Why you will Benefit from an Online Accountancy

By: Jane Harlow

All businesses in the UK have to keep accurate business records in a timely manner. This is primarily to provide records for your business to HM Revenue & Customs, to prove that you are compliant with regulations and legislation. You also need to maintain accurate and up to date business records to keep track of the company’s profitability. As HMRC introduces Real Time Information, every company will have to keep accurate records on a regular basis. The process of book keeping can be a laborious and time consuming task, especially if you have to contact your accountant periodically, taking all your paperwork with you. A more popular solution for a number of businesses is online accountancy.

Accountants can provide the same service to clients online as a traditional accountant can provide via regular face to face meetings. However, online accountancy allows the accountant to keep prices as low as possible without cutting the service standards. Using online accounting allows you to send in statements and invoices on a regular basis, so that your records are maintained in a timely manner while being accurate. Documents may be submitted to your accountant in real time so that you are always aware of your current financial situation. Documents can be filed instantly, reducing the likelihood of postal delays or valuable documents being lost. Traditional mailing services aren’t required if you use online accountancy, saving time and money – both valuable resources.

Keeping traditional paper records for your business requires a large amount of storage space that is secure. Online accountancy removes the need for the storage of paper documents, resulting in less space being required at your office. Records can be kept online, filed in organised folders and kept as files or documents. The Internet provides opportunities for business owners who are looking to build their companies at a low cost. Accountants are increasingly using the Internet to help them reach a wider audience while providing a first class service at a lower than standard cost. One concern for business owners is that they won’t have contact with an actual accountant, but a reputable accountant will provide access to an adviser whenever necessary – without extra cost.

Online accountancy allows a business to look further afield for an accountant, rather than having to outsource to a local accountancy that may not offer the same quality of services. Online accountancy means that you can send documents to your accountant whenever you like and from wherever you like without worrying about the cost or the time of day. Having instant access to the company’s financial information can help you make crucial decisions without having to visit your accountant face to face. All the latest information is held so that you have an accurate financial summary and forecast. As a number of organisations now work increasingly online, including HMRC, online accountancy is beneficial to all. Filing dates will be adhered to as all relevant information has been submitted to the accountant in a timely manner. Online accountancy is simple, quick and low cost.

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Jane has worked for HMRC as well as for several leading accountants in the North West. She now writes for online accountancy firm Taylor Roberts Accountants. Read more here: www.taylorrobertsaccountants.com

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