In recent years a wealth of relatively low-cost subscription-based accountancy apps have sprung up leaving many businesses asking the question: do I actually need an accountant if I use a digital platform such as Quickbooks or Xero?
Our answer is simple. Whilst the software will store, manage and analyse your data to a point, an actual human will provide things that technology simply cannot. Importantly the right accountant will understand the unique needs of your business and personal circumstances as well as their own, meaning they can provide the right advice as and when you need it, from tax planning to the latest rules and regulations, which can ultimately improve the bottom line in a way that wouldn’t be possible with software alone.
At Verallo we believe technology and the digitalisation of accountancy has been a huge and positive step change for businesses whatever their size and helps us to be ultra-responsive and provide real-time updated accounts. Ultimately having organised financial records makes it much easier to keep on top of your accounts, file your tax return each year, manage cash flow, budget effectively and make the right business decisions.
Here are just some of the reasons why we believe an accountant is well worth the investment:
• Keeping your books in order takes time and requires a keen eye for detail.
As well as helping with getting the right technology in place to meet your company’s needs we can ensure that your bookkeeping requirements are in check, providing accurate records for when you need them, backed with the correct documentation. Without the right bookkeeping services in place you can risk costly data entry errors, missing out on advantageous tax breaks, losing documentation and operating from out of date books.
• Make better business decisions that impact the bottom line
Having reliable and up to date information on your business is critical. The right accountant will ensure you’ve always got a clear view on short-term cash flow and long-term profitability. Reviewing your accounts they will be able to help remove unnecessary costs and smooth out your cash flow, as well as advise on profitability.
• Improve your cash flow
Falling behind on invoicing can lead to late payments and ultimately disrupts your cash flow. Our accounts team can advise on payment terms and ensure that a system is in place so invoices are issued and paid quickly.
• Get your tax in on time
Avoid the penalties and fines that come from late filing and tax payments. By preparing in advance we can ensure that the tax filing process is simple, stress-free and that no deadlines are missed. Our tax experts can help you plan your taxes ensuring you take advantage of any tax breaks, never underestimate your tax bill and can retain as much money in your business as possible.
• Support with “Making Tax Digital”
HMRC is working on Making Tax Digital, which will change how taxes are assessed and paid. We can support you in this transition.
From book keeping to board level decisions at Verallo we’re here to operate as an extension of your in-house capabilities, helping you protect and grow your profits through a deep understanding of the intricacies and nuances of your business. You don’t get that from an accounting app.