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BENEFITS OF ONLINE ACCOUNTING FOR SMALL BUSINESS

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As a small business owner faces an increasing amount of responsibility during the day to day running of the company, it makes sense to outsource the accounting to a reputable accountant. Previously, the owner of a business would have to visit the accountant perhaps once or twice a year to provide information, while any queries were time-consuming and costly to remedy. As technology has progressed, online accounting has made it much easier and cheaper to deal with year-end accounts.

Rather than having to pay a visit to your accountant, you can work together remotely thanks to the introduction of new software. If you have a query about your accounts, you can use any computer to log in and send an email to your accountant. A reputable accounting firm will respond as soon as possible.

How else can online accounting be beneficial?
Online accounting means that you don’t need to retain documentation in the office, as you can securely file documents online, although it is recommended that you back up files on a regular basis. You don’t need to purchase expensive IT software or train an in-house team, as your accountant can deal with all your accounts. Bookkeeping has been made much easier with the advent of online accounting, as all invoices may be scanned and submitted to your accountants.
As HM Revenue & Customs has now introduced online filing for taxpayers and employers, online accounting is the easiest method of submitting your self assessment tax return, with an acknowledgement being issued by HMRC immediately. Security has been improved by the introduction of online accounting, as there’s very little chance of any documentation going astray, unlike with the regular postal service.

Cut costs with online accounting
Online accounting has reduced the number of telephone calls, visits and issuing of letters, which has reduced costs for clients. Queries can be dealt with quickly and easily by email, which keeps costs low and reduces the amount of time involved. The introduction of smartphones means that mobile apps may be used to keep track of your accounts, without having to contact your accounting company. However, a reputable accountant will offer a number of ways that they can be contacted, so that you can decide which method most suits you. As accounting costs are reduced due to the introduction of online accounting, it is also easier to budget accounting costs. An accountant will typically offer a monthly package which is tailored to your requirements and a monthly charge will be applied.
Article by The Accountancy Partnership

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