Are you thinking about making the switch to working online accountants? In this post, we have compiled everything you need to know about how it works and what to expect.
Online accountants are much more common than they were a decade ago. As more businesses start to adapt to digital solutions, it makes sense to also have online accounting systems and work with accountants that are experts in online accounting.
Here are some of the characteristics of online accounting, also known as cloud accounting and its advantages over traditional accounting.
You will use online accounting software
One of the main issues you can find with a traditional accounting firm is the fact that they might still rely on older software and be paper-based. Modern accountancy has many advantages and, especially with the introduction of Making Tax Digital – a transformation of the tax administration that makes it more efficient and easier for taxpayers to get their tax right – it is now necessary to work with online software to reap its benefits.
With an online accountancy firm, you don’t need to pay for your own accounting software or do any of the work yourself. You just need to connect with your accountant online and send them all the information they need, which you can usually do easily from a laptop, tablet or even your smartphone by downloading an app.
At Steele Financial, we can help your business adopt online accounting software. We work with Xero, which has a wonderful app that allows you to manage everything, from tax to payroll.
Xero also has its own app marketplace with useful tools for businesses in all industries, which means there is technology available to help your business operate and grow, no matter which products or services it provides.
Same level of support
If you run your own business, you need a team of accountants that can guarantee that your deadlines will be met and who can help answer any questions you may have. Working with online accountants gives you the same support as choosing any other local accountant firm. And it’s not just basic accounting that online accountants can do. They can also provide you with a full range of services that include helping your business plan for the future and achieve its goals.
Online accountants can help your business grow and guide you, for instance, by helping you make accurate financial predictions or letting you know if there is any business funding available.
Meetings from everywhere
At Steele Financial, we are always happy to welcome our clients into our physical office and have a chat with them and answer any questions. And, of course, we can do face to face meetings whenever you want to if that is the way that you prefer to work with us.
However, we know that for their own convenience, most clients prefer to arrange a call or a video call, so that they don’t need to waste any time driving to the office. Online accounting allows you to send and receive accurate information even when you are on the go. You only need internet access to do that and get in touch with us, wherever you are.
Online accounting also allows us to work with clients all over the country. No matter where you are – if you want us to be your accountants, we can work with you.
Perfect for small and medium-sized businesses
Whilst any business can benefit from online accounting services, working online is perfect for small and medium-sized businesses. Chances are that if you are a small business that has recently started, you are already using a lot of new technology, from POS systems to the software you use to issue your invoices.
Accounting software can unify all the other tools that you need in one place, making your life easier. And sharing the information with your accountant is much easier now than years ago when you had to store tons of receipts and bring all the paperwork to your accountant in person.
Specialised small business online accountants know everything about the challenges of running a business and can help you stay on track and reach your goals as a small business owner.
Online accounting is here to stay and will bring many benefits to your business. Do you have any questions about it? At Steele Financial we are online accountants for small businesses and the self-employed. Get in touch with our friendly team.
