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Do I need an accountant, or can I just use software?

A pen laid out on a printed bar graph

Computers, smart tech and AI are playing an ever-increasing role in our lives, to the point where traditional methods are now being phased out entirely. And its not just our personal lives where we can see this happening; the same is also true in business. After all, when was the last time you received a paper invoice?

From stock control to sales, from staff management to finances, computers and AI are increasingly present in our business lives.

However, its not just that theyre being used in businesses; in some cases, they are even replacing employees. So with this in mind, is it time for your business to adopt online accounting, rather than still having a flesh and blood person handling your accounts?

What can accountants add to your business?

In the early stages of owning and running a business, many business owners want to feel in control of their own finances, meaning it's unlikely that theyre looking to hire an accountant or bookkeeper because of the added cost associated with it. However, there are ways that accountants can save you money in the long run.

1. Understanding tax

Accountants understand many different aspects of tax laws and can often advise on making decisions which can help businesses. For example, there may be tax reliefs available which can reduce the amount owed to HMRC.

2. Submitting year-end accounts

When it comes to year-end, businesses need to submit their accounts. For sole traders and partnerships, this is in the form of a self-assessment, while limited companies submit year-end accounts. Sole traders and partnerships may find it easy enough to submit their self-assessment online with HMRC, without the help of an accountant. However, it needs to be kept in mind that accountants may be able to lower the amount owed to HMRC.

There are differences between sole trader self-assessments and limited company accounts. Limited company accounts are trickier to understand and complete, so we recommend always using an accountant for these to ensure they are accurate and correct.

Bookkeeping

A calculator, mouse, flash drive, stapler and keyboard on a desk

While accounting and bookkeeping are often used interchangeably, there is a difference between the terms.

Accounting involves analysing and interpreting data to provide a broad picture of the financial health of the business.

Bookkeeping is the day-to-day recording of financial transactions within the business.

While you may have to pay for an accountant, the cost of bookkeeping can be reduced. If your business is simple (e.g. trading in the UK only), then you may find it more cost effective to use online accounting software such as our sister company, QuickFile.

If your business is a little bit more complex, you can still use online tools, but it's always useful to have someone on hand to assist with those tricky queries, so an accountant or bookkeeper may be useful in this situation.

Where can I find an accountant?

There are many accountants out there, each of whom specialises in their own things, from payroll to self-assessment, from corporation tax to bookkeeping. Finding the right one for your business will take a bit of research, but the tools are available to make this as straightforward and as easy as possible.

Using tools like FindAnAccountant.co.uk can help find one (local or otherwise) that specialises in your required fields. If you need help with payroll, then you can filter them by payroll, and similarly with tax planning and other services.

Or, if you're looking for an accountant to assist with just year-end services, tools like the QuickFile Comparison Service will certainly help put you on the right track.

Please consult your own accountant or bookkeeper for advice tailored to your business.
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