090: Top 3 Business Challenges – Accountant

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Hello! My name's Paul Watson and I'm from Passman Leonard Accountants. We're based in West Drayton and also Hammersmith in London.

We service many small clients in the local area doing all your standard compliance work, looking at your past, but what we really thrive on is looking at the future and helping protect your growth. David has been a client of ours for many years now and he's asked me to explain the three key challenges are likely to be for businesses in the near future.

The first one I'd like to talk about is how you need to keep check of your internal systems, and make sure you're improving and keeping up to date as we move into the digital age.

There's many opportunities out there for efficiency gains, whether it's using social media to communicate with clients, or your supply chain dealing with suppliers, or what you actually offer to your existing clients.

You've got to make sure you're not losing out to competitors as they offer these updated services. But at the same time if you adopt too early it may end up costing you more in the future. So that's the first key issue.

The second one is our dear friends the taxmen. They have been going down this path themselves. They've been developing their own internal systems and we are getting more and more exposed to them every day.

The latest developments are quite worrying in that they look at your Facebook. They can look at your Twitter. They can look at the DVLA...all the government agencies, and they are starting to piece it all altogether. And when they do that they'll profile your life and they compare it to bank statements. They can actually have access to your bank accounts now. Not only to see what's going on, but with certain rules around it, they can go in and just take cash straight from your bank account.

So, there's many, many things to concern you there For example, let's say you bought yourself a brand-new very nice new car. Yet your tax bill is just showing you are earning just a small amount of income. HMRC's going to look at that and go, "How can you afford that car?" So there's many things consider. And as a result you need to make sure that all your evidence, your backing documentation, everything is safe and accurate.

And finally, the last key issue everyone's talking about at the moment...it's the uncertainty in the environment. We have Brexit. We have fluctuating exchange rates. We have various other key things going on about America. There's all this uncertainty which means that are you just have to just plan for the future, but it's so difficult to know what the future will be. So...planning forecasting, it's really challenging at the moment. But you have to keep looking forward at the same time.

They're the key issues .They are all basically around the same point that the environment is changing. We have to keep up to date. We have to stay nimble and flexible as we can try to find advantage against our competitors.

Thank you so much for your time. Passman Leonard here. We are based in West Drayton. info AT passmanleonard DOT co DOT uk or you can call us (01895) 434515.

We love to help wherever we can. Thank you very much.