Professional Accountant Vs Accounting Software in Kenya
Accounting Software Vs Hiring A Professional Accountant In Kenya – Technological advancements have given us tools to make our lives more convenient; even in business. We have witnessed emergence of business software that automate business operations such as marketing and recently, accounting. Many upcoming entrepreneurs’ question is whether they should manage their own taxes using a software tool or hire a professional accountant. Majority choose to do it all; manage their business, including the finance sector. While some business owners swear by accounting software, others would rather stick to the conventional way of hiring a professional accountant. The debate is ongoing, and we will give some insight as to what people prefer in accounting software as opposed to hired professional Accountant and vice versa.
Benefits Of Accounting Software
It is no secret that accounting software are cheaper compared to hiring a professional. accountant Depending on the software you decide to use, some services will be free, while some premium services will be charged. Nevertheless, the total cost will still be lower than that spent on an hourly or monthly paid professional accountant. Accounting software tax filing packages range between Ksh. 1000 to Ksh. 12,000 a year, depending on the services you require. A professional accountant charges a minimum of Ksh. 10,000 for accounting services depending on the scope of work. Given this difference, most business owners prefer to file their own taxes using accounting software applications.
There is no lie here; computers are faster than humans. While accounting software can file your taxes in less than an hour, seasoned a professional accountant might probably take days to do the same. It is also quite convenient especially if you want to conduct simple actions, such as calculating simple deductions. Accounting software also prepares automated reports and analyses such as profits and losses and forecasting that a hired professional accountant may take time doing. For this reason, some entrepreneurs find it better accounting software.
Accounting software is primarily error free; meaning you will get more accurate results; unless you as the individual keys In wrong information, or wrong numbers. They say to err is to human as to machines is accuracy.
Benefits of Hiring a Professional Accountant
1. Human Touch
Like a personal doctor knows your medical history, a professional accountant will know your business’ financial history and is able to offer valuable advice that accounting software just cannot give, such as tax suggestions. A doctor cannot sit by and watch your health fail, knowing your medical history; neither would a Professional accountant let your financials wither as he/she observes your accounts history. At a point in your entrepreneurial journey, you will need tax advice, and what a double cost it will be to pay for software and still pay a tax consultant for advice that your hired professional accountant would give you for free. Furthermore, it is normal for a business owner to ask questions about his/her finances especially, to do with taxes. A hired professional accountant is available around the clock to answer your questions and advice you on best practices regarding the same. Accounting software does not provide this kind of customer service. Other than automated FAQs, the software cannot answer burning questions about your business.
2. Deals With Complicated Issues
Business practices and investments can go wrong at any time. A professional Accountant has the skill to sort through complex tax issues that software simply cannot do, all the while giving you guidance and follow-through on the same.
Accounting software may be fast and error-free but a hired professional accountant is thorough as they personally go through your financial files and may point put disparities that a computer would not necessarily detect. A professional accountant can even forecast a future tax error just through going through your paperwork and warn you before-hand, giving you the best way forward.
We prefer the hiring a certified accountant as opposed to accounting software for this simple reason; the human factor. Hired professionals provide personal accountability, pun intended, and add more value of professional advice and financial strategies that a software cannot provide. No machine can beat the work of an extraordinary accountant. What’s your take?