Someone, and I say ‘someone’ because we don’t exactly know who; once said, ‘life is like accounting, everything must be balanced’.
Now that’s all good and well in theory but in a world where there is a simple technological solution for everything, it is perhaps unsurprising that 60% of micro-businesses do not use accountants – so much for life being balanced!
But small businesses can’t be blamed for not wanting to use what might be perceived as overpriced accountants. Instead, they prefer to save money and use online apps and websites – a sort of DIY accounts for business owners.
But this can lead to problems…
These days, HRMC (those dreaded 4 letters) is more aggressive than ever at going after tax, and the rules of compliance mind-bendingly complex.
The result is that we see companies pay more in tax and penalties in the long run than in accountancy fees.
So, what to do?
Well, it’s a two-pronged attack…
Business owners – trust the experts (the accountants) rather than cut corners and get the peace of mind that comes from paying the right amount of tax first time around.
Accountants – provide a more in-depth complete business advice service by using Runagood®, the world’s first AI-driven business advisor.
By offering small businesses something different, added value and greater incentives, they won’t feel the need to go it alone and choose online account sites, instead they’ll come to you.
Warren Buffet once said, “Accounting is the language of business” - most languages evolve and we feel accountants should too.