TAX BASICS

Why should you choose an Online or Virtual Accountant?

The growth and success of a business do not entirely rely on revenue. Yes, revenue is an important component as it maintains the cash flow of the business and allows the business to meet its expenses. If you want to run a successful organization just think about it, having sales won’t help you if your expenses are more than your income. For properly forecasting and managing your expenses you need to ensure that you have a proper account. Well maintained accounts allow you to understand the present state of your business and action accordingly. This is why accounting is considered as a prime component of the success of a business.

                As a budding entrepreneur, you will face many issues while commencing your business that is an obvious fact. This doesn’t mean that you can neglect your books of accounts. In the initial stages of your business or even in a later stage for you to do it by yourself it is going to be a time-consuming task. There are a lot of online tools and software which provide you accounting services. Softwares might be user-friendly or sometimes it might be complex. Nowadays mostly the developers try to make it simple for the user’s comforts. For you to account entries you need to learn to do it in the software which consumes your time and then you have to enter it along the year and have a scramble during the taxation period. There is just one thing which we cannot control at any point and that is time. Wasting your precious time which you can spend productively is a big loss for any emerging entrepreneur.

                A virtual accountant is a qualified accountant who can record, summarize and classify your books of accounts. Let’s discuss the major advantages of having a virtual accountant.

Cost-Efficient

                Yes, a virtual accountant is a much affordable option than hiring an accountant where you would have to pay a fixed remuneration and the employer’s contribution. It is also much cheaper compared to any online accounting software which charges a significant fee for their services.

Any business would want to retain cash in the business for future growth and it is essential for success.

Time-Saving

                You only need to send the needed documents and the rest would be done. You save a serious amount of time by not sitting in front of the system and entering all the entries in respective accounts. Instead, you could spend this time with your family or do something productive.

Tax Filing

                We help you file your taxes with HMRC and Company’s house. Recording your books of accounts would make it easier for us to file your tax returns and can help you from the last-minute rush. We keep the proper records of everything as it is our job and you can concentrate on what you are interested in.

Sidharth Bharthan Menon
CEO, taxtotal​