The UK economy has had two major boosts this week with growth in the economy and jobs market, according to figures from the Office for National Statistics (ONS).
After the nightmare of the Covid lockdowns, job vacancies have hit a record high and wages are growing, while gross domestic product (GDP) is estimated to have grown by 4.8 per cent in the second quarter of the year.
It will be good news for British business, particularly SMEs who are now looking to grow their firms after months of inactivity.
GDP for the second quarter is now 4.4 per cent below the pre-pandemic level at the end of 2019. There have been increases in services, production and construction output over the quarter, with the largest contributors coming from wholesale and retail trade, accommodation and food service activities and education.
It would appear that this has the potential to spark a consumer boom as people look to spend some of the money saved during the long months of lockdown.
That would make it a busy time for accountants as SMEs seek funding for extra growth and look to invest in the latest technology to keep track of their accounts and communicate with their accountants.
They in turn are busy looking after the growing needs of their clients as the economy expands again and would be wise to look at the potential of outsourcing. Whether firms or their accountants have staff returning to the office or working from home in a hybrid fashion, communication through cloud-based technology is key.
GI Outsourcing can give support in traditional areas like tax matters, bookkeeping and payroll with dedicated staff, saving time and the expense of hiring staff and can also help with getting you up to speed with the latest cloud technology, which allows access to databases at the tap of phone, tablet or computer key from anywhere in the world.
As HM Revenue & Customs’ Making Tax Digital programme gathers pace, cloud accounting packages can prepare business for these important new methods of working. It is vital all are on board for these major digital changes affecting taxation.
Using the very latest accountancy software suppliers, including Xero, Quickbooks, Freeagent, Sage, and Dext, GI can tailor support to your needs seamlessly, merging old systems with new and migrating data where needed.
The technology is changing almost daily with updates to apps and programmes and we are keeping pace with it through a team of dedicated cloud experts. We aim to go the extra mile for our clients.
More than ever, business needs as much support as it can get as we face the challenges of growing the economy post Covid. We can help harness cutting edge technology in the right way, which will smooth the workload and ultimately produce cost savings for clients.
Contact our UK-based team of account managers today to find out how we can help your firm.