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Developing online expertise is not a priority for almost 25% of small and medium-sized enterprises (SMEs) in Britain, according to the latest Business Digital Index released by Lloyds Bank.

 

The report, produced in association with Go ON UK, a charity that encourages people to build up their computing skills, and management consulting firm Accenture, measured the digital abilities of charities and SMEs.

Although the paper indicated a slight increase in the number of companies becoming digitally active, 23% still do not have the necessary skills to run an online business, use e-commerce, maintain a website or engage with social media. The percentage of charities that don’t have the required skills has increased to 58%, up by three points since last year.There are many challenges still remaining when it comes to understanding the benefits of having a digital presence, with a quarter of companies believing that being online is irrelevant.

Just over 25% also believed that they have already taken sufficient action to welcome web-based business.

According to the report, a company that has sufficient digital experience and knowledge is in a better position to experience success, with businesses and charities that do more likely to see an increase in funding and turnover during the last two years.

Over the last year, more than 100,000 small businesses have reportedly acquired the necessary digital skills and recognised the benefits. However, more than a million charities and SMEs have still to recognise the potential of an online presence and to gain the required expertise. Among the benefits outlined by the paper are time savings, the ability to reach a wider audience, and likely increases in revenues. The number of those citing a lack of time as a reason for not having digital skills has increased this year, from 14% to 20%.

Online accounting

The digital world has many benefits, including access to online accounting services. A company that outsources accounts and finances to a web-based accountancy will soon reap the rewards.For example, the payroll will be made much easier by using accounting software rather than keeping manual records. All the information you need can be accessed easily and kept up to date with a few online entries.

Online accounting is also a much more cost-effective method, rather than traditional accountants where you have to arrange meetings and rely on the post for delivery of important documents.Security is another benefit of online accounting, along with ease of access to information. If you want to know more about the benefits of going digital, give us a call at The Accountancy Partnership.

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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