DIY accounting vs hiring an experienced financial professional
As a business owner, the temptation is to go DIY with your accounting (DIY accounting). Hiring an experienced financial professional costs money and that’s an overhead that you can remove by doing all the financial management yourself, right?
At first, you might think that raising a few invoices, paying a few supplier bills and making sure there’s cash in the bank is well within your abilities. However, as the business grows, and you take on more customers and employees, your finances are likely to get far more complicated – not to mention far more time-consuming. So, should you still be managing your accounts solo at this important stage of your growth?
Here are five of the common challenges of going down the DIY accounting route:
- The knowledge gap – if you try to navigate the financial complexities of accounting and regulations without the right knowledge and experience, you greatly increase the risk of errors and non-compliance with company tax laws.
- The drain on your time – if you’re spending a large chunk of your week working on finance admin, that’s time you’re NOT spending on growing the business.
- Staying up to date with the regulations – if you’re not on the ball with the latest regulatory changes, there’s every chance that you’ll fail to meet your compliance duties.
- Anxiety about business returns – depending on the status of your business, you may well have to comply with the rules for regular returns, annual accounts, confirmation statements and the various tax returns.
- A lack of strategic insight – the better your accounts, the higher the quality of your finance data, reporting and management information. This gives you a fuller picture on which to base business decisions going forward.
By outsourcing your financial management you will gain:
- The knowledge of an experienced finance professional
- More time to focus on growing your business
- Up to date information to comply with any regulatory changes
- Peace of mind when it comes to filing timely returns
- Expert strategic guidance on building your business
Hiring an experienced financial professional is definitely a better investment in your business than opting for DIY accounting. Instead of getting bogged down in bookkeeping, or going red in the face with record-keeping, just hand over the financial management workload to the experts. We’re here to lighten the load, sort out your accounts and put you back in complete control of your finances and strategic decision-making.
Get in touch today to discuss how we can help.
