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Why hire an accountant when you can be your own, here's how

by , 21 May 2014
You'll struggle to run your company without good accounting. With so many books to keep and records to write down, it can be tricky.

But don't just look for a number-crunching accountant right off the bat. Why not be your own accountant?

There are four main areas you have to cover. Ensure you cover them properly; or else, you might just make accounting mistakes...

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How to improve cash flow, analyse your financial statements and eliminate fraud in your company…
 
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Here are the four key areas you'll have to cover

According to the Practical Accountancy Loose Leaf there are four main duties you'll be responsible for:
 
1. Financial management;
2. Budgeting;
3. Financial administration; and
4. Financial reporting.
 
But what do these actually mean?
 
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Three accounting record risk areas to watch out for
 
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Here's what your new accountant duties entail

1. When you do financial management you must create and maintain accounting systems. These help you manage your company's finances properly. These can include internal process, financial risk analysis. He'll also need to manage any audit queries.
 
2. You must create a budgeting to manage what your company spends based on its income. Part of this budget is a list of financial elements that you think affect your business. You should also include your estimated sales for your business based on history. And your debtor's repayments if they're needed.
 
3. You must creating the documents used in accounting and bookkeeping for you financial administration. These documents include tax returns, general ledger, accruals and control accounts. 
 
4. Financial reporting is the obvious job of an accountant. Your financial reporting will include putting together annual financial report, cash flow projection and statement of financial position. You use these documents to understand the company's growth and financial status. 
 
So there you have it. Don't spend your money on hiring an expensive accountant. Rather be your own with the help of the Practical Accountancy Loose Leaf.
 

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