Accountants should break with tradition and update their methods

Accountants who have still to come to terms with modern day methods are letting their small business customers down, according to a recent poll.

YouGov polled over 1,000 self-employed professionals and discovered that more than 50% of them felt their annual trip to their accountant was not meeting their requirements.

Sole traders want to be provided with up-to-date financial data to make sure they can meet their tax liabilities and not overspend. 70% of the respondents said they were not kept up-to-date on the amount of money they could withdraw from their company after tax was taken into consideration.

51% of those surveyed want accountants to be proactive and provide regular information on cash flow, profit and tax liabilities. Only 9% said they did not want this to happen.

According to one chartered accountant commented on the survey results saying they showed a real contrast between traditional accountancy services and the needs of modern businesses. About 25% of flexible workers in London have received an unexpected tax bill from HMRC and this proves that the yearly visit to the accountant is holding back the self-employed’s ability to support UK plc.

Maybe sole traders should get rid of their present accountant and look to contractor or online accountants who are more likely to understand their needs.

The survey also revealed that sole traders in Wales are the most pessimistic about the future of the economy. Only 9% think that the economy will be stimulated this year as opposed to 28% of self-employed individuals in the Capital.

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