A new tax year

With the new budget for 2012-2013 nearing, businesses will be waiting with baited breath as to what the new tax year will hold. Many will be looking for strong leadership and a definite budget to lead the UK away from grim forecasts of recovery and towards a more optimistic and secure outlook. The Office of Budget Responsibility (OBR) currently predicts on current policies that output may not recover to its pre-crisis level until perhaps 2014. However in the services sector, there have been glimpses of optimism and growth, with the recent Markit purchasing managers’ index survey of the services sector indicating that modest expansion should be expected moving into Q2 with companies’ expectations climbing to the highest in a year.

Whatever the new budget may hold, it is vital that businesses protect their bottom line. This is achievable through a strong focus on billable hours and ensuring that profitability continues. Through using the right enterprise resource management tools, businesses can gain a clearer insight into how employees are working and how clients are using the company’s time. This insight can empower businesses to identify where time and resource is being used and adjust business models accordingly. Whatever challenges the new financial year may bring, it will be the businesses that retain their focus on the bottom line and remain profitable that will come out on top.

 

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This blog

As the saying goes, knowledge equals power. But knowledge can also equal profit, as informed decision making and real time business insights give Accounting firm Partners the ability and empowerment to shape their business success. In this blog series Chris Duddridge, Business Director at Deltek, a global software company with a track record of helping Accounting firms improve their bottom line, shares his experiences of guiding clients to improve visibility of their operations, reduce administrative costs and ultimately, run a more profitable business.

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