As a business owner, keeping track of the day-to-day operations of your company can feel all-consuming. Add to that the responsibility of staying compliant with Companies House requirements, shareholder communications and maintaining your company records, and it’s no surprise that things can start to feel overwhelming.
Company secretarial services, although often overlooked, play a critical role in the smooth running of a business. For accountants, offering these services not only supports compliance but also provides additional value to clients, strengthening those relationships in the process.
What are company secretarial services?
At their core, company secretarial services involve managing a company’s administrative and compliance requirements. Despite the name, they don’t typically involve secretarial tasks like answering phones or typing documents. Instead, they focus on ensuring businesses meet their statutory obligations.
These obligations can include filing annual accounts and confirmation statements, maintaining statutory registers, recording changes to directors and shareholders, and managing shareholder communications. The stakes are high – failure to comply with these requirements can lead to fines, penalties or even being struck off the Companies House register.
Why businesses need this support
Keeping up with these obligations is challenging for many small to medium-sized businesses (SMEs). A 2023 Federation of Small Businesses survey found that 41% of SMEs need help to balance operational demands with compliance requirements. This is where accountants can step in to make life easier for their clients.
Company secretarial services give reassurance that a business is staying on the right side of the law while freeing up time for the owner to focus on growth and strategy. By taking this responsibility off their hands, you help clients avoid common errors, such as late filings or incomplete records, which can have lasting consequences.
How accountants add value
Accountants already play a trusted advisory role for many businesses, so it makes sense to integrate company secretarial services into their offerings. Here’s how doing so can create significant value for your clients.
- Compliance made simple
Many business owners need to be made aware of their full responsibilities under the Companies Act 2006. For example, they may need to realise they need to notify Companies House within 14 days of appointing a new director or updating their registered office address. Offering company secretarial support ensures these tasks are completed accurately and on time, reducing stress for the client. - Risk reduction
Companies House said 68,000 companies were struck off the register in the first half of 2023 alone, often due to compliance failures. By ensuring your clients’ statutory obligations are met, you protect them from risks such as fines, penalties or reputational damage. - Improved efficiency
Business owners don’t need to spend hours researching requirements or worrying about deadlines. By handling these responsibilities on their behalf, you allow them to focus on their business’s strategic priorities instead. - Streamlined communication
Shareholder communications and record-keeping can become complicated, especially as businesses grow. Accountants who offer company secretarial services help clients maintain clear, organised records and ensure professional communications, even in complex situations like issuing new shares or transferring ownership.
The competitive edge for accountants
For accounting practices, providing company secretarial services is not just about compliance – it’s about building deeper relationships with clients. Clients value accountants who take the time to understand their business and go beyond number-crunching to offer real-world solutions.
By offering these services, you position yourself as a proactive partner who genuinely supports their success. It’s also an opportunity to attract new clients who might be searching for this additional level of support.
How to get started with company secretarial services
If you’re considering adding company secretarial services to your practice, start by assessing your team’s capacity and expertise. There are several ways to deliver these services effectively.
- In-house expertise: If you have staff with the necessary experience, they can manage these tasks directly. Ensure they stay updated on regulations and best practices.
- Software solutions: Company secretarial software, such as Inform Direct or FirstOrder, can automate many tasks, such as filing annual returns and generating templates for statutory registers.
- Outsourcing: If you’re not ready to use this service in-house, you can partner with a specialist provider. This allows you to offer the service under your brand without investing heavily in training or software.
Transparency is key to whichever approach you take. Clearly outline your company’s secretarial services’ scope, and agree on fees with your clients upfront. Most businesses will see the value in paying for peace of mind and saving time.
Wrapping up
Company secretarial services are essential to running a compliant business, but they can easily become a burden for time-poor business owners. By offering these services as part of your accountancy practice, you give clients the support they need to stay compliant while freeing them to focus on growing their business.
At John Potter & Harrison, we believe in taking the stress out of running a business. Our company secretarial services ensure that your statutory obligations are met so you can focus on what you do best.
If you’d like to learn more, feel free to contact us – we’d be happy to help.
