If you have set up a start up or you’re running a small business, how you manage your small company accounts is important for the success of your business.
It is possible with online bookkeeping software to run your small company accounts without an accountant, provided you have the required training or knowledge to enter transactions. Advancement of online bookkeeping software is making it easier to prepare small company accounts which is beneficial to the business in multiple ways, but getting rid of your accountant is not one of them.
What happens if an issue with revenue develops or you have to make a major business decision based on your finances?
An accountant is the number one person qualified to talk you through these issues and they still have to sign off on your small company accounts once they have been completed. Your relationship with your accountant all depends on what level of service you require. Do you hand over all of your invoices, receipts and other records prior to return deadlines for your small company accounts to be prepared by an accountant or bookkeeper? Or, do you run your own accounts by doing a little every week and trying to keep on top of them?
Your small company accounts are more than something that just has to be done for legal reasons. They provide a wealth of information on how your business is performing and using this information can help set you up for success. What your accountant does best is provide you with good advice for your business based on what’s in your books. Get the most out of your relationship with your accountant and keep on top of your records with an online bookkeeping software like Big Red Cloud. If you’re not comfortable entering transactions then perhaps you can seek out a bookkeeper. One thing’s for sure you’ll be better off not going it alone.
Related: The importance of cash flow for small businesses, Setting your business up for success
Here at Big Red Cloud we’d like to think that our simple online bookkeeping software can help businesses to succeed. If you’re looking for a bookkeeping software than why not take our Free Trial