George Osborne's Brave New World

Last week's post, George Osborne hits the self employed, has convinced me that small businesses will have to cope with major changes over the next few years as to the way they deal with their bookkeeping.

Gone will be the days of dumping their "books" on their accountant once a year so that the accountant can complete their tax return and work out their tax bill.

Accountants will need the figures quarterly and in the vast majority of cases the quality of the record keeping will have to improve. Bank statements and VAT workings won't be enough.
Businesses will have to change their mindset and move away from thinking about accounts as an annual chore and realise that quarterly information will be the minimum requirement.

Accounts are going to become a vital part of every business and maybe, for the first time, they'll be up to date, accurate and most importantly - useful.

Which makes me think that maybe every cloud does have a silver lining.

Days to January 31st