Should You Do Your Own Accounts?
Starting a business is by no means easy, whether you plan to grow into a large corporation or stay as small as possible. However, there’s one question that all businesses will need to ask themselves when they are just starting out. Should you do your own accounts?
Doing your own accounts can seem an attractive idea when just starting out. You should find it fairly easy, as you probably won’t have too much to track. There are also apps and pieces of software and other various things that can help you. It’ll also be a lot cheaper than hiring a fully fledged accountant or outsourcing to a different company. However, you need to remember that doing your own accounts can take away from what you actually set out to do. Hiring an accountant might be a better idea if you want to make sure you have as much free time as possible to focus on your business.
If you’re freelance, the decision can be even harder. You’re probably truly busy with your workload and don’t need your accounts messing with your mind. It may not be a problem if this is something you’ve always been good at, but it could be a big hindrance to those who aren’t familiar with the process.
However, there are plenty of tools and resources you can use to easily complete what you need to before each tax year is up. The infographic below will give you an idea of some of the best accounting tools available right now.
credit to University of Alabama Birmingham