The benefits of hiring a trusted online contractor accountancy
From saving time to maximising tax efficiency and ensuring compliance, there are plenty of reasons why many contractors choose to engage an accountant to help them with their financial affairs. While the advantages of a contractor accountant are largely understood and accepted by independent workers, a topic that is perhaps less well-covered is the differences in the types of accountancies to choose from. As a contractor, should you ask one of the ‘Big Four’ to take care of your tax? Do you head to the high street and take your pick from the various independent accountants or accountancy franchises? Or might it be a smart move to sign up to an online contractor accountancy that specialises in helping freelance workers?
In this article, we’ll explain why it often makes sense to ask an online contractor accountant, like QAccounting, to keep your company’s and, in turn, your personal financial affairs in order.
More often than not, online contractor accounting firms are bigger than the sum of their parts. By this, we mean they typically have a wide range of resources at their fingertips that you and your company will benefit from. This could include tax consultancy, mortgage advice, financial planning or investment opportunities.
Whether it’s a team of accountants who understand the biggest issues impacting this sector or discounted access to additional services, such as IR35 contract reviews, an online accountant – much like one of the so-called big accountancy firms – should have the manpower and the solutions to suit your specific needs.
A personal touch (believe it or not)
Most people want to know the person that they’re doing business with, naturally. This applies even more if it’s related to your own company’s tax compliance and financial well-being. As a customer of a respected online contractor accountancy, it’s likely that you’ll have a dedicated account manager. This person will take time to understand your business, its goals and your personal aspirations. In doing so, they will be able to provide a service that fits your exact requirements.
Greater visibility of your finances
By harnessing the latest technology and, in QAccounting’s case, developing a unique expenses app, online contractor accountants can capture your financial information in real-time. This is thanks to the emergence of cloud accounting technology, which shows your accountant live data. It means they can offer accurate advice instantly. With greater visibility, online accountants are well-placed to act proactively rather than reactively.
Complete price transparency
With traditional accountancies, for example, you might not always know what will incur a fee and what’s included in the price of the ad-hoc services you buy from them. This is in contrast to online accountancies. A trustworthy online contractor accountant should explain all costs clearly, meaning there are no nasty surprises at the end of the month. Fees will be totally transparent, with all services included in your accountancy package clearly detailed for one fixed monthly cost.
There is a saying that hiring an accountant doesn’t just save you money, it makes you money. Without doubt, as the number of freelancers and contractors continue to grow in the UK, online accountancies – that offer sector expertise, flexible packages and a 360° view of your finances – are perfectly suited to help you run a successful business.
With over 20 years’ experience in supporting contractors, QAccounting is one of the UK’s leading contractor accountants. Offering a range of trusted accountancy services and IR35 solutions, we are proud of our 9/10 customer rating. To learn more about our flexible contracts, which start from just £90 p/m + VAT and to switch to QAccounting for free, please request a callback – one of our friendly and knowledgeable accountants will be in touch.
Further Economic Support
On Sunday 31st October 2020 the Government announced a number of updates to existing economic support measures. The full details of these measures are reported HERE (https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced ).
Updates to the Job Support Scheme
The Government has published detailed information about the scheme HERE (https://www.gov.uk/government/publications/the-job-support-scheme/the-job-support-scheme )
Accounting for Limited Company Property Investments
It can be a complex decision for clients when it comes to determining how best to utilise existing Contractor Limited Company funds in a Property Investment Company