How To Choose An Online Accountant For Your Business

Gary Green
Gary Green
April 10, 2020

With the coronavirus placing much of the world on lockdown, an online accountant is more vital than ever for many small businesses. In today's article, we'll explain how to go about finding and hiring one.

For many small businesses, an online accountant is a crucial cog in the machine. Is your business is big enough to need help with its finances, but not big enough to need a full time, in house accountant? If so, this article will help you hire the right individual or firm.

If you’d like more information and advice about the financial world during the pandemic, check out our Coronavirus Tips. And be sure to visit our Coronavirus Update page.

What Can Online Accountants Do?

Accounting is now a cloud industry! An online accountant can do anything that an in house employee can do. As long as you choose the right firm or individual, your finances will be well organised without the cost and hassle of hiring in-person staff.

At Key Business Consultants, we can help with:

  • Xero
  • Quickbooks
  • Sage One
  • Freeagent
  • Clearbooks
  • Kashflow
  • Bookkeeping
  • VAT
  • Payroll
  • Annual Accounts

We have also been helping our clients navigate the complicated areas of finance and tax law since the coronavirus outbreak. We are experts in handling statutory sick pay, furlough compliance and applying for small business grants. Check out our article on how to furlough employees for more information.

What's The Best Online Software To Use?

We recommend Xero to our clients. It has a number of features which make it a superb option for small and medium sized businesses, whether you use an external accountant or not:

  • Cloud accounting - stay up to date with your finances at any time, anywhere from any device
  • Fewer errors - Xero can pull data directly from your bank account, eliminating human error
  • Less stress - the software radically simplifies bank reconciliations, paying bills and filing VAT
  • Ease of use - Xero is so intuitive and user friendly, the whole team can get involved
  • Value & flexibility - pay on a simple subscription basis and only upgrade when you need to

If you plan to use Xero for your accounting and bookkeeping, make sure the firm you hire is an expert in the software. Key Business Consultants have been awarded Gold Partner status by Xero themselves and we've even built our own project management system via the Xero partner app scheme.

How To Find An Online Accountant

A lot of people will find their online account via a personal recommendation. If you work with other small businesses, as them who they use. You can always ask to look at case studies to make sure your prospective accountant has helped businesses in the past.

You can also use social media as a tool to identify and check potential firms. make sure the accountant has a social media presence (no social media profiles would be a red flag!). Do they engage with readers and clients? Do they post and share interesting articles? From what you can see, do they seem professional and knowledgeable?

Finally, think carefully what your business really needs. If you are a small business, look for an accountant who has experience with similar sized individuals and companies. Accountants like Key Business Consultants have a huge amount of experience working with sole traders, start-ups, small and medium sized limited companies.

A big firm may well not be up to date on all the ways you can run your business in the most efficient way possible.

10 Questions To Ask A Potential Online Accountant

  1. Why should I hire you?
  2. Which online accounting software do you recommend?
  3. Are you chartered? From which professional body? Can you prove it?
  4. Do you have any testimonials, reviews or case studies?
  5. Do you offer anything beyond bookkeeping and tax compliance?
  6. What are your specialities? Can you help me with EIS/SEIS or R&D schemes?
  7. How do you communicate with clients? Are you tech savvy? Is my data safe?
  8. Can I contact you without incurring additional fees?
  9. Will you deal with HMRC on my behalf?
  10. Are you staying on top of the financial changes around coronavirus? Do you understand furlough accounting?

If you'd like to discuss working with us to manage your finances remotely, please get in touch. Also, if you have any questions about the coronavirus crisis, make sure to check our blog for updates.

Interested in our services?
Fill in your details and a member of our experienced team will be in touch shortly to discuss your needs.
Contact Form Demo (#1)
We adhere to strict GDPR rules and do not reveal or sell your data to any third-parties. For more, please read our Privacy Policy.
Latest Insights
July 11, 2024
HMRC Voluntary Disclosure – An Overview

Most people would agree that when it comes to dealing with their finances, they should be...

July 4, 2024
What Is A Partnership Tax Investigation?

In cases where HMRC decides that they will start an investigation into a Partnership Tax Return,...

June 27, 2024
Enquiries Into Employment Status

In some cases, employers find it in their best interests to have somebody work as a...

June 20, 2024
An Overview Of The DDS (Digital Disclosure Service)

If you want to disclose gains or income that you have not reported to HMRC, you...

June 13, 2024
Credit Card Sales Campaign

Originally set up in 2014, HMRC’s Credit Card Sales Campaign was aimed at individuals and businesses...

June 6, 2024
Advice Regarding Tax Litigation

The term “litigation” is used to refer to a tax dispute’s resolution when a statutory appeal...

May 30, 2024
Let Property Campaign

HMRC has looked closely into tax compliance among UK property investors and UK landlords since 2013...

May 23, 2024
What Is A Residence & Domicile Enquiry?

Questions regarding domicile and residence have significant effects on taxes that are payable and due in...

May 16, 2024
Company Tax Investigations By HMRC

If HMRC decides to carry out an investigation into a company’s tax returns, it is important...

View Our latest insights »
Get the latest UK tax & business news and guidance delivered straight to your inbox
Newsletter Form (#2)
We care about the protection of your data. No spam. Unsubscribe anytime.
Copyright © 2022 Key Business Consultants LLP. Reg: E&W OC389322
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram