Should you use an accountancy firm for your own business

Posted on October 31, 2019 at 10:41 am

If you are self employed or run your own business, then you need to decide if you are going to do your own accounts or use an accountancy firm or a self-employed bookkeeper/ accountant.

Depending on how large your business is and how complicated may mean that you will struggle to do all the accounting yourself. If you have a lot of accounting, it may even be worth employing someone to look after this side of the business for you even if it’s only on a part time basis. You may have employees and therefore also must manage a payroll which can be a bit of a nightmare unless you have the experience in doing so.

There are a number of bookkeepers and accountancy firms out there that will do as much or as little as you want them to do so if you want to do all the accounting yourself but then have them audit you every few months to check that you are doing it correctly you can. You may decide it is worth paying the extra and have them to manage the whole thing, so you literally send all your invoices to them for them to input. They can also manage VAT returns as corporation tax and dividends.  They may well charge by the hour, but you can usually ask for a fixed monthly cost.

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