It’s time for another entry in our fictional case study series, where we take a look at a sector of business that often takes advantage of the cost-effective and flexible London self-storage facilities at ABC Selfstore.
So, introducing, Figuratively Peaking Tax Accountants, a London based accountancy partnership specialising in sole traders and partnership. Just the kind of operation that could help out our Market Traders and Estate Agent’s when it comes to making sure the books are compliant, submitted on time and the good folks at HMRC are kept happy. So how can we help them? Read on…
Being an accountant requires a level head, excellent administration skills and an eye for detail. Not to mention a good brain for accurate interpretation of the UK’s complex Tax rules and regulations. Whether that’s a small specialist operator like Figuratively Peaking – catering for the self-employed – or a big firm responsible for the accounts of some fast-growth Limited Companies, they all need to keep decent records.
In Figuratively Peaking’s case (or just Figuratively as we like to call them) they deal with sole traders and small partnerships. Clients who typically turn up late in the autumn, with three shoeboxes crammed with receipt, along with a carrier bag full invoices – that all need sorting out. Which in turn means a lot of paperwork to trawl through and get into some kind of orderly book, and ultimately requires somewhere to store and keep safe.
Electronic storage of documents might seem obvious. Digitisation of this information is a breakthrough that can help keep the need for physical space down. But it’s also an extra tier of administration to manage and needs to meet certain standards. That often means services from a third-party service provider, which is costly – with rates that can be more expensive than a physical storage facility. Plus, there’s always the worry that information held electronically will be lost. Having physical copies is a reliable reassurance if the Taxman comes-a-knocking for an audit – heaven forbid if the mother of all computer failures beset your chosen computer system – you will at least have a paper backup of those essential archives.
But Figuratively’s clients are not the sort of businesses owners who are going to be digitising every receipt onto their smartphone. They like to work with hard copies. Which is where a storage unit with us might come in. Figuratively can expand or contract the physical space needed at short notice. So when it comes to disposal of documents after the standard 6 – 7 year period – you’ll be able to scale the storage you need depending on whether the paperwork you need to store is growing or shrinking. So if and when Figuratively Peaking does decide to help their clients get to grips with the digital capture of business documents, they can downscale their storage at a pace that suits everyone.