The Loop - AccountantsSeptember 26, 202600:08:29

UK businesses spend 11.2 million hours a year proving who they are

A Startup Coalition report, with input from Xero, Enterprise Nation and others, reckons UK businesses spend 11.2 million hours a year proving who they are to government. Each check takes about 20 minutes, which is why nobody complains, but 60 per cent of businesses have had something go wrong because of one, from a delayed bank account to held-up finance or a lost contract.

Their answer is BizPass, a single reusable credential for a business. John Toon walks through the report and reckons it's a digital ID in all but name, and he'd rather just have that. Indi Tatla's point is that accountants already do much of this verification, from onboarding to due diligence, and still aren't a protected title. Those should be one conversation.

John also has a fix you can switch on today. Companies House's PROOF scheme stops paper filings being made against your company, and hardly anyone has turned it on. He'd make far more of these things opt-out rather than opt-in.

From episode 6.38 of Digi-Tools in Accrual World, with Indi Tatla, John Toon and Ryan Pearcy.

Digi-Tools in Accrual World is The Loop's weekly accounting tech podcast, hosted by Ryan Pearcy, John Toon, Indi Tatla, Eriona Bajrakurtaj and Ian Gregory.

Full episodes: https://digitoolsinaccrual.world
Newsletter and live sessions: https://www.linkedin.com/company/thedigitaldisruptors/
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