Can you use Xero without an accountant? Many successful business owners would advise to still have the support of a certified accountant for long-term success – regardless of the type of business you own.
Recommended as some of the best accounting software for small businesses, accounting software programmes like Xero are tools that will require an expert’s knowledge in order to manage and operate correctly. In fact, the design of these applications makes it almost impossible to complete entries accurately without first knowing what you’re doing.
If you’re a small business owner thinking about trying cloud accounting, accounting software can surely help you keep track of your financials. However, there are still many things that you need an experienced accountant for. With that, here’s how an accounting professional can continue helping your business, even as you subscribe to cloud accounting software:
From accessing your financial data anywhere with an internet connection to eliminating onsite hardware maintenance, cloud accounting can streamline processes for your company. However, as useful as accounting software can be, the assistance of accounting professionals is simply indispensable. To fully realise the potential of an accounting software like Xero, an accounting expert can help you automate repetitive tasks and empower your business with the numerous benefits of cloud accounting services.
During this time, your trusted accounting service provider will leverage on machine learning in Xero to ensure all the information is recorded correctly on the cloud accounting software, and in the appropriate account category by exercising professional judgement. Outsourcing professional accounting services can also save companies money in the long run because they know how to use different features in the software and interpret data correctly.
Remember, accounting professionals have more experience with various aspects of accounting than just a user of the software, so it’s best to engage someone who has worked in the field before rather than trying to do everything on your own.
While time-consuming, accounting can do so much more than simply collect and process data. With the most up-to-date data enabled by cloud accounting, an accounting service provider can help you make smarter decisions for your business.
Think along the lines of how while you can find all the information you need on Google, what you really need are the facts and figures that are relevant to your business. With this in mind, it is the job of accountants to identify that for you and generate different reports for analysis.
In the eyes of an accountant, your monthly or quarterly management accounts are essentially critical tools to help gauge the financial health of the company and provide insight on how it can be improved. Equipped with information about what’s happening financially at any given time, this would mean better budgeting, forecasting, and planning which ultimately leads to better financial outcomes for your company in Singapore.
Outside of the accounting software-related tasks, an accountant can also help you file your corporate tax on time when it comes to preparing your annual tax returns. Late filing or non-filing of taxes can otherwise result in hefty penalties as shown in the latest penalty framework for annual lodgements. Especially if you are a new company recently incorporated in Singapore, your trusted accounting service company may also notify you of the relevant tax reliefs to reduce your tax burden.
If you need help with your books and want the accountability of an accountant behind them, Chartsworth can set you up for success on Xero as you migrate to the cloud. Additionally, we offer cloud accounting services as well as other financial advisory services specifically tailored for businesses small and big.