We’ve got a question for you. Do you know the difference between traditional and online accounting? If the answer is no, you’ve come to the right place!
Traditional accounting is… well, traditional! It refers to the process of managing accounts in the same way it has been done for years, often with a paper-based system that relies on meeting with clients face to face. Because of this, the process of traditional accounting can be slower than online accounting, which is a tricky hurdle to overcome because we’re so used to instant access to information!
Online accounting – which is what we do here at Mazuma – is a digital based way of managing your accounts. It’s efficient, cost-effecitve, and allows you to invest your time and money into other areas of your business. It’s perfect for small businesses, sole traders and freelancers who need to ensure that their resources are being used efficiently!
Sounds too good to be true, right? We promise it’s not. Keep reading to find out more about the benefits of online accountancy in comparison to traditional accounting and see for yourself why we believe online accountancy is the way forward!
Unlike most traditional accountants, online accountants can offer you the flexibility to pick and choose the services you need. For example, we offer monthly packages that includes bookkeeping, VAT returns, monthly payroll and more! But the beauty of our online service means that you can pick and choose which of these services fit with your business needs to create the perfect bespoke package. What a treat!
And what happens if you change your mind? Perhaps you need to add a service to your package, or decide that you want to reduce the services you’re using? Not a problem – with online accountancy it’s super quick and easy to make changes that work for you and your business.
Traditional accounting often involves communication via telephone, email and face to face meetings. Although telephone and emails are quick and easy methods of communication, the face to face meetings aren’t! They take up your time and quite often, they involve talking about matters that could be settled over the phone or via an email.
We know that not all businesses want to spend their time in meetings with their accountants. You’ve probably got better things to be doing! Online accounting provides you with the option of instant communication via telephone and email, and reduces the amount of time you need to spend in meetings. And because of the fact that none of the staff are tied up in meetings, the response time is pretty quick in comparsion to traditional accounting! And not to mention, less meetings means keeping costs down for our clients, so it’s a win-win all round.
One of the biggest differences between traditional and online accountancy is the cost, with the latter being the most cost-effecitve option. As we’ve already mentioned, you’ll most likely be required to fork out for travel expenses to attend meetings with a traditional accountancy firm using money that could be put to better use elsewhere!
Working with an online accountancy firm means less travel and more effective use of your time. Not only will this reduce your costs, but it will allow you to effectively use your time. And as they say, time is money!
At Mazuma, we charge fixed fees for the services that we provide. This means that you will be able to budget for your outgoings and won’t get slapped with any unexpected costs or expenses. Some traditional firms will charge for their work by the hour, which can make it hard to keep on top of until the bill comes your way.
If you want to know more about online accountancy, get in touch with us today. We can provide you with a quote for the services you need and give you any extra information about how online accountancy works. We hope to hear from you soon!