According to research led by the Bank of England, more than 95% of UK businesses are small and medium-sized enterprises with fewer than 250 employees.
They account for approximately 45% of the UK’s total business revenues and represent 60% of private sector employment. For accountancy practices, small business is a huge market. Practices must understand both the unique pain points of clients across specific sectors, and how technology can solve these pain points.
Beyond this, practices must be able to support growth strategies for small businesses. These businesses have weathered the pandemic and they are facing economic volatility – with talks of a potential recession on the horizon. Strategies for business resilience and accelerated growth are forefront of mind. Small businesses are looking to technology as an enabler.
At Wolters Kluwer Tax & Accounting UK, we have a firm commitment to being digital-first: driving the ongoing shift to global platforms and cloud-based integrated solutions. Our guide to supporting small business covers the following:
- how cloud accounting software can meet growth needs
- remote and flexible working
- Making Tax Digital for Income Tax Self Assessment
- forecasting and supporting small business growth strategies
- automation in small businesses