How do you feel about doing your own bookkeeping?

[TykeMerc]

I'm perfectly capable of doing my own bookkeeping and accountancy, however I retain one of the well known contractor oriented accountancy firms to do it for me.

1. I can't be bothered
2. The accountancy fees aren't extortionate, in fact they're ok value for money
3. The fees are a reasonable business cost
4. I'd rather offset the risk of screwups to a professional who carries liability insurance and is after all an expert in their field where as I am an expert in mine (which is why clients pay for my time)

[Mark McBurney@CMME]

Hi,

You should also bear in mind that obtaining a mortgage on the basis of your accounts could be problematic if you do not have the accounts signed off by a recognised accountant, as some lenders will require this, and will not lend based on accounts that are not signed off by a suitable accountant.

Kind regards

Mark McBurney

[zedAccounts]

Hi,

How do people here feel about doing their own bookkeeping? Do you think you would feel more comfortable and in charge of your accounts if you do your bookkeeping on your own?

Or, do some here feel that it some something they could do without as it is dull and boring and would prefer an accountant who would do all?

Really, would love to know your views

I personally prefer to do my own bookkeeping as it helps in knowing exactly where I stand in terms of expenses and income.

Doing your own accounts is pretty easy for a 1-man company. Simply use HMRC's free software for payroll and cheap accounting software like zedAccounts. Apart from saving money I find doing my accounts quite enjoyable and an interesting challenge! Once you get going it's only an 1 hour a month at most, plus a few extra hours at end of FY.

ZED.

[lancsguy]

I like to keep my hand in and know where I am up to with everything so prefer to do myself. I tried free agent some time ago now and didn't feel it was value for money at all. My expenses are only very minimal though so I can see how it may be useful for those guys with more complicated affairs.