Do I need an accountant if I use QuickBooks?

Unsure whether you need an accountant? While software like QuickBooks can help track finances and automate tasks, it doesn’t replace human experience or strategic thinking.

If you’re considering changing the way you do your accounting, read our guide first.

What can QuickBooks do?

QuickBooks is accounting software and provides a wide range of tools to help streamline your finances. It can be a game-changer if you do your accounting on paper or in spreadsheets.

Here are some key features of QuickBooks, and how they can help with day-to-day accounting:

• Invoicing: Create and send professional-looking invoices to customers and suppliers, offer multiple ways to pay, track payments in real time, or automate chaser emails

• Expenses: Snap and capture bills and receipts wherever you are, categorise your expenses with an easy-to-use tagging system, and track your business mileage

• Cash Flow: See a real time picture of your income and expenses, organise transactions by project or location, and get a cash flow forecast based on your financial history

• Reporting: Build detailed financial reports, including profit and loss, balance sheets, or income statements, ideal for help in compliance with HMRC or sharing with stakeholders

These tools can help people with no financial background understand their finances better. However, relying purely on software may not be the best choice for your small business.

What is the role of an accountant when you have QuickBooks?

An accountant (see our accountants vs. bookkeepers blog for a clear definition) typically takes over once the bookkeeper or employee has already entered transactions into QuickBooks.

Rather than managing day-to-day tasks like sending invoices or logging expenses manually, an accountant interprets the data to help you make big decisions about your small business. 

For example, helping you decide how to cut costs, or supporting your successful growth.

If you use QuickBooks, you can give your accountant access to your account and records. They’ll be able to see and create reports, help ensure tax compliance, and give advice.

What are the benefits of having an accountant and QuickBooks?

To grow your business, it can help to have both an accountant and QuickBooks. Together, they have the speed and accessibility of software and the financial expertise of a professional. 

Here’s how using QuickBooks and an accountant can take your business to the next level

Specialist advice

An accountant can offer you tailored advice, based on your business’ size and objectives. 

For example, they may be able to show you how to structure your business to make you more tax efficient. Or give you practical ways to grow your business, based on industry knowledge.

Tax rules and regulations can also be demystified by an accountant who stays up to date.

Handing complex or unique scenarios

Dealing with HMRC or cash flow problems can be tricky, but it’s all in a day’s work for an accountant. They can talk you through a tax investigation, help get you ready for Making Tax Digital, advise on VAT and international finances, or handle mergers and acquisitions.

An accountant can also help spot and alert you to industry-specific tax changes. They can also help you through the complicated Self Assessment process and maximise tax deductions.

Ensuring oversight

QuickBooks helps organise your financial records, but it’s still possible to make mistakes.

An accountant can help make sure you’ve set up everything correctly, to save you difficulties down the line. They can also check your financial records are compliant with HMRC regulations.

It’s hard work running a business, but an accountant can help you stay afloat financially.

The human touch

Sometimes, talking to an expert about your business can give you a new perspective.

An accountant can help you make sense of the figures and reports in QuickBooks, telling you what they mean for your business in a real life sense. Plus, they can work with you to put together a strategy, talking you through difficult decisions or explaining potential risks.

Even if the numbers add up, a financial advisor can help you be cautious if needed. Or, they can use their expertise to encourage you to grow, alongside practical advice of what to do next.

Supercharge your business with effective accounting

Ready to confidently manage your finances and get an edge over competitors?

Accounting software like QuickBooks can automate day-to-day bookkeeping tasks, record and organise your transactions, and create reports. But it may take an expert to interpret them. 

For strategic planning, tailored insights and peace of mind, it can be better to have both.

A QuickBooks-approved accountant can help you set up your account or use software to your biggest advantage.

Explore QuickBooks plans or find an accountant.

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