Should you be your own accountant?

We all like to know our assets are safe and well looked after, and that usually means we are the ones that overlook their every move. However, many people don’t even think about this when it coems to managing their own accounts. Lots of people turn to an accountant to sort out their finances, draw up plans and other pieces of paperwork, we either don’t understand or can’t be bothered with the hassle to go through ourselves. However, are there benefits of doing your own accounts? Does it mean that you have overall and complete control over what is going in and what is coming out, or should we do the easier things for ourselves and pass the workload on to someone else?

If you are happy and prepared to handle the key accounting practices you will need to get you up to speed, then it is recommended you enrol onto an accounting course. Not only will this give you the skills you will need, it’s something you can even add to your CV, and will help you to understand if what you are taking on is too much and whether you need an extra pair of hands so to speak to cover all areas of your finances. Choosing to do an accounts course will update you on the various rules such as VAT, PAYE and depreciation.

On the other hand, the benefits that people see in using a full service accountant is that a) they tell you what needs doing, and b) if they get it wrong, you can sue them for the losses. Of course, tax investigations are random and if you miss the deadline for something, or file something incorrectly and end up with inaccurate accounts, it will be yourself putting your finances, and/or your businesses finances at risk and there is no one else to blame.

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