Would it Be More Viable to Become an Accountant for Your Own Small Business?

It may sound like a silly question at first, as running a business takes too much time as it is, let alone wanting to do the accounts to try and save money. But, when you look at the costs involved in paying an accountant to do the books every year, and the costs of meetings – becoming an accountant yourself to operate your business fully could be an option. If you run a large corporate business then becoming an accountant isn’t an option, but if you run a small family business there is no reason why you can’t handle the books yourself. Becoming a qualified accountant might sound costly and time consuming, but with the help of online accounting programs it is an option.

Why Would You Want to Handle the Accounts?

Apart from wanting to save expenses of hiring your own accountant, you may find handling the books yourself could give you piece of mind. Accountants will always give you detailed reports of how your business is running and if it is in good standing, but being able to have a look at the books and do them as you go will give you a much better idea. You will be able to set much better targets and you will also see where you will be able to save money in the future.

How Much Will You Save?

The amount you save depends on many points, but in theory you could save thousands every year if you were to do the accounts yourself. It could be costly to do your online master of science in accounting degree using an online MSA program at first, but when you look at the figures you save every year, you can be sure it is well worth your time and effort.

How Much Time Is Needed?

Depending on the size of your business will of course depend on how much time you must spend doing the accounts. If you operate a small family run business then there is no reason why you can’t spend a few minutes of your time every day keeping your accounts in order, whereas if you have a larger business you may need to spend a few hours every week. Another major factor is what products and services you offer to clients, as if you operate solely online, then you will find that accounts are much easier to handle.

The time it takes to sort the accounts isn’t for everyone, but when you look at the major savings every year from not hiring an accountant, it is by far the most cost-effective option if you are operating a small business. If you feel you can spare a few hours per week to sit down and have a look at your accounts, then there is no reason why you shouldn’t pursue an online course just so you know you will be able to handle the accounts in a professional manner.

 


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March 22, 2017 Would it Be More Viable to Become an Accountant for Your Own Small Business?