The “Best Accountant Near Me” Might Be Online

Juggling a growing business and handling all the bookkeeping on your own at the same time might be manageable up to a certain point. But as your business grows, you may find that  bringing in accounting professionals lets you make better use of your time. When that day comes, you might start by searching “best accountant near me”, and browsing through a list of promising local accounting firms. However, in this digital era, staying competitive can sometimes mean being aware of all the choices available to you–not all of which are local.

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Online accounting services can end up being more cost-effective in the long term, while still offering accessibility and flexibility. In this article, we’ll explore why more small businesses are turning to online accountants to save time, money, and stress (let’s not overlook the value of that). You’ll learn the benefits of working with online accounting service providers and how to choose one wisely. It’s time to hand over bookkeeping to the experts so you can focus on doing what you do best.

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The Rise of Online Accounting Services

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The global cloud accounting software market is projected to grow from $3.5 billion in 2023 to $7 billion by 2032. Last year, small and medium enterprises (SMEs) were the largest contributor to the market’s global revenue.

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The main reason for this explosive growth? Business owners are becoming increasingly aware of the value of accurate financial data, and are finding that using accounting software can help drive operational costs down. But what some small business owners aren’t as aware of is that accounting software technology can also help scale their business, ensuring financial operations run as smoothly as possible while the business expands.

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The Technologies Behind the Online Accounting Boom

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With the help of financial technologies, accounting service providers are able to offer real-time data access, predictive insights, and automated processes. Here are some of the technologies that empower small businesses to make smarter decisions and improve their operational efficiency.

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• Cloud Computing stores financial data securely on an online server and makes it accessible anytime, anywhere through a browser-based platform or app. Small business owners may find value in having real-time access to their financial information, whether they’re sitting on the couch or visiting a job site. Cloud computing has driven the growth of browser-based, Software-as-a-Service (SaaS) platforms that businesses can subscribe to.
• Artificial Intelligence (AI) can consolidate and analyze large volumes of data in seconds. Before SaaS, these capabilities were only available to large companies with finance teams. But now SMEs can take advantage of AI tools that detect suspicious transaction activities, predict potential cash flow issues, and even suggest ways to optimize spending.
• Robotic Process Automation (RPA) are rule-based codes that automate repetitive tasks, such as invoicing, payroll, tax preparation, and expense tracking. This optimization reduces human error and can free up accounting staff to focus on more high-value tasks like evaluating potential new investments. Because transactions are recorded and analyzed as they happen, you’ll always have updated and accurate information.

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Five Benefits of Online Accounting Services

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From flexibility to specialized expertise, accounting software and platforms have several advantages that make them especially attractive for the small business use case.

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• Accessible and convenient: Aside from 24/7 access to your financial data, you can do cash, invoice, and expense management from your smartphone or tablet. This flexibility means you don’t have to schedule meetings or visit your accountant’s office to get the information and services you need. Online tools also benefit companies operating across different states and time zones because, through automation and offices around the globe, they can manage finances without relying on a specific location or office hours.
• Access to experts: Online accounting service providers offer a wide range of expertise and specialized training that may not be available from local accountants. For example, a roofing business might work with a provider that specializes in construction and home services. Specialized online accounting services are updated with the latest regulations in the sector, including applicable tax deductions and write-offs.
• Access to digital tools: Online accounting services analyze your business to know which tools will best address your specific needs and concerns. These providers also have a network of technology partners whose services they can integrate seamlessly into your business to improve efficiency. For example, many online accounting companies are compatible with popular software like QuickBooks Online and Xero.
• Long-Term Cost-Effectiveness: While initial investments in a new tool or system can be high, they will often pay for themselves in the long run. The potential savings on labor costs can be significant when you consider salaries, benefits, and training. Many accounting services also offer tiered pricing models, allowing you to choose a business plan that suits your needs and budget.
• Scalability: Because online accounting services use tools that tailor to your needs and operations, they are able to adapt quickly when your business grows.

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Online Accounting Services Versus Local Accountants: Advantages and Use Cases

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Your choice between a local accountant and an online service will depend on your business’s needs, the level of hands-on approach you’re looking for, and the service’s ability to scale as your business grows. Let’s review some of the pros and cons of each:

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Online Accounting Services

Pros:

• 24/7 accessibility
• Tailored solutions to your specific concerns
• Scalability and ability to adapt quickly to business expansion
• More cost-effective than an in-house accounting team
• Freedom to stop and start a subscription at any time
• Additional services, such as financial reporting and tax filing

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Cons:

• Potential high upfront costs
• Some tools might take some time to get used to
• Service can be potentially disrupted by Internet outages or cyber attacks

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Use Cases:

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If you want a plug-and-play option that works with your existing software and systems, then online accounting services might work best for you since most of their services are cross-compatible. Their in-house experts will also be able to guide you if you have specialized concerns like industry regulations.

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Local Accountants:

Pros:

• Highly familiar with local tax laws and business regulations
• Face-to-face interactions for more detailed discussions
• Hands-on support, such as during tax audits and disputes

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Cons:

• Limited availability
• May not be updated with the latest technologies and tools
• May not be able to provide the same level of support to all their clients, especially during busy months

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Use Cases:

If you want a more hands-on approach or guidance, then a local accountant might be the better option. Many of them also know how to work with popular accounting online tools so you won’t have to learn how to use these platforms. Lastly, you may want to hire a local accountant if your business operates within an industry that’s prone to audit or legal disputes.

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How to Choose the Right Accounting Service

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Knowing what to look for and asking the right questions can make it easier for you to figure out which service provider is the right fit for your business. To find a qualified accountant, look for certifications, such as Certified Public Accountant (CPA), Chartered Accountant (CA), or Certified Management Accountant (CMA). These certifications demonstrate that they have the required licenses, training, and oversight to manage your books. You may also want to check if they have experience working within your industry and for SMEs.

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Think about asking the following:

• What accounting technologies do they use and do they have training certifications for these tools?  
• What other services do they provide and how are they able to streamline your financial operations?
• How do they plan to back up and protect your data in case of outages and cyber attacks?
• How does their customer support process work and what channels do they make available to communicate with them?

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It’s also important to read reviews/testimonials from actual clients. You may even want to connect with these customers through email, if needed.

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Optimize Your Accounting With Decimal

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The best solution to your accounting needs may be a click away. Decimal’s bookkeeping services have all the necessary tools to keep your financial data in shape. Whether that’s fund reconciliation, expense management, or invoicing support, Decimal can provide tailored solutions to your business needs.

‍Schedule a meeting with us so we can discuss ways to provide you with an accounting system that truly works for your long-term success.