As global working practices were shaken up and businesses were forced to adopt a remote approach, many turned their attention to online software to boost efficiency. One such task being shifted online included accounting.
Even before the pandemic struck, businesses were slowly becoming digitally dependent. HMRC had even introduced Making Tax Digital (MTD) with the intention of rolling it out further in the future.
The benefits are clear. Online accounting is quicker, safer and often easier to keep track of. So, with things set to be virtual for some time, it begs the question: do you still need an accountant in the virtual world or will an online accounting service suffice?
Here, we highlight why there will always be a place for a traditional accountant – even in these digital times.
Naturally, business owners want to feel in control over their finances. Though in reality, not everyone is capable of managing this aspect of their organisation. From business planning and financial reporting to compliance and payroll, unless you’ve got a knack for finance and tax law, it’s likely you’ll require some additional accounting expertise.
An online accounting service just won’t provide you the same level of knowledge as an accountant who has years of experience.
As well as taking care of all your financial obligations and giving you one less thing to stress over, a good accountant will help propel your business forward. Budgeting and forecasting support mean you can plan ahead and work in a way to maximise profit and turnover.
What’s more, they’ll also be able to advise you on areas where you can claim expenses and compliantly save on tax bills. This is especially important during challenging times as the more money you save, the more you can invest in your business’ future.
There is a way to take advantage of the benefits of a traditional accountant as well as those of an online service. Simply choose someone who uses cloud accounting software.
You’ll be able to access your accounts, view important documents and make contact from anywhere in the world. Although you may not be able to meet with your accountant face-to-face, you can still maintain a valuable relationship with them virtually.
With a knowledgeable accountant, well-equipped in cloud-based software, you can spend more time focusing on your business and less time worrying about the figures. And that’s exactly our approach at Nabarro Poole.
So, if you’re looking for a little extra support during these uncertain times, don’t hesitate to reach out to us at Nabarro Poole. An accountancy team like ours may just be what your business needs.