When it comes to organising and tracking financial information for small businesses, QuickBooks has long been thought of as the go-to choice for accounting software. But the question still remains: does this presence of accounting software mean that owners of small businesses don’t need to retain an accountant anymore?
The answer to this really depends on the complexity of the organisation’s financial situation and the individual preferences of the business owners. Read on to find out when an accountant is still necessary.
Comprehensive Software Is Not a Replacement for an Accountant
For many business owners, the idea of getting the most up-to-date accounting software for their operations to replace hiring an accountant can be appealing. And, because QuickBooks makes the accounting process easier, some may think they don’t need an accountant anymore.
However, while QuickBooks can certainly streamline the accounting process, it isn’t necessarily a comprehensive replacement for having an experienced accountant to help with larger financial tasks. As with any software, QuickBooks has its limitations – it can’t perform complex financial calculations that a qualified accountant could do quickly.
Moreover, taking on all of the accounting work for the business can be a huge responsibility. Many business owners oftentimes find that it’s better to leave more complicated aspects of the business’s taxation and financial reconciliation to someone who can perform all of the extra checks and balances that software alone can’t provide.
Advantages of Utilising Both an Accountant and QuickBooks
Leveraging the power of both an accountant and QuickBooks is a great way for businesses to gain efficiency in reporting financial information and ensuring compliance with laws and regulations. This can help small businesses save on costs as their accountant and the QuickBooks software can work together to provide a comprehensive overview of the business’s financial health.
Accountants are particularly helpful for businesses to review things like company performance indicators and maintain accurate financial records. Accountants have much higher qualifications and training than computer software can offer, which makes them invaluable when it comes to assessing the financial performances of businesses.
Moreover, accountants are incredibly knowledgeable when it comes to tax laws and regulations and can provide advice and support to business owners that is out of the scope of QuickBooks.
Many accounting firms offer a wide range of services to small businesses, including assistance with QuickBooks software. At Perth Mobile Tax, we take pride in providing comprehensive accounting and bookkeeping services while showing our clients how to use QuickBooks in a way that’s best for their specific business. To find out more about what we offer, get in touch with us today.
