When it comes to running a business successfully and effectively, we really recommend using both accounting software alongside an accountant. Your software is powerful, but it can't do it all.
Why should small businesses need an accountant in addition to accounting software
When making the investment in accounting software, you may feel like convincing yourself about discarding your accountant. However, that’s working under the presumption both a financial professional and accounting software are indistinguishable. It just so happens that both differ in various aspects.
Manual paperwork more often than not, is tiresome and mundane, as well as being very susceptible to human error. The correct accounting software reduces inconvenience and takes the hassle out of bookkeeping – invoices can be produced automatically, with reminders being consigned to any late payers. Payroll becomes extremely manageable, you can govern different currencies and you can also effortlessly track outgoing payments.
Of course, you could pass all of this over to your accountant but in doing so you’d be overlooking one of the most significant advantages of using this type of software – possessing the ability to glance over your financial situation in real-time, the ability to know, at any particular time throughout the year, exactly what your cash flow looks like, what size of tax bill to anticipate and where you are in regards to your aspirations and sales goals. You’ll be able to make prompt, informed decisions.
If you believe that your accountant is only beneficial for balancing your books, you are in need of a new accountant. The obligations of a great accounting professional stretch far beyond mere bookkeeping. Accountants are obliged to keep acquainted of any changes to the law in regard to law legislation so they can guarantee their clients remain compliant.
Accountants are able to help you obtain legal solutions to contract your tax bill and they offer thorough, long term financial strategies to help grow your business.
Benefits of having both financial software as well as an accountant
- Financial software can deliver real-time financial data, which can be utilised by an accountant to make informed recommendations and provide financial advice.
- An accountant can use financial software to automate routine tasks such as bookkeeping and accounting, freeing up more time to focus on strategic financial planning and analysis.
- An accountant can use financial software to generate financial reports and statements, which can be used to track performance and make informed business decisions.
- An accountant can also use financial software to perform financial analysis, such as ratio analysis and trend analysis, to identify areas of improvement for the business.
- Financial software and an accountant working together can provide a comprehensive financial picture of the business, giving a better understanding of the business’s financial health and helping them make better decisions.
Despite software's usefulness, it cannot provide the personal touch that an accountant can. In addition to providing expert advice, accountants are able to help you minimise overheads, improve profit margins, and even grow your business.
The use of accounting software can be incredibly valuable and can make managing your finances much easier. The accounting software should work in conjunction with your accountant, so that both of you can help your business stay tax compliant and efficient.
Why choose Crisp?
You may currently be utilising a form of accounting software, but you feel as if you’re missing particular components. This may be the absence of expert advice and specific guidance tailored to help your business thrive. Or it may just be that personal touch that you’re seeking. If you’re in need of an accountant that will provide clarity over your finances and provide insights on what you can do to help your business flourish, head over to our website to learn more about what we could do for you.