Do You Need Your Accountant to Be Local?

Katy, a small business owner, was new to the business world and had naive ideas about accounting and taxation. She thought that completing her company accounts and tax returns would be fairly easy to understand, complete, and submit. However, she soon realised that accounting and taxation were a minefield, especially for new small business owners. Through word of mouth and social media, she was referred to Mollio, who happened to be located in a different area of the UK. Though they were not local, thanks to the use of technology and cloud accounting, they were able to establish a successful working relationship.

During the COVID-19 pandemic, when most businesses were struggling to make profits, Katy founded a limited company that managed to make a small profit. Due to minimal profits, she decided to file her accounts and company tax return without professional help. Unfortunately, mistakes were identified during a review. Fortunately, Katy was able to rely on Mollio for assistance. They corrected the errors and provided Katy with software and training to produce financial reports for her growing business. This support was invaluable and helped Katy understand more about the accounting and taxation aspect of her business.

Accounting and taxation can be daunting for new small business owners without the assistance of experienced professionals. In the case of Katy, she was extremely fortunate to have an accountant who was attentive to her concerns and provided her with the support she needed. This allowed her to focus on growing her business and achieving her goals.

Another advantage of working with an accountant who is not local is that they may be better suited to your specific needs. Suppose you require niche expertise that you cannot find within your geographical area. In that case, working with a remote accountant may mean accessing a deeper pool of knowledge that can be invaluable to your business. In Katy’s case her sector is the equestrian industry and Mollio is fortunate to have years of experience in this area.

Katy is now expanding the business and it is exciting to see how this year will unfold for the company. The financial framework is in place to monitor the different income streams and cost centres thus providing Katy with real-time information enabling effective decision making to facilitate growth.

Overall, Katy is extremely pleased with the support she received and looks forward to continuing the successful working relationship with Mollio. This case study highlights the importance of having a reliable and trustworthy accountant, especially in the early stages of a small business. By working with accounting professionals that may not be local, you can access niche expertise, greater flexibility, and streamline the communication process. As a small business owner, it is important to recognise the value of such professionals and to seek them out.