Background: I started contracting a couple of years ago, setting up as a Limited company and appointing a local accountant.
Unfortunately, I've had a mixed experience with them: poor communication, unclear pricing. So I'm going to drop them and am considering what to do next, which I see as:
1. Find and appoint another local accountant
2. Go with an online accountant (inniAccounts or similar)
3. Manage my own accounts using online software (QuickBooks, Xero or similar)
I like keeping control of things, and am quick at picking things up. Of course, I want to keep costs down. I use QuickBooks to import from bank & CC accounts, and do the invoicing and VAT returns – it all seems pretty straightforward. So I am leaning towards option 3.
Is this a stupid thing to do? Obviously there are benefits to using a professional, qualified accountant. But if I can do it all myself for a fraction of the cost, why not?
What is your experience solely using QBO / Xero?
Is it a growing trend for contractors to do their own accounting?
What else should I consider?
Thanks!
Unfortunately, I've had a mixed experience with them: poor communication, unclear pricing. So I'm going to drop them and am considering what to do next, which I see as:
1. Find and appoint another local accountant
2. Go with an online accountant (inniAccounts or similar)
3. Manage my own accounts using online software (QuickBooks, Xero or similar)
I like keeping control of things, and am quick at picking things up. Of course, I want to keep costs down. I use QuickBooks to import from bank & CC accounts, and do the invoicing and VAT returns – it all seems pretty straightforward. So I am leaning towards option 3.
Is this a stupid thing to do? Obviously there are benefits to using a professional, qualified accountant. But if I can do it all myself for a fraction of the cost, why not?
What is your experience solely using QBO / Xero?
Is it a growing trend for contractors to do their own accounting?
What else should I consider?
Thanks!
Comment