Why Should I Use An Accountancy Agency?

Accountancy Agencies and Accounting Apps – What’s The Difference?

It seems like there’s an app for everything these days, doesn’t it? But accounting apps sound a little dubious don’t they, accountancy is complex so can an app really replace the professionalism and skills of an experienced accountancy firm?

It might sound unlikely but accounting apps like Quickbooks, FreeAgent, Xero, FreshBooks and many more have all built up substantial consumer bases and are an important part of accountancy services today.

So they are clearly offering a high-quality service, but do they really compare to the professionalism of the more traditional accountancy firms? And which option is best for you to use?

Going Head To Head – Apps Vs Agencies  

Accounting apps like Quickbooks are undoubtedly very useful, however, while they do provide a wide range of accountancy services they can’t match the tailor made service of an accounting agency or firm. Whether it’s an in-house team or you’re outsourcing your accounting needs an accounting firm of any kind should be able to provide a more thorough service for your business. It can let you speak to someone face to face (if you want to) which is lost when dealing with everything online.

Having your own accounting team or outsourcing your businesses needs to one will also save you time. While many accounting apps are designed to be simple to learn and use they can still take time for people to learn the basics of. While using an accountancy agency will give you instant access to experienced professionals and their knowledge. It’s this knowledge that can save you a lot of time and money with things like claiming back Research and Development tax credits being easily missed if you rely too heavily on a web based service.

So while an accounting app does seem like it would be the faster and quicker alternative, that might not always be the case. The financial and accounting process is also different for each business and there’s the very real possibility that an accounting app just won’t be suitable for your business’s needs.

Another important difference for you to consider is that accounting apps give you a lot of responsibility and without the proper skills, knowledge, and experience it can be easy to make a mistake. Having your own accounting team or outsourcing to one will help you reduce the risks of mistakes and in theory make the whole accounting process a much smoother and easier experience.

Accounting apps are also more suited for smaller businesses like sole traders and require time and effort to learn if you want to use them successfully. While they do offer a great range of different functions, they can’t replace the skill and experience of an actual accounting firm.

Tax Advice

If you need any tax advice on something like starting your own limited company having someone you trust giving you the right information is invaluable. Other areas like capital gains tax can be covered by your accountant which will handy as things change over time.

So What Should I Do?

There’s no real one answer to this question, but accountancy services are an essential part of any business so you need to be confident with whatever option you choose. This is why accounting apps might not always be the best fit for your needs, they may be the cheaper option in the short term but in the long term having your own accountant or accountancy firm will likely be the better option.

Size and scope is also another important factor you need to consider, as most accountancy apps are only really designed for smaller businesses. So if you plan on your business to grow then an accounting app again might not be the best match. Accountancy services today come in many forms and they all offer their own individual benefits, so think carefully before making a decision.

 

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