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Small Company Accounts – Don’t Go It Alone

By 7th November 2014March 24th, 2022No Comments

If you have set up a start up or you’re running a small business, how you manage your small company accounts is important for the success of your business.

It is possible with online bookkeeping software to run your small company accounts without an accountant, provided you have the required training or knowledge to enter transactions. Advancement of online bookkeeping software is making it easier to prepare small company accounts which is beneficial to the business in multiple ways, but getting rid of your accountant is not one of them.

What happens if an issue with revenue develops or you have to make a major business decision based on your finances?

An accountant is the number one person qualified to talk you through these issues and they still have to sign off on your small company accounts once they have been completed. Your relationship with your accountant all depends on what level of service you require. Do you hand over all of your invoices, receipts and other records prior to return deadlines for your small company accounts to be prepared by an accountant or bookkeeper? Or, do you run your own accounts by doing a little every week and trying to keep on top of them?

Your small company accounts are more than something that just has to be done for legal reasons. They provide a wealth of information on how your business is performing and using this information can help set you up for success. What your accountant does best is provide you with good advice for your business based on what’s in your books. Get the most out of your relationship with your accountant and keep on top of your records with an online bookkeeping software like Big Red Cloud. If you’re not comfortable entering transactions then perhaps you can seek out a bookkeeper. One thing’s for sure you’ll be better off not going it alone.

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Related: The importance of cash flow for small businesses, Setting your business up for success

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Here at Big Red Cloud we’d like to think that our simple online bookkeeping software can help businesses to succeed. If you’re looking for a bookkeeping software than why not take our Free Trial

Marc O'Dwyer

Marc O'Dwyer

After completing a Graduate program in Marketing, Marc’s impressive sales career began at Allied Irish Banks, Pitney Bowes and Panasonic where he received numerous Irish and European sales performance awards and consistently exceeded targets and expectations. In 1992, Marc’s entrepreneurial spirit led him to set up his own business, Irish International Sales (IIS). Initially, this company was a reseller for Take 5 Accounts and Payroll software. Within four years, IIS became the largest reseller of Take 5 in Ireland, acquiring four other Take 5 resellers. He also found time to set up two mobile phone shops under the Cellular World brand and a web design company offering website design services for small businesses. In 2001, he bought the majority share in a small Irish software business, Big Red Book. At that time, the company was losing money. The company became profitable within two months, and Marc then acquired a payroll company to compliment Big Red Books Accounting products. In 2003, IIS were appointed as Channel Partners with SAP for their new SME product, SAP Business One. Marc sold his Take 5 business and concentrated on developing this new market for SAP As a result, by 2007, IIS was recognised as the largest Channel Partner for SAP in EMEA (Europe Middle East and Africa). In 2008, the IIS Sales Manager bought the Company from Marc in an MBO. He launched Big red cloud in June 2012, the online version of big red book, to date the company successfully converts 59% of trials into sales and the number of customers is growing rapidly. Marc continues to run both Big Red Book and Big Red Cloud which now support 75,000 businesses. He is a very keen sportsman, having played rugby for 20 years, represented Leinster at under 16 and under 20 levels, and league squash with Fitzwilliam Lawn Tennis Club for 10 years. Marc has competed in 11 Marathons, including the London and Boston Marathons, and has completed several Triathlons and Half Ironman races. He has also completed six Ironman Races in Austria(x2), Frankfurt (Germany), Nice (France) , Mallorca (Spain) and Copenhagen (Denmark)