As a small business owner, have you ever wondered if your accountant is giving you the best level of service, or if your accounts are being managed in the most efficient way? Are you a bit hazy as to what your company currently looks like on paper?
Online cloud-based accounting is revolutionising business financial management, providing a solution that’s easy and efficient, with costs that are transparent and up front.
Here are five signs it might be time that you switched to cloud-based accounting.
1. Your accountant charges you for advice
Business accounting isn’t necessarily cheap, but it shouldn’t break the bank. If you find that you’re paying over the odds for the complete package from your accountant, or being charged every time you need a little advice, it may be time that you switch to a more transparent service.
With our service packages, what you see is what you get. Our Sublime+ Premium solution is available from £300 per month and includes year-round one-to-one support with no hidden fees.
2. You’re having to create endless spreadsheets
Why have endless spreadsheets bouncing between you and your accountant, clogging up your computer when you could have everything you need readily available online?
With HMRC’s Making Tax Digital initiative set to enforce quarterly tax reporting upon all businesses by April 2020, the last thing you want is a quarterly task of sifting through multiple backup files trying to identify the correct one.
With a cloud-based accountancy service, you and your accountant have access to the same document. This allows you to share and update data in real-time whilst negating the need for duplicate spreadsheets, making a simpler process all-round.
3. You have to book appointments with your accountant during work hours
With a cloud-based accountancy service, you can access your business information and manage your tax and VAT affairs online via smartphone, tablet or computer. Signing up to a premium package means round the clock phone support is also available.
With everything you need to know about your company finances just a few clicks away, you can dedicate more time to what you do best: running a business. There is no need for any more time consuming appointments with your accountant.
4. Your accountant doesn’t explain your financial statements
As a small business it’s highly unlikely that you have an accounts department, so the likelihood is you need some assistance in understanding your financial statements. Your accountant should be explaining your financial statements to you and eventually teaching you how to review financial information on your own.
Cloud-based accounting often provide office hours assistance. With our services, all of your information is broken down right in front of you. With Sublime+ you even have your own dedicated adviser ready to answer any questions you may have, easily accessible over the phone or online.
5. The tax deadline is a source of serious stress
Every year the tax deadline comes around – not to forget the payment on account deadline – and is preceded by countless warnings from accountancy providers. Nevertheless, there’s always a handful of small business owners at panic stations, running around with a bin bag full of receipts on 31 January.
They don’t have an online accountant. With the cloud you can import banking data and keeping on top of invoices and expenses throughout the year, meaning you can ditch the bin bag. With all of your data already in front of your eyes, you also get a real-time forecast of your tax liability, meaning no nasty surprises to compound the January blues.
Is it time you moved to cloud accounting?
If even just one of these strikes a chord with you, it’s time you considered trading in your accountant for a cloud-based provider. Have a browse on site to see what Sublime can offer your business, or give us a call on 0330 053 8100 to speak to a member of our expert team.