DIY Book-Keeper versus Accountant
In all businesses there comes a point where you need to decide whether you complete the accounting yourself, hire a bookkeeper, or engage an accountant.
To help make that decision it’s best to break it down to three key points:
Needs – The first point to consider is what you need now, and in the future. As your business grows the more complex it becomes. There are many legislative requirements you will need to meet and an accountant can handle key functions such as bookkeeping, and filing your company and HMRC returns on time. Doing it yourself means that you will have to teach yourself everything you need to know. Hiring a bookkeeper means you can use their knowledge to meet some of the requirements, but engaging an accountant ensures that all of them are met. Engaging an accountant means you will be able to draw on their experience to meet future needs by looking at cashflows, forecasts, projections, and preparing for changes in legislation.
Time – How much time do you have to complete the work that is required? Your time is most likely to be best utilised on starting, maintaining and growing your business. A bookkeeper and an accountant will save you time, as they take over the accounting process and leave you to concentrate on running your business. The added incentive an accountant can offer is the software they use, which can be shared with you, to reduce time spent recording information. Software speeds up the reporting process, so you can see where you are at financially in a timely manner, to help make important decisions.
Cost – For most, cost is the deciding factor. No doubt the most expensive option is engaging an accountant, but as explained above, they will prove that the cost is worth it. When it comes to hiring an accountant, they will always add value, by freeing your mind so you can be rest assured you are compliant with HMRC and and also give you a wealth of advice from tax saving and business efficiencies, to cashflow and business growth, which will underline the value of their services.