legislation won’t help. Let’s hope the Government is listening.

Andy Parker
Chartered Accountant Birmingham

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