Dear Business Bank, why don't you automatically do my accounting and file my taxes?
I run a small business. I don't have a bazillion employees. All of my transactions go through my business bank account. So can anyone tell me why I spend thousands of pounds on fees and go through endless aggravation every VAT quarter and at every business year end to do my accounting?
My bank has all the information it needs to automatically prepare my tax returns. Most of what my accountant does is move figures around from one place to another and ask me what this transaction was for and what that transaction was for. Worst case scenario, I should be able to log on to my bank account, add some meta information to categorize expenses and income and click a button to have the bank file my VAT returns and taxes.
Can you imagine a world where the accounting costs of small businesses begins to approach zero?
As it currently stands, accounting expenses are just another tax on small businesses. One that could easily be reduced dramatically if banks wise up to this amazing business opportunity.
Yes, business opportunity.
Of course it will cost my bank a good sum of money to implement such a system but just think of the rewards: The first bank to offer this value-added service (which I would definitely pay extra for) will corner the market in small business accounts.
At a time when banking has become a commodity and banks are desperately trying to differentiate their services by one-upping each other on percentages, an automated accounting solution for small businesses would be a killer feature, a unique selling point par excellence.
So, dear banks, would you like to steal my idea and make a zillion bucks with it? Please, go right ahead. And, if you need help in implementing it, I'd be more than happy to consult with you to make it happen.