Small businesses easily fall into the trap of getting caught up in commercial contracts and ‘fish net’ disclaimers, and easily become tied into something which they actually don’t need. You waste money and more importantly time and it is vital you know who to work with and what tools are best fit for YOU.
Many businesses are now becoming aware of the legal grip that is tightening on how accounts and finances are regulated through the UK system. There is a new method being adopted by many businesses which operates as a template of managing the legalities behind the finance of businesses. The new ‘cofa‘ system is a fairly recent service where solicitors will take care of the legal side with ensuring the business is keeping within the legal requirements. Failure to comply with these legal provisions is resulting in huge fines and costing businesses big time. It is something which insurance and banks are looking at with businesses and are tackling down on the failure to comply with this accountancy elements.