Summary: In short, using online accountants, you will earn more and work less. It sounds like a big claim – improbable even – but it’s true. Henry Ford realised that the answer to modern transportation is not a faster horse but a wildly different approach.
Traditionally your accountant and you operate completely independently with different systems and only once a year do you try to reconcile the information. It is as bonkers as taking your wife out for dinner and you both dining alone in different restaurants, only to convene later on and compare notes! Whilst that on occasions might be tempting, it does not make a good long-term solution. So here are 14 benefits to think about when evaluating whether you should take a more modern approach to business finance and accounting:
“The traditional accounting approach is as bonkers as taking your wife out for dinner and you both dining alone in different restaurants, only to convene later on and compare notes.”
Cheaper – online collaboration means less travel for you and your accountant and more effective use of time over the year reducing costs.
No big annual bills – fixed monthly fees like your other bills puts you in control and avoids those big once-a-year invoices where you often don’t quite know what you are going to pay.
Flexible – most online accountants offer set packages which you can choose and change, up or down, as your business needs change. You’ll also be able to add bolts when they are needed so you only pay for what you need, when you need it – ensuring you always have the right approach for your business.
Work your way & get more done – the whole world now uses email, online meetings, conference calls, hangouts and video calls, and so do online accountants – meaning you can work in a way that suits you and get more done in your working day. This translates to less of those weekend work days and more time enjoying what matters to you.
Better, faster advice – because you and your accountant can see the same information, you can get better advice, quicker and just when you need it – and all at less cost than a traditional accountant.
Better planning – how useful is last years set of accounts in a world when things move so quickly and often by the day? Better to have 24/7 access to your business finances and better still to start forecasting your business so you can better prepare for what lies ahead rather than what happened over a year ago.
Reduce business administration – online accountants can give you the power of ten people – well, almost! By reducing the time to do common tasks such as quotes, invoices, payments and the ability to do those on the move with a smartphone and tablet app you can get your Sunday nights back.
Another pair of hands – the world is full of useful apps to help you do tasks like Uber for taxis, eBay to sell stuff, Facebook to stay in touch, etc. Online digital accountants have their own apps to take the weight off cumbersome business tasks like paying bills, raising invoices, chasing debts and more. You won’t know how you ever lived without them before.
Paperless – if you are tired of keeping mountains of paperwork lying around the place then online accounting can help make that all but disappear. This gives you less clutter, keeps you in control and ensures you are compliant with good record keeping, just in case the authorities comes knocking.
Bookkeeping – a time consuming and costly exercise for most businesses whether done by the owner or an employed bookkeeper. Reduce the cost and time with a virtual bookkeeper application. Take pictures of receipts or bills to pay with your smartphone and just by magic they will appear in your online accounting software, saving you time and money.
Debts & credit control – too many small business owners are also the credit control department, spending countless hours working out who has or has not paid. Too much time is wasted trying to chase those that have not paid as a priority which means never really getting round to thanking the ones who pay on time. Wouldn’t it be nice if this was all taken care of for you? Welcome to the online world and digital accounting where it is possible.
Better decisions – we all know that with the right information we can make better decisions. The same is true in business. Online accounting gives you the information to make better decisions ultimately meaning you spend less, create more revenue and therefore make more profit.
Software, installation, support – software in the cloud means no installation, no backups needed, support when you need it and no risk of losing your business records when you lose or drop the laptop! If you have access to an internet browser, mobile phone or tablet you can access your business finances anywhere, anytime.
Security – bank grade security and encryption as standard with the right product means your data is as safe as it can get and not as susceptible to viruses or hacking as your own business equipment and systems – leaving you free to worry about something else, like whether your favourite restaurant has a table for two free this weekend!
Want to know more about how having an online accountant would work for your business? Click here to find out more about our online accountant services or get in touch.