If you use accounting software, does that mean that you can take care of everything yourself and there’s no need to hire an accountant?
Most accounting software is not meant to replace the role of an accountant. What it is meant for is to give you a better overview of your business finances.
Accounting software helps you gain an understanding of the cash flow in your business, and understand your transactions better. Especially if you use features such as recording expenses and entering payments.
While this can be enough when starting out, once your business begins to grow and finances become significantly more complicated (not to mention tax filing requirements), it is a good time to consult a professional.
At the bare minimum, you’ll most likely need to to speak with a tax consultant before tax filing season.
So what does an accounting programme do?
Accounting software helps you stay organised throughout the year. It makes it easier for you to communicate and work with your accountant when necessary. This means saving you time, and saving your accountant time (which saves you £££).
It also helps you maintain a better understanding of the financial health of your business. You know exactly where your money is going, how much is coming in, and can see the balance.
So how do you work with an accountant?
3 tips for a good working relationship with your accountant
1. Invite your accountant to collaborate in your accounting software
You can do so easily in your Debitoor account by clicking on ‘Contacts’ then ‘Accountant’ and clicking the ‘Invite Accountant’ button.
Your accountant will then have read-only access to your data and can review it as needed.
2. Data export made easy
Not all accountants are accustomed to working with online accounting software. For those, Debitoor allows for easy export of all the important data to either Excel or .csv format.
3. A win-win situation
When you manage your accounting in online accounting software, you’ll be better organised, which will undoubtedly make your accountant happy.
Both of you will spend less time updating or correcting documentation of your company’s financial transactions and will save time and money.