The worst thing that can happen to an accountant is when a shoe box is dropped at your office and you must convert this shoe box full of slips into a useable set of accounting data. While this is taking time to complete, clients are getting frustrated for not getting any results in the time they want it. When they receive their invoices for services rendered, they can’t believe how much time it took to complete this simple task. They also complain that this is only an expense for them as they only receive information on how much taxation they must pay and that accountants don’t add value to their business.
Accountants need to manage and train their clients in such a way that the result will complement the reason why accountants studied so hard to become accountants. Accountants need to contribute to the success of their clients! Clients need to contribute in getting their accountants in a position to add value. This can be done by using QuickBooks Online as QuickBooks Online may address the following critical obstacles:
Time involved in the data capturing process always were an underestimated task by bookkeepers and accountants alike, not to mention clients themselves. Accountants always under quote!
For small and medium enterprises, the costs involved regarding bookkeepers and accountants is for sure a big factor. Many companies pay just enough towards a bookkeeper and accountant to get the statutory tasks completed. This normally includes data capturing which comprises the biggest portion of the money spend towards this accounting function. Unfortunately, this then excludes any value adding services by the accountant.
By using QuickBooks Online and utilizing its easy functions, everyone becomes a bookkeeper! It is simple to use and has many benefits. (Please refer to my previous article ‘Introduction to QBO – Part 1: How cloud accounting will make your workday easier). This will result in you saving money and rather paying for value adding services an accountant can supply. It is with these value adding services where accountants come into their own. You need to leverage your accountant’s true expertise. Make sure your accountant focusses on functions that will contribute to your business, to the overall financial health of your business. This will include analysis of your company expenses and planning to be able to make better financial decisions. Optimize the costs involved with accounting services.
Completeness of data
To place your accountant in a position to show off what he learned, you as owner need to make sure all data is captured, complete and available.
It is estimated that an average of 20% of expenses is omitted when submitting your annual tax return and this is mainly due to a lack of bookkeeping and reconciliations. If a shoe box full of slips is submitted there is no way to be confident about the completeness of the data. By using QuickBooks Online daily, all information will be captured, and bank accounts and cash can be reconciled. With the mobile app an additional effort can be made to capture all expenses, with the additional function of electronic filing.
If you understand the process of your accountant and what information is needed, you can keep your accounting fees to a minimum. To gain efficiency, you need to align your financial process with that of your accountant.
Your accountant will only be able to analyze your data and give tax advise if all information is available and complete. He needs to have the full picture in view to be able to come up with a masterplan.
While your accountant is creating miracles, your business continues, and you need to continue doing the day to day activities.
In the past a backup was send to your accountant and when he is finished, he corrects your accounting data via a journal. By doing this you don’t have detail of what he changed or added, thus creating a situation where you are confused and don’t learn for the next time.
QuickBooks Online allows you to add your accountant as part of any subscription you subscribe to. This mean that your accountant has access to your data at no software cost and no excuses from him. This allows him to do all that is needed for the financial statements and tax, while you continue your day to day activities. No issues, no fuss!
Practice management for accountants
Your accountant has the additional benefit of using QuickBooks Online for Accountants (QBOA). QBOA has the benefit to accountants to be able to manage their practice from one place. This include ways to see that you as business owner are keeping on track by allocating and capturing transactions regularly and not let it fall behind.
It’s almost like: Big Brother is watching you!
QuickBooks Online gives you the functionality and allows you the benefit to be using the expertise of an accountant at an affordable cost. Let the accountant do what he does best and assist yourself by assisting him in completing his task as efficiently as possible. You will reap the rewards!
Louis Aucamp, Professional Accountant (SA)
Certified Fraud Examiner