Online accountants have significantly grown in popularity over the last couple of years. More and more businesses are adapting to the digital era and are replacing their current processes with web-based solutions. If you’re the director of a limited company, whether small or large, using an online accountant could help grow your business to the next level. Continue reading to discover the benefits of using an online accountant to manage your businesses finances.

What is an online accountant?

Simply put, an online accountant combines the best of traditional accountancy with cloud-based accounting software – to manage your business accounts and finances. It allows you to have real-time access to your accounts and the support and guidance of a traditional accountant. As everything operates remotely, it gives you the freedom to manage your businesses finances on the go and connect to accountants who are not local to your business, creating a modern and flexible approach to running your business.

As the name suggests, online accountants typically offer their services via the internet, and usually, you can expect to receive unlimited telephone support. There are a host of benefits of choosing an online accountant, and we’ll discuss the seven main benefits below.

What are the benefits of using an online accountant?

Benefit from expert advice

An online accountant is perfect for individuals who prefer a more hands-on approach with their business. Usually, online accountants are easy to get in contact with and they offer multiple avenues of support. This includes quick replies to emails and dedicated consultations over the phone.

Online accountants are just as qualified as accountants you may see on your high street. An excellent online accountant can provide accurate and up-to-date tax advice tailored to your circumstances and goals. And, they’re available to have a chat with you about your business finances when you need one. They offer unrivalled support – often at a much more cost-effective rate.

At Bluebird Accountancy, our Account Managers have years of experience working with contractors and freelancers, and we offer an online accountancy service that is second to none. All of our clients have unlimited access to their Account Manager who is on hand to answer any queries that may arise.

Improved productivity and accuracy

Historically, bookkeeping has been a time-consuming task for business owners and accountants, and you can often spend hours collating information and producing documents. Online accounting software is designed with busy business owners in mind. It makes it easy to upload, save and collate business and financial information – saving your business valuable time and money and preventing simple errors. The software also gives your Account Manager a detailed snapshot of real-time data, allowing them to advise you on opportunities to improve your revenue or manage your finances more effectively.

Increased automation of tasks

Using an online accountant and can drastically improve the efficiency of your bookkeeping. For example, online accounting software such as FreeAgent can automate various financial tasks that would otherwise require you to manually input data. Bank feeds can provide real-time financial snapshots and can automate the recording of bank transactions directly into your accounts. It can also produce invoices and payment reminders and the ability to upload paper-based business expenses and invoices.

A real-time snapshot of your business’s finances

Traditional bookkeeping and accountancy have often been a retrospective task for many individuals and small businesses. Cloud-based accountancy provides a real-time snapshot of your businesses finances and gives you the ability to view transactions as soon as they are completed.

If you still don’t want to manage your own bookkeeping – despite having access to the best software in the marketplace, online accountants can still help you! Bluebird Accountancy would be delighted to quote to take care of your bookkeeping, as well as general accounting requirements.

Compliant with Making Tax Digital regulations

Making Tax Digital (MTD) is part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. VAT-registered companies with a taxable turnover above the £85,000 threshold must keep digital records and submit their VAT returns via approved software. From April 2022, VAT-registered businesses with a taxable turnover below £85,000 must follow MTD rules. Cloud-based accountancy software is built to work seamlessly with the MTD platform, and using an online accountant will ensure your business’ bookkeeping remains compliant with MTD regulations.

Reduced costs

Using an online accountant is a more cost-effective option for many businesses, and many online accountants such as Bluebird Accountancy offer a comprehensive package with a very competitive monthly fee. Unlike traditional accountants, when you use an online accountant, you assume some of the accountancy tasks made simple via the accountancy software. Online accountants can then pass the savings made by the increased efficiency onto you, resulting in lower monthly accountancy fees.

Switch to Bluebird Accountancy today

Gone are the days of messy spreadsheets and keeping track of mountains of paperwork. At Bluebird Accountancy, we specialise in understanding the needs of contractors and freelancers and making it as simple as possible to manage all your bookkeeping using state-of-the-art accountancy software. Your dedicated Account Manager will be on hand to offer expert advice to allow you to manage your limited company effectively.

For more information about our limited company accountancy service, please give our team a call one 0808 301 2389.