Ditch the spreadsheet and embrace business automation While business automation might seem like something only bigger companies can embrace, there are ways smaller firms can get involved. __________________________________________________________________________________ A recent report by Sage, the cloud accounting software provider, came to a similar conclusion ? that administrative tasks take up a combined 120 working days per year, with accounting taking up over 20 per cent of the total administration time. In fact, the research showed that an increase in productivity of just 5.6 per cent in the UK could lead to an increase in GDP of at least ?33.9bn a year. Mike Cherry, FSB national chairman, said:??Time and money spent by small businesses on navigating the tax system is time and money not spent on innovating, expanding and creating jobs. ?We hear a lot about the need to simplify the UK tax code. In fact, our priority should be simplification of the tax compliance process. Small firms by and large understand a tax like VAT, for example, but the sheer complexity of VAT administration means they spend 44 hours a year filing returns. It?s no wonder the majority end up shelling out for expert help.? Cherry has claimed that the roll-out of Making Tax Digital should be viewed as an opportunity to radically improve the small business user experience of HMRC. He has also called for a break-down of the process, and estimations of tax bills ahead of time to help businesses plan. The complexity of the tax compliance process as it currently stands has driven more than three quarters (77 per cent) of small firms to outsource the process to a specialist. Infographic: Nine inexcusable excuses for ignored invoices
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