Do I really need an accountant?

Trespasser

Surely a good accountant is worth their weight in gold, and 'cheap' at any price if they save you money.

I don't wish to sound concieted and wish everyone who does their own returns the best of luck but would you not be better off paying someone to do it right first time than chance it yourself, mess it up, and then pay an accountant for twice the time to put it right?

I meet many people with the same outlook (and I'm not having a go at anyone), they finally bring me their dying pc after its been around the circle of friends, barstool 'technicians', and the 'guy down the road' ..... some then complain when it takes me a day or so to put right what everone else has wrecked before I start putting the original problem right ..... and would you belive I actually have the cheek to charge them more than their 'mate' who would have done it in half the time.......

I'm not making shed loads of money from my venture... but I'll stick to what I know .... I'll look after customers pc's and the accountant can look after my books. We have an agreement, he doesn't mend computers and I won't play with the tax man.

ukbill69

A good accountant will help you save more than he charges!

poppyc

I have some book keeping experience and have also done some basic accountancy - for the first two years in my business I thought I could make do without an accountant - big mistake! Have taken one on now and just wish I'd done it earlier.

Also found Sage a lot more useful than I thought it would be and am regretting not having it in place from day one. Would have saved me a lot of time and hassle!

Would say - yes - definitely have an initial consultation (free) with 3 recommended accountants and see what they offer you.

Poppy

DCodd

You should view employing the services of an accountant exactly the same as employing the services of anyone.

can they provide me value for money?
Do they fill a skills gap I have?
Can they help me build my business?
Do they free up my time for other purposes?
Can I seek advice from them when I need it?
Etc etc.

You will still have to do some accounting yourself i.e. keeping records of your income and out goings etc, but that is just "keeping your finger on the pulse" of your business anyway but they will relieve of some of the worry of staying compliant which is worth its weight in gold.

Remember though, it is still you who is solely responsible for the business and any deadlines or complicity issues for that business!

Horace

I recently set up my own business and despite having some accounting experience myself thought it better to have an accountant as that frees up my time to work at my business. My accountant is reasonable and has helped me save money - she is worth her weight in gold. I keep my books up to date and can tell you at any one time how much money I have in my account - micro-managing my money works for me.

Sure it is possible to submit your own returns online but if you make a mistake it can work out to be a costly exercise - better to employ an accountant who is up to speed on what can or cannot be claimed for.

Accountants can save you money plus you can put down their bill as an business expense.

MrYorke

went to see the first of 2 accountants yesterday as starting a new business myself. Ask him twice what his charges were but never got an answer.....just "well, they will be small because if we look after you now as your growing, you'll be using us in 5 years time when your busier"

Thats fair enough, but how much are those charges? grrrr

Called another accountant today to make an appointment....one of the first things he said was that we'd sit down and he would make all charges and rates clear to me before anything is agreed....much better already.

Also, first accountant was talking like it was a matter of fact that i would be choosing him....things like "ok, i'll send you a letter about what we discussed and we'll get started asap".....urm, maybe not then

Just get a few appointments together if you do decide to use an accountant

MrYorke

TizzyDizzy

Trespasser wrote: »

I'm not making shed loads of money from my venture... but I'll stick to what I know .... I'll look after customers pc's and the accountant can look after my books. We have an agreement, he doesn't mend computers and I won't play with the tax man.

I totally agree about employing specialists in their field. I for one would not like to make a costly mistake with any accounts and frankly would rather employ my time doing my own job and making a success of the business and worrying about the taxman.

There's definately a time to save money by doing it yourself, but in my opinion this is not one of those occassions.

Best of luck in your new venture!