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The Dangers of DIY Accountancy
With ever rapid growth of the internet, and the modern day need for independence and efficiency, there has been a vast increase in the number of DIY accounting apps and websites.
These may seem enticing. Offering free trials (as is the norm) and different inclusive packages. The claims of 'now I have time for myself' suggesting just how quick and easy these apps are. As well as being the hip thing to do, in order to keep up in this digital age, are all designed to appeal to your wanting of an easy life.
Yet, accounting is not something that can afford to be done quickly. You may think that by avoiding the costs of an accountant, you are in some way beating the system. But without sufficient knowledge and understanding, and the ever watchful eye of the HMRC, you may end up paying more in the long run.
Nine times out of ten, people who utilise these fast accounting apps, will still often forward the invoices, cheques and cash flow insights to an accounting firm anyway, expecting to pay less for time saved. But in reality, the quality of these items is often so poor, it creates more work than it saves.
These apps are in no way a viable alternative to standard accounting software. It is understandable for someone trying to manage their own accounts to not fully understand accounting specific software, so the apps may seem appealing. Yet in trained hands, book-keeping is a quick straight forward task.
When you pass the burden of accounting to a specialised firm/individual, you eliminate the risk of missing important deadlines, keeping inaccurate records and ultimately avoid the chance of getting into to trouble.
You can't afford to cut corners.
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