Online accounting – busting the myths

Director | Online Account Filing
Chris Goodman | February 27, 2020
Busting myths around online accounting | Online Account Filing

It’s fair to say that most major business transformations tend to be shrouded in uncertainty. Might change from traditional approaches towards accounting to more contemporary ways be such an example? On one hand, you may feel curious about doing it online, but on the other hand, there’s that shadow of a doubt that probably makes you lean towards traditional methods, such as high street accountancy. This article aims to set the record straight in this respect.

Numerous myths as to what makes people hesitant to do their accounting online have found their way on to our radar. However, have you ever given thought as to just how true they are? Let’s examine the most frequently aired.

Myth 1: Online accounting isn’t safe

Let’s face it, most people prefer to do their bookkeeping in physical books. These can be seen, felt, and touched; and for these reasons are considered safe. But what if there’s a theft or the books are lost, or heaven forbid, what if the office catches fire? Boom! The books are gone as are all your records. Would you still consider them being safe on paper now?

In fairness though, you could also point your finger at system crashes, viruses, and onsite backup failures as probable factors concerning digital preparation, right?

However, let’s consider having your data accounted for by online accountants. The data recorded and accounted for is stored at highly secured data centers, secured with high level physical and data security in multiple global locations. Therefore, in the highly unlikely event that your digital data becomes lost, you can always get your hands on it again with relative ease.

Myth 2: Online accounting is expensive

If you do bookkeeping and accounting manually you incur overheads such as buying books, maintaining them in perfect condition (binding, etc.), owning a designated area for storage, etc; not to mention the possibility of human error.

Thinking digitally, you’ve software acquisition costs and then additional costs of its maintenance and additional features. More often than not you’ll end up paying for features that won’t be of any use to you.

Furthermore, you’ll need to buy physical storage devices to back-up your data, which again adds up in terms of cost. Add to this the headaches of updates, backups, bug-fixing, ongoing support, training staff to use it, and well, I’ll just leave it there.

Now in case of hiring online accountants, you are only required to pay their subscription fees These vary as to the amount of work required from them, the complexity of your business, and only the additional services that you need; thus cutting unnecessary costs. Also, there’s no need to hire full-time accountants and train them to do your accounting work. This frees you up to focus 100% on what you do best and leave the accounting work to the experts.

Furthermore, as online accountants are tech-savvy people by the nature of what they do, they use technology to complete the more mundane tasks, thereby reducing more costs and passing on the benefits to you. That’s one reason as to how we can provide our services at such affordable rates if I’m honest.

Myth 3: Once the data goes online, it’s no longer private

As mentioned earlier, records kept in physical books are vulnerable to theft, etc, whereas digital records are constantly prone to hacking, virus attacks, phishing, etc.

However, when you work with online accountants, they make sure that the records you share are restricted between yourself and them. Also, they have a foolproof backup system that stores your records under high security in several locations, ensuring that you never lose your data to either people or circumstances.

Myth 4: Online accounting is for larger businesses

Larger businesses can typically afford to have a well-trained accounting team, acquire customised software and maintain onsite backup facilities; whereas for small businesses it costs too much. This is why online accounting services are a great option for the smaller business and why a dedicated accountant backed by a team of experts is a great relief. See it as hiring an entire online army for your small business! Why not Meet a few of them? My team and I can be seen here

Also, scalability is an enormous benefit for any small business in that as the business grows you can simply increase the elements of your subscription at any time. No need to hire additional staff, no need to add this to the complications that come with expansion. This is the beauty of having access to such a versatile service!

Myth 5: Online accounting leads to wasting time

Maintaining a perfect set of records yourself; such as bookkeeping, running payroll, and preparing accounts tend to waste quite some time in its own right. Everyone’s had those moments when you’re “stuck in the numbers” and struggle to move them forward! This is where online accountants could prove to be a savior.

As experts in the field with all your required solutions, you just simply get in touch with them as and when they’re needed. There are no blockades such as booking an appointment and waiting for your designated time, nor do queries need to be put on hold. All this increases the speed with which your financial data can be kept up to date whilst maintaining paramount accuracy and safety. Rub the magic lamp, find the accounting genie at your service, and eliminate any doubt!

Myth 6: How can you trust someone who isn’t physically visible?

Whilst admittedly not common, we have been made aware of incidences in which dissatisfaction with an engaged professional has arisen as a result of their not understanding a particular industry dynamic and/or being set in their ways in terms of process. There’s no scope for this with online accountants; if you think about it, they are neutral people who do not know you in person. They simply prepare your accounts based on the information you provide them! Also factor in, that every telephone call, email, and live chat is recorded, thus adding an audit trail to transparency and professional service.

Don’t forget that in this day and age it’s easy to carry out a background check too, which can help build trust. Add to this online portal, social media, word of mouth, and even though consumer review websites such as TrustPilot and you have everything you need in place to make an informed decision as to who you would like to work with.

The Truth is...

So, we have discussed the key myths that initially make online accounting a less likely option, which leads me to conclude that online accounting simplifies the complicated and time-consuming tasks of bookkeeping and accounting with ease. Work with us today, let us count the beans and let your core activities flourish; It really is as easy as it sounds.
Instead of judging the book by its cover, why not give it a read?

Director | Online Account Filing
Chris Goodman | February 27, 2020
Note: Please note that the content of the above blog and the aforementioned information are solely for the purpose of awareness and are informative in nature. The content is designed with intent to ease the understanding while preserving the essence and importance of the compliance rules and shall not be considered as an ultimate replication of the rules. Online Account Filing does not own any responsibility whatsoever for any unpleasant event that may arise due to the misinterpretation of a specific part or whole of the information.
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