Don't Be Tempted Not to File Your Accounts!

MEPs have approved changes to European Union Rules, which - depending on whether or not the UK chooses to adopt the exemption - may mean that small companies may be exempt from drawing up and lodging annual accounts. MEPs believe that this will 'cut red tape' and 'save very small firms around a £1,000 in accountancy and audit fees'.

Gosh! As much as that!

£1,000 in accountancy and audit fees is peanuts in comparison to the sums you could lose by not filing your accounts - and, incidentally, by failing to take advantage of the credit management tools that are available to to you and making as much information about your Company and its financial status readily available to everyone who needs it.

As Philip King the CEO of the Institute of Credit Management tweeted a couple of days ago: "less info = less credit = less growth".

This mad proposal may be adopted by the UK. Don't accept it at face value as an opportunity to save money and cut down on overheads. Think "less information=less credit=less growth" and look for the tools that will allow you to give more information more easily, get more credit, and grow.