Hiring a professional accountant vs. doing your own bookkeeping

Every small business owner may wonder whether it's worth hiring an accountant to do their own bookkeeping.

While both options have their advantages and disadvantages, it's important to carefully consider the needs and goals of your business before deciding.

One of the main advantages of hiring a professional accountant is their knowledge and experience.

Professional companies, like Foundry Accounting have specialised knowledge of accounting principles, tax laws and financial regulations that can ensure your business is accurately accounted for.

By delegating this responsibility to an experienced accountant, you will free up valuable hours that can be more usefully spent on developing and managing your business.

What's more, hiring a professional accountant can also provide peace of mind during tax season.

Their in-depth understanding of tax laws and regulations can help ensure that all necessary paperwork is filed correctly and on time.

On the other hand, running your own bookkeeping may seem like a cost-effective solution for small businesses with limited budgets. But then there's a risk of making accounting mistakes here, which may result in financial losses. So, is it worth it to do your own bookkeeping?