Business bookkeeping and accounting can be much cheaper if you do it yourself.
But, you must take considerable care to be accurate and aware of local laws and regulations.
Attend an accounting evening class if possible – or at least invest in a couple of good, up-to-date books relevant to your part of the world.
A number of excellent accounting software packages are available, both commercial and open source (e.g. TurboCash & GnuCash).
Producing your own set of accounts is not for everyone.
Even if you decide that you do not wish to undetake the entire process by yourself, maintaining your own financial records does at least help make you much more aware of how your business is progressing. This can be a vast improvement over simply dumping your unsorted paperwork on an accountant’s desk at the end of the year & crossing your fingers.
Work together with your Tax office – make use of local tax department advisers. Often their assistance is both valuable and free. Talk to a small business advisor at your bank.
Store all your records and receipts carefully & in an organised manner for the required number of years.
A significant downside of preparing your own accounts may be that you miss claiming expenses that a professional would be aware of (tax minimalisation).
If at all unsure, consider preparing a trial set of accounts yourself, but then handing them to a professional to verify (check first with your accountant, but I imagine this should also save him/her time and you money).
