Stratford-upon-Avon
13 The Courtyard
Timothy's Bridge Road
Stratford-Upon-Avon
Warwickshire CV37 9NP
Companies House is entering a new era of enforcement as it begins making greater use of the powers granted under the Economic Crime and Corporate Transparency Act. The aim is to improve the accuracy of the Companies House register, strengthen confidence in UK businesses and help tackle economic crime.
For many years, Companies House acted primarily as a recipient of information submitted by companies. Under the new regime, it is taking a more proactive role in reviewing information, challenging inaccuracies and investigating suspicious filings. This means company directors can expect greater scrutiny of the information held on the public register.
As part of its latest business plan, Companies House has confirmed that it intends to carry out hundreds of thousands of compliance and enforcement actions. These activities may include querying information that appears inaccurate, removing incorrect data and taking action against those who deliberately misuse the register.
For small business owners, the message is straightforward. It is becoming increasingly important to ensure that all company information is accurate, complete and up to date. This includes details relating to directors, people with significant control, registered office addresses and annual confirmation statements.
The introduction of identity verification requirements is another important part of the reforms. Directors and certain other individuals connected with companies will need to verify their identity, helping to improve the reliability of information held by Companies House.
While the vast majority of small businesses operate honestly and have nothing to fear from these changes, greater enforcement activity means that errors and omissions are more likely to be identified. What may once have been regarded as an administrative oversight could now attract unwanted attention and require corrective action.
Business owners should therefore take the opportunity to review their company records and ensure that all filings are accurate and submitted on time. A little attention now may help avoid unnecessary complications in the future.
Grenfell James Technology Adoption Index
How does your business perform against others adopting financial tech? Find out with our interactive diagnostic:
1.
How does your business receive invoices?
A)
Invoices are mainly received in paper form
B)
Invoices are mainly received by email
C)
Invoices are emailed then automatically forwarded to a designated mailbox
2.
How are purchase invoices processed?
A)
Invoices are entered manually
B)
Invoices are attached to manually raised invoices
C)
Automated software (e.g. ReceiptBank, 1Tap, HubDoc etc) collates invoices
3.
How are accounts processed?
A)
Using Excel/paper-based
B)
Using Computer-based, offline software
C)
Using cloud-based accountancy software
4.
How often is business data revised?
A)
Data is updated annually
B)
Data is updated quarterly
C)
Data is updated monthly or more often
5.
How is banking updated for your business?
A)
Banking is updated manually
B)
Banking is updated by imports
C)
Banking is updated via a live feed
6.
How are bank payments made?
A)
Bank payments are manual
B)
Bank payments are made using bulk imports
C)
Bank payments are made directly via accounting software
7.
How are bank receipts reconciled?
A)
Receipts are chased and reconciled manually
B)
Receipts are chased and reconciled automatically
C)
A third-party platform is used to chase debts and collect fees
8.
How often are management reports produced?
A)
No reports are provided
B)
Reports are provided but often too late to be valuable
C)
Reports are automated with real-time information
Score 8-12:
Curious Exploration
Your financial technology phase is Curious Exploration
% of respondent businesses are in this phase too.
Switching accountancy systems may seem like an upheaval, but can be much more straightforward than most businesses imagine. From talking to our clients, they have found moving from paper invoicing and desktop-based accounting software to the cloud and apps quickly makes the transition process a worthwhile investment of time. Digital accounting solutions bring in streamlined processes, up-to-date business data and greater confidence in the accuracy of information when making financial decisions.
Grenfell James works with your team to fully assess the needs of your business and minimise the impact of any transitions for solutions we recommend.
Score 13-19:
Measured Discovery
Your financial technology phase is Measured Discovery
% of respondent businesses are in this phase too.
Once cloud accountancy software is in place, there’s still plenty of scope to improve your accountancy processes and make sure your business is maximising the benefits of adopting a digital accounting solution. Grenfell James assesses each business to understand how any implemented solutions are being used, identify areas for improvement and the needs of the business overall to support your business goals and achieve success.
Our team of experts can discuss a range of time-saving automation and get different apps and cloud-based solutions talking to create and manage a digital accountancy eco-system to help your business grow.
Score 20-24:
Bold Innovation
Your financial technology phase is Bold Innovation
% of respondent businesses are in this phase too.
You know the benefits of accounting technology and the impact it can have on your business goals. If you want to take it a step further, our team can conduct a systematic review of your processes, apps and business goals to ensure your digital accountancy ecosystem is keeping pace with the changing needs of a growing business.