SMEs: Money-saving benefits of downloadable templates and forms

Last Modified 16th of February 2021

It is always wise to explore ways to save money and be more efficient when owning and operating a business but during times of economic uncertainty when so many businesses are winding up or becoming bankrupt it is even more important. This is especially true for small to medium enterprises (SMEs) in the UK because they simply need to work harder and longer to compete with mega corporations in their field. SMEs may not have the operating budget which are corporations have other benefits to downloadable templates and forms which can be cost-effective and time-saving.

Why downloadable templates and forms are cost-effective

When it is possible to download almost any type of spreadsheet in template form, there is no reason to hire extra personnel to calculate such things as expense claims forms and mileage logs either with flat rate VAT or regular VAT. Not only is it possible to save on manpower but when these forms are downloadable online then there is no need to pay a set up fee to have them customised for your business. Most often they are in Excel format which is easily modified and filled in even by novice users.

Time-saving features of fillable forms

It goes without saying that when a form can simply be filled in there is minimal time and effort expended. This frees up workers to do other tasks and expedites whatever job they are doing. This is especially important when it comes time to fill out tax forms for HMRC because they are easily located online and can be filled and then just printed out. Some can be digitally transmitted and others may need to be posted as a hardcopy but being able to access them online is certainly time-saving.

In the end, saving time means saving money so these two benefits are inextricably bound together. Any time a business is able to save time of course it will also mean saving money because that cuts down on payroll. Using fillable forms and templates is one great way to accomplish both in one go.

Bio: Nixon Williams is a team of experienced and dedicated contractor accountants offering services to businesses of all sizes throughout the UK. Click here to find out more.