IBN Technologies, a renowned outsourcing services provider, has revealed that it is streamlining small business accounting processes in the UK. Recent research from Intuit uncovered that 8 out of 10 UK SMEs credit their accountants with easing inflation concerns, but those without professional support often struggle with financial management.
The survey also found that when businesses lack an accountant, 50% of business owners take on the burden of financial admin themselves, while the other half rely on family and friends (20%) or unqualified individuals (24%) to manage their books. This can lead to errors and non-compliance, and hinder the SMEs’ potential for growth.
In addition, the research highlighted that SMEs without a professional accountant have a 35% decrease in confidence in their ability to handle tax obligations accurately, a 31% decline in confidence when it comes to passing financial audits and a 22% drop in their readiness to meet compliance checks. Therefore, there is an urgent need for expert finance and accounting help.
Ajay Mehta, CEO of IBN Technologies, commented: “Small businesses often overlook the significance of professional accounting until faced with avoidable challenges. Our services bridge the gap by providing them with access to skilled professionals who can navigate complex financial landscapes and ensure compliance.”
IBN Technologies is providing outsourcing solutions to empower businesses to confidently navigate financial complexities and shift their focus from financial admin to strategic growth. This shift can save UK SMEs an average of 59 working days per year, equating to an average cost reduction of £28,000. Furthermore, IBN Technologies offer offshore outsourcing services starting at just £8 per hour, allowing businesses to reinvest these savings into critical growth initiatives.
Mehta concluded: “The misconception that hiring a professional accountant is expensive needs to be dispelled. Our services are not just about saving money; they’re about leveraging expertise, streamlining processes, and ensuring businesses are equipped to thrive.”
IBN Technologies is committed to providing SMEs with the tools they need to succeed in a competitive market. Leveraging expertise in industry software such as Sage, Peach Tree, XERO, QuickBooks, Wave and more, they guarantee access to state-of-the-art solutions and a comprehensive suite of services to meet the exacting standards of UK bookkeeping.
IBN Technologies, a prominent outsourcing services provider, is streamlining small business accounting processes in the UK. A recent Intuit survey uncovered that 8 out of 10 UK SMEs credit their accountants with easing inflation concerns, yet those lacking professional accounting support find financial management a challenging endeavor. This revelation underscores the importance of expert accounting services which IBN Technologies fulfills through comprehensive outsourcing solutions, empowering businesses to confidently navigate financial complexities.
The survey also uncovered that in businesses without an accountant, 50% of business owners take on the burden of financial admin themselves, diverting their attention from strategic growth. The other half resort to relying on family and friends (20%) or unqualified individuals (24%) to manage their books. This approach not only risks errors and non-compliance but also hinders the SMEs’ potential for growth.
Moreover, the survey highlighted the profound impact of this deficiency, as SMEs without a professional accountant admit to feeling 35% less confident in their ability to handle tax obligations accurately. They also face a 31% decline in confidence when it comes to passing financial audits and a 22% drop in their readiness to meet compliance checks. These staggering figures underscore the urgent need for expert finance and accounting help to bridge this gap.
Addressing the challenges confronted by SMEs, IBN Technologies presents a solution of remarkable impact. By outsourcing accounting and bookkeeping services for small businesses, business owners can shift their focus from financial administration to strategic growth. This shift in focus translates to more time and energy being invested in core business activities, innovation, and expansion.
Ajay Mehta, CEO of IBN Technologies, commented: “Small businesses often overlook the significance of professional accounting until faced with avoidable challenges. Our services bridge the gap by providing them with access to skilled professionals who can navigate complex financial landscapes and ensure compliance. The misconception that hiring a professional accountant is expensive needs to be dispelled. Our services are not just about saving money; they’re about leveraging expertise, streamlining processes, and ensuring businesses are equipped to thrive.”
IBN Technologies’ services are not only about financial peace of mind, but also efficiency and cost-effectiveness. On average, a qualified accountant saves UK SMEs an impressive 59 working days per year, translating to an average cost reduction of £28,000. Furthermore, IBN Technologies offer offshore outsourcing services starting at just £8 per hour, allowing businesses to reinvest these savings into critical growth initiatives.
Leveraging expertise in globally recognized bookkeeping and accounting industry software such as Sage, Peach Tree
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.