Secretarial services are usually along the lines of answering phones and making appointments, but a company secretary plays a completely different role in a business. While it may not be a requirement for a small business to appoint a company secretary, several small businesses do. The reason for this is that a company secretary contributes greatly to a business and there are many benefits to hiring one.
What does a company secretary do?
Before a small company can decide if they need a company secretary, they must know what a company secretary does. While the specific duties of a company secretary differ from small business to small business, company secretarial services UK may offer services like monitoring finances, maintaining accounting records, and preparing accounts and tax returns.
A company secretary may also take care of various registrations and prepare statements. They will also arrange meetings within the companyā€™s management. These duties and tasks make this an important administrative role in any business and a small company can benefit greatly from outsourced financial management services and company secretarial services.
While a small business may not be required to submit a large number of reports or statements, company secretarial services handle VAT and PAYE registrations as well as company formation and administration.
These tasks are essential to managing a small business and a company secretary will play a huge role in making sure the functions of the business take place without an issue.
Outsourcing your company secretarial requirements
While a small business owner may recognise the importance of a company secretary, they may not have the capacity to recruit a company secretary. Small businesses are usually managed by small teams and expansion, in terms of both company size and staff, can take some time.
Thus, a small business owner may not consider a company secretarial role one that should be filled until the small business is an established profit-making entity. This belief can be a major setback in terms of registration of the company, maintaining regulatory documents, and preparation and submission of relevant accounts and reports.
This is where outsourced financial management services and company secretarial services come in. By outsourcing company secretarial requirements, a small business can enjoy the benefits of having a company secretary without having to bear the entire cost of filling such a role.
There are many benefits of outsourcing and these are some of the key benefits to a small company.
Access to skilled individuals
Hiring skilled individuals is costly and a small business may not be able to afford the recruitment of an accountant or company secretary with years of experience and a wealth of knowledge. Outsourcing to company secretarial services gives a small business access to a pool of talent, skills, knowledge, and experience at an affordable rate.
This can increase the efficiency of the company as the team managing the small company can focus on core business functions and processes, working towards the expansion of the company, while an accountant in Ilford takes care of the bookkeeping.
In addition to this, the small business can pick specific tasks they require from company secretarial services, thus only paying for what they require.
Reduced risk
Registrations, report submissions, and payments can be a lot to deal with when you are a small business working with a limited number of people. There is also more room for error when a small team is required to take on the tasks of an accountant or company secretary in addition to other business functions like marketing and sales.
By outsourcing bookkeeping to an accountant in Ilford, the small business can be assured that cash inflows and outflows will be recorded accurately and submitted to the relevant parties on time. When it comes to tax registration and payments, penalties can be imposed if the small business fails to comply with regulations.
This can be avoided by opting for outsourced financial management services where deadlines and regulations will be adhered to, thus minimising the risk of non-compliance.
These key benefits to outsourcing company secretarial tasks are extremely important to small companies and are why many opt for outsourced company secretarial services UK.