Don't DIY - invest in experience

When you start your own business, it is tempting to try and do everything yourself.

You know how it goes. 'If I do it myself, I won't have to pay anyone and then I'll save myself £x on this and £y on that…'

But when it comes to the financial side of your business can you really afford to take this attitude?

If you run your own business, you've probably had a great idea, found a niche in the market and are sure people will want to buy your service or product. But does any of that qualify you to manage accounts, create business plans and file annual returns accurately and on time?

Probably not - which is where a professional accountant can come into his or her own.

This is Adam Woolf, director of Proseworks writing agency on the issue: "I thought about trying to look after my own financial affairs. But rather than scratching around trying to understand and negotiate all the various tax and financial regulations, I soon realised that hiring an accountant was a much better idea.

"She knows exactly what's needed, and she completes all the paperwork in a fraction of the time it would take me. She tells me what I need to do and by when. What's more, she gives me the piece of mind that I'm doing everything above board and that I will not have the tax man or some other official chasing me up at a later date because I haven't done things properly."

The key here is that the accountant knows exactly what's needed and can do the work in a fraction of the time it would take you.

As an exercise, take your hourly rate and work out how much you'd have to pay yourself to spend hours poring over invoices, receipts and chequebooks in order to prepare your annual tax return. You will undoubtedly find that once you've done the sums an accountant is actually a rather cost-effective option!

But this is not just about money. Asking a professional to help you in areas where you are less skilled such as law or accounting will give you confidence and peace of mind that you are doing the best you can to make your business a success.