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How to go from Accountant to DIY Accounts

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    How to go from Accountant to DIY Accounts

    Hello All

    I am looking for guides / advice on how to go from monthly fee paid accountant to DIY accounts.

    There are many threads with strong opinions both ways on whether going DIY is a good idea. I would say there are more on it being a bad idea than a good idea. I am not looking through this thread to promote one argument or the other, as every business / business owner has their own unique setup that should be considered.

    The purpose of this thread is to find out how you would go about it if you chose to do so? My company qualifies as a micro entity, though i'm sure others out there without the requirement for audited accounts would be interested in reading a how to.

    If anyone has done this, please could you share your experience / learnings? I think the process, areas to consider, tips and tricks, software etc would be extremely valuable. I'm sure many people have done / plan to do this so would be good if there was a resource supporting that.

    I also appreciate that there are a lot of people on here with strong opinions on why this would a fools errand. Perhaps for most it is. However, for the few please indulge us...

    Thank you in advance

    #2
    Originally posted by JtotheD View Post
    Hello All

    I am looking for guides / advice on how to go from monthly fee paid accountant to DIY accounts.

    There are many threads with strong opinions both ways on whether going DIY is a good idea. I would say there are more on it being a bad idea than a good idea. I am not looking through this thread to promote one argument or the other, as every business / business owner has their own unique setup that should be considered.

    The purpose of this thread is to find out how you would go about it if you chose to do so? My company qualifies as a micro entity, though i'm sure others out there without the requirement for audited accounts would be interested in reading a how to.

    If anyone has done this, please could you share your experience / learnings? I think the process, areas to consider, tips and tricks, software etc would be extremely valuable. I'm sure many people have done / plan to do this so would be good if there was a resource supporting that.

    I also appreciate that there are a lot of people on here with strong opinions on why this would a fools errand. Perhaps for most it is. However, for the few please indulge us...

    Thank you in advance
    get a copy of Excel for dummies, and go for it.

    Do let us know how you get on.
    Entropy is NOT what it used to be.
    Inertia, however........................

    Comment


      #3
      Originally posted by JtotheD View Post
      Hello All

      I am looking for guides / advice on how to go from monthly fee paid accountant to DIY accounts.

      There are many threads with strong opinions both ways on whether going DIY is a good idea. I would say there are more on it being a bad idea than a good idea. I am not looking through this thread to promote one argument or the other, as every business / business owner has their own unique setup that should be considered.

      The purpose of this thread is to find out how you would go about it if you chose to do so? My company qualifies as a micro entity, though i'm sure others out there without the requirement for audited accounts would be interested in reading a how to.

      If anyone has done this, please could you share your experience / learnings? I think the process, areas to consider, tips and tricks, software etc would be extremely valuable. I'm sure many people have done / plan to do this so would be good if there was a resource supporting that.

      I also appreciate that there are a lot of people on here with strong opinions on why this would a fools errand. Perhaps for most it is. However, for the few please indulge us...

      Thank you in advance
      if you don't know how go about it. DON'T.

      I know how to 'go about it', but I'm not daft enough to think that it's worth saving around £1k a year (less than 1% of turnover). I get impartial professional advice from a qualified practitioner, for less than 2 days revenue. No brainer.

      To answer the direct question (how to go about it). Sack your accountant, then learn their trade (not necessarily in that order) and do it yourself.

      Might be worthwhile lurking on accountants' forums as they are the experts.
      Last edited by Lance; 26 May 2019, 19:15.
      See You Next Tuesday

      Comment


        #4
        We are all experts in our relevant fields for a reason.
        You would not expect an Accountant to create their website based on dummies guide and expect a quality website
        You would not expect an Accountant to develop run their IT systems.

        Better to focus your energies in your specialist area and pay the accountant to do theirs.

        Given the risks involved with HMRC and low costs involved (business expenses). In my opinion a high risk move to save little money.


        Best of Luck.

        Comment


          #5
          Originally posted by JtotheD View Post
          I am looking for guides / advice on how to go from monthly fee paid accountant to DIY accounts.
          "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair

          Comment


            #6
            Good effort on searching the forums for this very question that gets asked several times a month.

            How will you navigate the HMRC tax guidance if you can't search a forum for info?

            Do a book-keeping course. Learn that double-entry isn't just something you see in pr0n movies.

            Comment


              #7
              Originally posted by ladymuck View Post
              Good effort on searching the forums for this very question that gets asked several times a month.

              How will you navigate the HMRC tax guidance if you can't search a forum for info?

              Do a book-keeping course. Learn that double-entry isn't just something you see in pr0n movies.
              If you could provide me with a link to said forums?

              Comment


                #8
                Originally posted by BR14 View Post
                get a copy of Excel for dummies, and go for it.

                Do let us know how you get on.
                On order, will keep you posted

                Comment


                  #9
                  Originally posted by Lance View Post
                  if you don't know how go about it. DON'T.

                  I know how to 'go about it', but I'm not daft enough to think that it's worth saving around £1k a year (less than 1% of turnover). I get impartial professional advice from a qualified practitioner, for less than 2 days revenue. No brainer.

                  To answer the direct question (how to go about it). Sack your accountant, then learn their trade (not necessarily in that order) and do it yourself.

                  Might be worthwhile lurking on accountants' forums as they are the experts.
                  Thank you for taking the time to respond

                  Comment


                    #10
                    Originally posted by M12 View Post
                    We are all experts in our relevant fields for a reason.
                    You would not expect an Accountant to create their website based on dummies guide and expect a quality website
                    You would not expect an Accountant to develop run their IT systems.

                    Better to focus your energies in your specialist area and pay the accountant to do theirs.

                    Given the risks involved with HMRC and low costs involved (business expenses). In my opinion a high risk move to save little money.


                    Best of Luck.
                    Thank you for reading the original post and responding accordingly

                    Comment

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