You might consider hiring an accountant a little bit of a redundant practise. You might be a whizz with a calculator, but that doesn’t automatically mean that you are in a comfortable position of which to start keeping track of, logging, and of the financial records of your company. Of course, you’re in charge of it, but do you really want the additional responsibility and burden of book keeping as well as everything else you do? We explore the reasons behind why you might wish to outsource your bookkeeping to a professional company.
Experience and the Correct Tools go hand in hand
You might have seen a dozen or so advertisements on the TV, the internet, or anywhere else showing some brightly coloured and hyper easy to understand phone app which, with a few swipes and taps, allows you to sort out your accounts in less than 5 minutes. You might have seen the promises that come with them, suggesting that all of your life's worries and issues can be alleviated with the same piece of kit.
You probably know it already, but this is incorrect, and used as a tool to sign business owners up to a subscription for said app, (which is often binding), and the app is always far, far more complex than what any dramatisation for the sake of a 30 second advertisement will show. Sometimes, these cute little apps are barely sufficient for the task. In the very worst cases, they’re not good enough to keep track of a child’s pocket money let alone a small-medium business.
There is a reason why accountants tend to bind themselves to only certain pieces of software. It’s nothing to do with money changing hands, it's more for the fact that these programs are robust and comprehensive, giving the best bang for your buck with no gimmicks.
With Great Power Comes Great Responsibility
Of course, you’re not going to deliberately do anything that would compromise your business. Nor would any of your employees. But doubt is a powerful thing, and should the Inland Revenue announce that they have reasonable doubt that the correct protocol is being followed for your business, it can be a terrifying thing.
Book keeping is an act where anything and anything does indeed go wrong, and it helps to be assured that if a mistake has been made (it can happen!) you are not to blame. An accountant is responsible for bookkeeping top to bottom, and as such, is liable for any errors.