In the past decade, the technological wave has significantly changed the business landscape by empowering small businesses. The realm of accountancy has reaped the lightening efficiency brought by this wave through accounting software. Mundane and laborious tasks requiring painstakingly effort and attention now lie mere clicks away from completion.
Yet, accountancy as a profession does not seem to be receding to the periphery. An accountant remains a highly valuable asset to any business. Hence, to decide whether to hire an accountant or buy a software does not have a simple answer.
As a small business, you need all the help you can get. Resources are low, avenues are few, and time is always moving forward. A software provides invaluable help in terms of dusting up finances that need to be sorted out. Meanwhile, to draw meaningful conclusions from your finances, the eyes of an accountant aren’t any less valuable either.
So, before we make the final call on Hiring an Accountant vs using a free software, let us look at the functions and benefits of both.
Benefits of an Accounting Software:
Whether it is filling invoices, generating financial statements, managing accounts receivables, an accounting software not only does not err in getting get it done but also lets you take the backseat. By automating these processes, an accounting software lets you focus on other aspects of your business.
Cutting costs is to a business what research is to science. You can purchase an accounting software completely free, allowing you to make investments elsewhere.
An accounting software can be seamlessly integrated into different dimensions of your business whether it is connecting your credits cards or paying taxes.
Operating through cloud based technology, you can access your data from anywhere, anytime. Strolling across the rocky shores of Australia on vacation, you can catch a quick glimpse of your finances, no matter what device you are using.
Scanning and reproducing documents can be accomplished through a software. Accounting Software’s Optimal Character Recognition (OCR) feature allows you to scan unlimited invoices.
Benefits of Hiring an Accountant
Having looked at the prowess of an accounting software, it is important to approach the next question: What does an accountant do?
While a software can assemble and structure financial data, it cannot extract insightful information from it. A business needs to constantly evaluate its performance. Accountants can glean financial trends from the data. This helps your business move forward by making intelligent decisions based on concrete numbers.
Despite all strides in efficiency, technology can never replace the comfort and connection of a human being. Moreover, having an accountant provides the security of knowing your business is following the financial limits set by the law.
Simply incorporating an accounting software does not take away all responsibility from dealing with the financial aspect of your business. You still have to add information into the software. With an accountant, you can completely ease off handling financial data. All you need is to be debriefed by your accountant.
Consensus: Accountant or Software?
Both options provide plenty of benefits. The mundane mechanical handling of financial data is done swiftly by an accounting software. An accountant goes a step further and extracts important information from that data.
Considering this, it is extremely hard to choose one over another. So, to conclude our analysis, we recommend using both!