Should I let an accountant handle all my bookkeeping and payroll tasks?

[HarryPalmer]

I’ll go straight to my point here. I’m currently planning to hire one of these accountants Darlington that I found online to help me and my husband with the finances of our business. But since this will be our first time hiring a third-party accountant, is it a good idea to let them handle all our business payroll and bookkeeping tasks? Or are there limitations that we should take note of?

 

[Ludmila]

I’ll go straight to my point here. I’m currently planning to hire one of these accountants Darlington that I found online to help me and my husband with the finances of our business. But since this will be our first time hiring a third-party accountant, is it a good idea to let them handle all our business payroll and bookkeeping tasks? Or are there limitations that we should take note of?

Hello, Did you find an accountant and happy with him? If you say NO you can contact me.My name is Ludmila and I am an accountant and a tax adviser registered with HMRC since 2005. I do individual Tax Returns, I do all bookkeeping and annual financial reports for small companies, I educate my clients what they should and shouldn't do and I provide free advice to all my clients regarding their financial matters. Plus I don't charge high street fees which I find too high in most cases. So if you are interested please contact me on 07825345132

 

[Employer]

My answer is, unless you are an accountant then you need one. Doing this yourself is a false economy as you obviously have skills better used elsewhere. Use your business skills to build up your business and let the accountants, well, account lol

 

[Ludmila]

Yes, you need an accountant but a very good one. He/she must be easily available trustworthy and realible. Unfortunately it is difficult to find such accountant. And another point - his/her services shouldn't cost you an arm and a leg. Most accountant charge you a lot (I mean a lot!) for a letter or a phone call to HMRC something like £20-50 for this. In my view they should be avoided as they are interested chiefly in their profits and not in how your business.

 

[Employer]

I dont agree @Ludmila

A good accountant will more than pay for themselves with legitimate savings for your business. If you have a remotely complicated business then you are playing with fire doing it yourself.

 

[selfemployed]

Personally I prefer to let the accountants do what they do best (within reasonable costs) which lets me get on with what I do best, running my business!

I have never understood those who want to be a "jack of all trades, but master of none" - stick to what you are good at.

 

[Goingitalone]

Hi @CloudTech24

Why do you take every single opportunity you can to post a promotional link to your website? This is a forum to help people not self promotion.

 

[123Financials]

Hi,

I concur with the advice given above. Let professionals deal with what they are good at and you do what you are good at. Accountants are used to deal with business’s data like payroll etc. Make sure you do your due diligence before hiring your first accountant.

There are tips available on this forum regarding hiring your first accountant. Few main bits to consider are:

• Check are they registered with a professional body like IFA, ACCA, ICAEW (to name a few);
• Check is it a one-man (woman, not being gender biased) band or a team. Nothing wrong with hiring a one man band accountant but then you ask yourself what happens when he/she is on the holidays, sick or other emergencies. Just ensure that he/she has a Plan B;
• Agree scope of work in writing;
• Agree key deadlines- if any;
• Check professional indemnity insurance;
• do they offer fixed fee or variable- I suggest a fixed fee as it makes cashflow planning easier; and
• are they approachable?

Hope it helps.

 

[Employer]

I try to run my business by the following simple rule:-

If you cant do something then get someone in who can - concentrate on what you can do, not what you cant do

 

[omeracc]

Whether or not you should let an accountant handle all your bookkeeping and payroll tasks depends on various factors, including the size and complexity of your business, your level of comfort with financial matters, and your budget. Here are some considerations to help you make an informed decision:

*Business Size and Complexity
*Time Commitment
*Expertise and Compliance
*Financial Planning and Advice
*Budget Considerations

Many businesses find value in outsourcing these functions to focus on their core competencies while ensuring financial accuracy and compliance. It's essential to weigh the costs against the potential benefits and consider the specific needs of your business.

For more information, Visit Omer & Company Accountant