As a business owner, you know that having accurate financial records is essential to success. QuickBooks and Xero are two of the most popular accounting software programs available, and each has its own unique benefits, both of which are geared towards helping you maintain and create better, more accurate financial records! But of course, a question remains: do you need an accountant if you already have QuickBooks and Xero?
That said, let's delve into the ways that QuickBooks and Xero can help your business and discuss if you need an accountant if you are already using the accounting tools:
How QuickBooks and Xero Can Help Your Business
1. QuickBooks and Xero Make It Easy to Track Expenses
When you have a good accounting system in place, it's easy to track where your money is going. This information can be invaluable in helping you make informed decisions about where to allocate your resources. QuickBooks and Xero make it simple to track expenses, so you can see where your money is going and make changes accordingly.
2. QuickBooks and Xero Can Help You Manage Inventory
If you have an inventory-based business, then QuickBooks and Xero can help you keep track of your inventory levels. This information can be used to help you make decisions about ordering new inventory, pricing products, and more.
3. QuickBooks and Xero Can Help You Stay Compliant with Tax Laws
It's important to stay up-to-date on tax laws, and QuickBooks and Xero can help you do just that. These accounting software programs can help you track your income and expenses, so you can be sure you're complying with all the relevant tax laws.
4. QuickBooks and Xero Can Help You Track Customer Payments.
If you're selling products or services on credit, then QuickBooks and Xero can help you track customer payments. This information can be used to help you follow up on late payments, manage your accounts receivable, and more.
5. QuickBooks and Xero Can Help You Create Financial Reports
QuickBooks and Xero can both generate a variety of financial reports. This information can be used to help you make informed decisions about your business, track your progress over time, and more.
Do I Need an Accountant If I Already Use QuickBooks or Xero?
QuickBooks and Xero are both great accounting software options for small businesses. But, you may be wondering, do you still need an accountant if you're using one of these programs?
The answer is: it depends.
If you're comfortable using QuickBooks or Xero and feel like you have a good handle on your finances, then you may not need an accountant. However, if you're not confident in your accounting skills or if you feel like you could use some help staying on top of your finances, then an accountant can be a great asset.
An accountant can help you with things like bookkeeping, preparing and filing your taxes, and giving you advice on financial matters. They can also tackle other tasks like managing cash flows, claiming tax deductions, helping you stay compliant with state laws, and so on. If these are all things you aren't doing already but do not have the time, knowledge, or energy for, then hiring an accountant is still always an excellent idea!
If you're not sure whether or not you need an accountant, it's always a good idea to consult with one to get their professional opinion.
Conclusion
All in all, QuickBooks and Xero are amazing tools when it comes to helping a business maintain their financial records. However, there are times when hiring an accountant may do just as good, if not better. Whether or not you need an accountant when you use QuickBooks and Xero is really up to you. If you are unsure, it is always a good idea to consult a professional for advice on what you have to do to ensure your business' finances are managed and recorded properly.
The ECommerce Accountant is a business advisory service built for online stores and influencers. If you are looking for an accountant in Australia, work with us today!