The challenges that come with running a business may have felt greater than ever this year for many Northamptonshire-based SMEs.
Rising costs and a tricky economy have coincided with the introduction of Making Tax Digital which now requires many business owners to keep digital records and submit updates to HMRC multiple times a year, rather than just once.
On top of that, there have been ongoing changes to tax rules, tighter regulations and more scrutiny across the board.
An organisation that is helping businesses to tackle these administrative challenges head-on so they can focus on continuing to grow is Rushden-based accountants, Elsby & Co.
Associate Partner Carina Benzie said: “There’s been a real shift in how businesses are expected to operate – especially when it comes to compliance and reporting.
“Time and time again we hear from clients that they don’t mind doing their work, it’s all the administration and regulations that they must deal with now that is causing them difficulties.
“Instead of one big push at year-end, many business owners now feel like they’re constantly working towards the next submission, the next update, the next requirement. And if they fall behind, things can quickly snowball and they can find themselves facing penalties and fines.
“Dealing with these requirements is often reducing the amount of time they are spending on actually running their businesses if they don’t seek support.”
Taking pressure off growing businesses
Elsby & Co stands apart from the crowd because it has moved away from the traditional, compliance-only accountancy model, favoured by many accountants, that only offers year-end accounts and tax returns.
While continuing to offer these compliance services, Elsby & Co also provides a joined-up finance function covering bookkeeping, accounts, payroll, audit and management reporting so that businesses can access insights as well as support with administration and regulation requirements all year round.
Carina said: “As businesses grow, their finance needs become more complex and often more strategic. Forward-thinking businesses look for accountants who can provide them with guidance, not just compliance information.
“Businesses benefit when they work with proactive accountants like Elsby & Co because we can provide them with regular management information, support with decision-making and performance insights and help them with regulations and administration tasks.”
Growing team offers suite of support
To provide this far-reaching level support to businesses, Elsby & Co has expanded its experienced team and developed a work experience programme which is enabling it to secure the brightest young talent in its field.
Recently, its work experience programme resulted in two new trainees, James De St Aubin and Pippa Warriner, joining Elsby & Co. It has also welcomed Accountants Jack Chesney and Harry Manning, who have nearly two decades of experience of working in the industry between them. Jack has worked with a wide range of businesses, leading audit assignments and supporting clients with accounts preparation, VAT returns and management accounts. Harry has worked across a variety of sectors and supports clients with a mix of accounts and taxation work.
By the end of year Elsby & Co expects its team will have grown to around 40 members of staff.
Elsby & Co Managing Director Claire Emery said: “A big part of our role is helping clients manage their growing administrative burden, not just react to it.
“Building a strong, sustainable team has enabled us to support clients in a variety of areas, including with Making Tax Digital, ongoing reporting and helping them to deal with Companies House filings and compliance. We also provide a tax fee investigation service, to support businesses if they are investigated by HMRC and can act as a sounding board when things feel unclear.
“Our job isn’t just to do the numbers – it’s to take some of that administrative weight off because when business owners aren’t worrying about deadlines and paperwork, they can focus on the growth of their firms.
“The businesses that will thrive over the next few years won’t be the ones doing everything themselves. They’ll be the ones who build the right support around them.”
Companies that want to find out more about Elsby & Co’s services and how its expert team can help can email help@elsbyandco.co.uk, call 01933 312950 or visit their website.
