Why Use an Online Accountant for your Business Accounts?

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Why Use an Online Accountant for your Business Accounts?

When you are an owner of a small business, you will want to make sure that you are keeping up to date with your business bookkeeping and accounts. However, along with everything else you have to do each day to keep your company going and to push it forward for greater success, your accounts can sometimes be pushed to the back of the queue or not seen as an urgent priority.

Only when the time rolls around for you to submit your figures to HMRC do you suddenly realise that you have a lot of catching up to do to balance your books and meet your accounting deadlines.

This is why for small business owners who find it challenging to manage absolutely every essential task, it makes sense to look at outsourcing your bookkeeping and accounts to an online accountant or online accounting firm who will be able to manage your accounts on your behalf.

Value added business tool

Online accountants can be a great tool for a small business owner to use as they can take care of all your accounting needs and do all the necessary maths, paperwork and submissions for you so you don’t have to!

A great bonus for having an online accountant handle this for you is that you will never risk missing your HMRC tax submission dates, therefore avoiding the harsh penalties and fines that HMRC inflict for late submission, incorrect figures or non-payment of owed tax on time.

When you are operating your business on a tight budget, using an online accountant will work out much cheaper for you than going down the route of employing a full-time in-house accountant yourself. It may be that your business does not need a full-time accountant on your payroll, so it makes sense to use an online accountant to deliver what you need, when you need it for a small fee that is much less than an annual salary.

There are other reasons for choosing an online accountant. For one thing, because you don’t employ them directly, you don’t need to pay out for expensive overheads such as office space, utilities, IT equipment, expensive accounting software packages etc. There are no ongoing maintenance costs associated with this either.

It may be that you are operating your business from home or from a small rented office. Outsourcing your accounts can help to free up some space in your office and give you a bit of extra elbow room to breathe and spread out your plans for your future growth.

What if accounting isn’t your thing?

For many small business owners, you have to be good at a lot of different things to make sure that your business idea takes off and becomes the great success that you want it to be. However, many business owners will readily admit that bookkeeping and accounts are not their strongest subject and may be one of their least favourite things about running their own business.

There are many entrepreneurs and sole traders who are very happy to hand over this essential task to a professional that they know will do a far better job than they could ever hope to do. It can give you great peace of mind knowing that your business accounts are in safe hands with people who know exactly what they are doing rather than you stumbling along alone trying to keep on top of things, and maybe feeling way out of your depth while doing so.

Leave it to the professionals

Having a trained online accountant at hand, or even a team of trained online accountants, can be very reassuring. After all, these people are professionally trained in accountancy and will be up to date with all the latest legislature, tax rate changes and claimable allowances that your business can take advantage of. Would your own accounting knowledge be in such good shape? Probably not.

The good thing about hiring an online accountant is that you will be hiring someone that is at the cutting edge of their industry with vast knowledge and experience to draw on. They are in a position to help you to get what you need and to get it done correctly. This not only saves you a lot of money by ensuring you are meeting your submission requirements without risk of penalty, but your figures will be correct and free from errors that could prove to be a costly mistake further down the line when HMRC discover that your figures don’t match up. Submitting incorrect figures, even when it was a genuine mistake, can still lead to a costly audit and fines being applied.

What do I need to give to my online accountant?

The information that you supply to your online accountant will be the exact same information that would be needed by your own accountant, if you were employing one yourself. If you use online or cloud based accounting software, then most of these packages have an option in-built that allows you to share your information with a designated accountant of your choice.

If you use spreadsheets or paper bookkeeping systems, then you can give these records to your online accountant as they are actually real live people, so will be able to access your physical books, scanned copies or electronic copies of your records. They will be able to help you by looking at your paperwork, understand what is going on, advise you about any missing information, and make sure that your accounts are well taken care of.

Don’t forget that because online accountants are highly trained professionals with lots of real-life experience, they will be able to offer you specialist solutions, help to reduce risks, cut costs and suggest ways to operate that will help your small business save a lot of money.

When you are struggling to keep on top of all your day to day tasks, a good online accountant can help you by relieving the pressure of your bookkeeping and accounting needs. They will be able to apply 100% focus on your business accounts while you get on with your job of making your business a success.

Choosing a good online accountant has never been easier, especially with The Cheap Accountant service. We specialise in matching your business up with the perfect accountant for your needs. You will want to have onboard someone with the right sector experience and knowledge of your particular industry, so this is why we take the time and trouble to match you up with an accountant that has proven past experience with working with similar clients from within the same industry.

Our network of highly trained and experienced accountant can offer you the flexibility that you may not find from a traditional accounting company. We understand that you work long hours on your business in an effort to make it a success, so our services are made to be built around you and your accounting needs.

Straight talking accountancy advice

If accountancy really isn’t your thing, you don’t need to worry. You may not know, or even want to understand every accountancy term available, but you can be sure that your accountant will be able to explain things in easy to understand English and offer you a consistent service because they completely understand your business and accounts.

You can be rest assured that we will only select and match you with an accountant or a team of accountants that are fully qualified and are registered members of recognised accounting institutions in the UK.

If you are worried about your bottom line, then most of the accountants in The Cheap Accountant network will be willing to offer you a fixed fee package so you know exactly how much you will pay, with no nasty hidden extras or unexpected bills to pay further down the line.

Why not contact us today to discuss your accounting needs. We will be happy to answer your questions and come up with some recommendations that will give you the best approach for moving forward.

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