The Unrecognised Benefits of an Online Accountant

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January 14, 2019
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Whether you are a contractor, freelancer or the owner of a small business, there are unrecognised benefits for using an online accountant.

The main benefit for doing so is to keep up-to-date with your accounts and bookkeeping which will help push your career and business on to greater success.

For many freelancers and contractors, particularly for those who are just starting out, there might be a tendency for maintaining the accounts to be pushed to the back of the queue because they are not seen as being an urgent priority.

When a freelancer is busy working and finding future clients, this is understandable but the accounts will still need to be completed.

Indeed, it’s only when you come to submit your business figures to HM Revenue and Customs that you will realise that there’s a lot of work to do to catch-up and balance your books and meet any accounting deadlines.

Outsourcing their accounts and bookkeeping

It’s for this reason why a small business owner, including contractors and freelancers, may find it a challenge to manage the essential tasks so outsourcing their accounts and bookkeeping to an online accounting firm may be a great business move.

Essentially, the online accounting firm will take care of all your accounting needs, carry out the paperwork and makes submissions on your behalf.

This is a time-saving move and will ensure that any financial deadlines that need to be met will be.

It’s important not to miss HMRC tax submission dates because you may incur penalties and fines for either not submitting the correct figures, submitting late or not paying tax on time.

However, while operating as a contractor or freelancer you may be operating on a tight budget but utilising the services of an online accountant may be a great move financially.

And, let’s face it, accounting is not the most attractive proposition for the self-employed because there are other things that will be more interesting and beneficial to be doing instead.

Undertaking the accounts or bookkeeping for freelancers

There’s nothing to fear with undertaking the accounts or bookkeeping for freelancers and contractors when it comes to running a business but it’s a headache removed by having an expert work on your behalf.

Indeed, lots of sole traders and entrepreneurs will be happy to hand over what is a crucial task to a professional who will carry out this exercise more effectively than they will.

Using an online accountant will bring peace of mind and prevent you from making mistakes and feeling out of your depth when dealing with tax matters. You will also have access to their business experience and there will always be someone available to speak with to answer questions.

For those who may be wondering, you could use cloud-based online accounting software and allow the information you submit to be shared with your online accountant.

They will ensure that the data is correct and ready to be submitted to HMRC when required, so the paperwork is correct and any missing information is rectified.

Online accountants are highly trained and experienced professionals

It’s also important to appreciate that online accountants are not just highly trained and experienced professionals, but they have lots of experience in dealing with freelancers, contractors and small business owners and this is an added benefit for those who are looking for help with their accounts and bookkeeping.

For more help and information about the unrecognised benefits of having an online accountant, it’s time to speak with the experts at biaccountancy.com.

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