intelligent

These policy changes could mean new compliance requirements and business owners will therefore need to embed these into their processes . For example , new laws such as the elimination of zero hours contracts could implicate employment contracts . Additionally , the introduction of new wage laws will force businesses to review their payroll systems .

A data foundation that powers decision-making

All this change will ultimately impact business planning and A & Bs play a crucial role in helping business owners to navigate these challenges . They must provide up-to-date records that consider any tax and employment changes and ensure leaders are educated with compliance requirements and financial implications . With the potential for new legislation and economic shifts , they must also anticipate changes in operational costs and adjust budgets accordingly .

Ultimately , SMBs need to make smart decisions and also timely ones but having poor data leads to making poor decisions . Having accounting records that are not upto-date can also result in delayed insights and , therefore , decisions being made at the wrong time .

Data such as expenses , receipts , invoices and other financial transactions need to be accurate and complete . Outdated systems and manual processes are a hindrance , so reacting to any legislative change starts with having the right technology foundation . However , for firms that still rely on manual processes and outdated systems , that remains out of reach .

Legislation changes can also create a spike in workload , which requires greater capacity . This is where technology and automation also play a critical role . Leveraging automation tools for routine tasks like data entry of receipts , invoices and other paperwork systems , allows bookkeepers and business owners to spend more time on forecasting and planning . Accounting software can then be leveraged to provide real-time access to financial data , facilitating better decision-making .

Technology can also help businesses with compliance tracking . Automating payroll and tax compliance reporting , for example , reduces errors , saves time and reduces the stress of staying on top of multiple policy changes at once .

The potential for legislative changes creates fresh impetus for SMBs to modernise their approaches . Bookkeeping for too long has been behind the curve when it comes to innovation and many processes have become outdated . Real-time data collection equates to real-time reporting , and this powers real-time decision-making – and that should be the ultimate goal .

Given the central role bookkeeping will play in navigating the upcoming changes , now is the time to modernise accounting practices and the data foundations on which they are built and ensure they are fit for the future . �

THE NEW GOVERNMENT IS FOCUSED ON IMPROVING WORKING CONDITIONS , SUPPORTING LOCAL BUSINESSES AND PROMOTING SUSTAINABLE PRACTICES , WHICH WILL ALL DIRECTLY IMPACT SMBS .

Paul Lodder , Product Domain Expert , Dext

Bookkeeping automation enables healthy data and should be the gold standard for businesses . It ensures there is accurate data from the outset , which then feeds the rest of the business and means bookkeepers and business owners can react quickly during times of change .