Why accounting software isn’t a replacement for an actual accountant
According to Intuit, the owners of QuickBooks, 40% of QuickBooks users don’t use outside accountants to help with their finances. In 2017, QuickBooks announced they passed the two million user milestone, and without more recent updates, we can only assume the number of users has continued to climb as they said they would. This means there are over 800,000 QuickBooks users without accountants – an untapped market.
QuickBooks isn’t the only accounting software available. Others, such as FreeAgent, who also market to small businesses, are likely seeing the same trend among their users. So, why are small businesses so reluctant to use accountants?
You can’t automate expertise
FreeAgent, and other small business accounting software, spectacularly streamlines processes by introducing automation, cloud syncing, and better organisation. This frees up time to focus on other aspects of the business, such as product development, growth, or marketing. It saves thousands of small businesses more than one full working day per month they would otherwise spend on administration.
Every small business can and should automate their accounting to save time and money and stay modern. However, there are skills accountants have that you can’t find in a piece of software. A computer is only as smart as the person using it. If that person isn’t a trained accountant, they might miss critical aspects that could save money.
More than mathematicians
Accountants know how to pay taxes efficiently, ensuring you pay your fair share while holding onto more of your money. They know the rules and regulations from HMRC and are on top of any changes to the tax system that could affect you. They know what expenses you can claim, when to file your tax return, and they minimise mistakes. But more than this, accountants can offer expert business and financial advice that will see your business grow to the top of its game – something no piece of software can do for now.
Using an accountant today is less about having someone to carry out calculations and complete payroll tasks in your place. As software replaces the manual aspects of accounting, their rich expertise has diverged into the realms of business advice, growth, and streamlining, something many small businesses could benefit from.
If you’re looking for a reliable accountant to help you keep your finances strong and reach your business goals, look no further than the team at Big Hand. We offer accounting services to free up your time, and expert business advice to help you spend it wisely. Call today on 0161 327 2911 for more information.