If you’re a small business, the owner often has to do a lot of things including the accounting. In deciding whether or not to get outside help on something, you have to ask if doing it yourself creates extra risks or costs.
Here are the potential downsides of DIY bookkeeping and accounting.
- You miss out on tax breaks by failing to claim valid expenses.
- You fall behind with invoicing (and with chasing unpaid accounts).
- You underestimate your tax bill and get into trouble with the government.
- Tax returns and other compliance paperwork is filed late, resulting in fines.
- The books end up with mistakes that take hours to fix.
- You don’t have reliable information to help you make business decisions.
We specialise in helping owner-managed businesses who started off doing their own books. They come and see us when the job becomes too big or when they start making mistakes and losing money.
There are so many things an accountant or bookkeeper can do for you but here are some key areas where they’ll help your business immediately.
- Clean up your books once and for all
- Do your tax really well – and on time
- Improve your invoicing and cash flow