When it comes to accounting for your business, you may be thinking that changing your accountant is as difficult as changing your bank. Well, as has been proven over the last 10 years where banks are advertising and demonstrating how easy it is to change provider, the same applies to accountants. In other industries, especially retail, the trend over the last decade has seen online trade become equal to or better than high street trade. It will come as no surprise that accountancy is following suit, perhaps a little behind other industries as the aforementioned statement about business owners believing it is too much hassle to change prevails.
Accountancy isn’t a dark art, but it does require a qualified professional to administer your accounts and knowledge of best practice, but if the output is the same, why stick with the same accountant. Accountants are persons who have the qualifications, skills, and experience in an accountancy practice. Not hiring accountants in businesses tend to be one expensive mistake start-up firms makes. There are some key benefits, the main one being the cost. As an accountant will be leveraged across multiple accounts and without the need for personal client visitation and calls, it means one accountant can do more with his or her time. This translates into a cheaper cost per client which is a cost saving that can be passed onto you the business owner. Good accountants off more expert advice as well as information for a business that helps it grow and mitigate it from colliding with the tax man while they save thousands of dollars in taxes. businesses can reap a lot of benefits which are brought by accountants to any startups. Good accountants need to do more than just balancing books for the businesses. Accountants help save time and money for the business owner by allowing the business owner to concentrate more on business development and the growth of the company.
Accountants will help in monitoring expenses and keep track of personal as well as business expenses separate. Another key benefit is time-saving. Accountants will accept accounts submissions online meaning less time filling out paperwork and posting and instead you benefit from instant receipt of submissions to your accountant, which can make all the difference, especially where penalty charges are applied for late submissions by Government departments. Another positive factor is on online accountancy where you are not restricted by geographic location of your business. For high street accountants, you often have to choose a firm that is within a catchment area to allow for onsite visits and audits. With online accountants, this limitation doesn’t apply so you can pick the best firm that meets the needs of your business. With the introduction of online accountants, the industry has seen a shakeup where a firm’s reputation is no longer enough to secure future business. With online facilities to compare the market, firms must now compete to stay ahead of the game. It may well be that your current accountant offers an accountancy service, in which case the transition for change is that much smoother. So if you haven’t before considered an accountant, and your current provider doesn’t offer this service, then take a look now at what is on offer across the whole of the market.