Should You Do Your Own Accounting?

Posted by smpayton under Finance
From http://blog.bizlaunch.ca 4218 days ago

Small businesses have to decide whether the owner will manage the accounting or whether he will outsource it. There are benefits to both; which your company needs will depend on what you’re looking for.

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Written by Sian Phillips
4217 days ago

Hi Susan - tipping point in my opinion is give it all to someone who knows what they are doing. Although as a business owner presumably you still need to employ an accountant for advice etc so if you are actually good with figures ask your accountant how they want you to "present" the accounts and if you think you can do it then go for it. You'll soon be told at the year end if you haven't done it correctly so be aware of that as can cost to correct stuff. Remember an accountant has that qualification because of many years of study and compliance so it's not something you learn overnight. Hope that helps Susan - I wrote a post on Corpnet a while ago to make life easier for your accountant so that may be useful :)

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Written by Sian Phillips
4218 days ago

Handy tips Susan. As an accountant that does a complete hands on for a couple of clients and just an oversee of a few others I would say that the business owner really needs to ensure that he/she knows what they are doing because sometimes it can cost more because of the time it takes for the accountant to pick up the pieces when they make a complete mess of it. And it doesn't take much. In my own view I believe it is always better for work to be delegated to the person that knows how to do it - no point spending a day doing accounts when someone who knows what they are doing can do it in 2 hours - and believe me I am speaking from experience :) Thanks for sharing on Bizsugar.com

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Written by smpayton
4217 days ago

Thanks, Sian. Is there a tipping point where you recommend business owners who have been DIYing it should turn it over to an able pro like yourself?

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