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For self-employed people, an accountant is so much more than someone that just helps with your tax returns. Accountants are strategic business partners that can provide assistance and guidance across a wide range of challenges related to your business finances and tax obligations. Appointing an accountant can be transformational for small business owners but finding the right one isn’t always easy.
The UK accountancy landscape has changed significantly this century. Accountancy software hit the market in the early 2000s as internet usage increased exponentially. In time, online accountants began to emerge utilising accounting software to provide remote accounting services enabling them to challenge local high street accountants and shake up what was once a traditional sector.
Online accountants offer a different proposition with a focus on leveraging cloud accounting software to provide a more efficient, accurate, cost-effective and flexible service. The benefits of accounting software are widely known and its market penetration will continue to grow due to the Government’s Making Tax Digital Initiative.
In this post we’ll explore the benefits of engaging an online accountant and how Gorilla can help with your accounting needs.
Maximising the Benefits of Technology
Accounting software is the foundation of the service provided by online accountants, including ourselves. We’ve been FreeAgent Platinum Partners since our inception in 2015 and are huge advocates of the many benefits of this industry-standard cloud accounting software which we provide to all our clients inclusive in our accountancy packages.
One of the main advantages of accounting software is the inbuilt automation functionality with the software performing previously laborious admin tasks for you while you work. Thanks to automation, FreeAgent can:
- Calculate your income tax, corporation tax and VAT returns in the background while you work
- Automate your bank feeds and bank reconciliation
- Send recurring invoices and chase unpaid invoices
- Categorise your expenses
- Generate a host of financial reports in real-time
As well as saving you a significant amount of time, accuracy is also improved which reduces the chances of incurring any fines or penalties from HMRC.
Bookkeeping is also made much easier as you can use the proprietary app to scan and upload receipts and expenses as and when they are incurred. This enables you to keep on top of your recordkeeping throughout the year and avoid any backlogs as well as having peace of mind that all your records are digitally backed up and that you won’t miss any allowable expenses.
You Pay Less and Get More
The cost of living crisis and inflation have bitten hard in recent years and getting value for money has never been more important, especially for the self-employed.
The business model that online accountants work to, economies of scale and the efficiency advantages of accounting software will invariably mean that their monthly fees are lower than high street accountants. This enables self-employed people to get a better quality of service for a lower monthly outlay.
We make sure that our monthly fees across all our accountancy packages are amongst the most competitive in the industry. We are big believers in simplicity and transparency so all our accountancy packages are all-inclusive with fixed monthly fees.
This means you get everything you need at one price with no nasty surprises or add-ons and you know exactly where you stand each month, with the peace of mind that all your business and personal accounting needs are in expert hands.
Streamlined Communication
As well as leveraging accounting software, online accountants utilise digital communication to provide a more flexible and convenient service. Self-employed people will often have queries for their accountant, some of which are time-critical, so it’s important to be able to contact them quickly, conveniently and to get a swift response.
Many traditional high street accountants will favour face-to-face communication which can be a major inconvenience. You’d have to contact them, agree a meeting time and then have the hassle and expense of travelling to their premises and back. You might also have to schedule a time if you need a telephone call with them. This can all eat into your time which would be better spent working or winning new business.
Online accountants offer much more convenience and flexibility. Although they will have clients nationwide, distance isn’t a factor and they can be contacted by whichever method is the most convenient to you, whether that’s direct dial, email, video call or face-to-face.
As well as being able to make contact, getting a quick response is also important and that’s not always the case with traditional accountants. We understand the importance of getting a quick turnaround on your queries which is why we have our Client Service Guarantee. If you contact us before 3pm on any working day, we will issue you with a £50 payment if we don’t respond to your query the very same day.
Collaborative Access
Another benefit of accounting software is collaborative access which allows you to grant your accountant access to your accounts within your accounting software.
This promotes a holistic approach and enables your accountant to monitor your business finances in real-time and provide you with advice and guidance when needed. This proactive approach negates the need for regular meetings allowing you to spend more time working and leave your finances in the hands of your accountant.
In addition, they will be able to monitor your record-keeping and address any issues as and when they arise so that everything is in order prior to finalising and submitting your tax returns. It also reduces the amount of documentation you have to send to your accountant. For example, all your financial records are scanned and uploaded so your accountant can access them in the software.
More Time to Dedicate to Your Work
Self-employment is generally very demanding and people that work for themselves will usually be very busy. That is of course what they want because more work equals more earnings. But self-employed people have many drains on their time beyond just fulfilling their contracted work. They have to actually market themselves, network, pitch for and win new work and running your own business also necessitates a substantial amount of business admin.
By appointing an online accountant you delegate the management of your business finances and tax affairs to an expert and receive accounting software which eases the pressure and saves you a substantial amount of time that can be redirected into your core business activities. In addition, the peace of mind of knowing your business finances and tax obligations are being expertly managed is an important factor too.
Gorilla Online Accountants
Appointing the right online accountant can be transformational for small businesses. They can save you time and stress and can even save you money through tax optimisation which can more than offset the monthly fee. With a focus on technology, value for money and a flexible and proactive service, online accountants are well placed to meet the needs of contractors both now and in the future.
We have been at the forefront of the rise of online accountants since we were formed a decade ago and we keep things simple for our clients. Whether you operate through a limited company or as a sole trader, our accountancy packages are all-inclusive with no nasty surprises and a personalised service.
For a fixed monthly fee you will work with your own dedicated accountant who will expertly manage all your business and personal accounting needs and your tax obligations. They will be in your corner to provide unlimited support and advice with a guaranteed same working day response to your queries.
As mentioned previously, full FreeAgent access is included saving you up to £330 a year. FreeAgent makes it easy to digitise your record keeping and will ensure you’re MTD-compliant.
To learn more about our accounting service, request a callback today to speak to an accountant or get an instant online quote here.
