Do you or your family do your own bookkeeping?

Kiwi Pete

Member

Livestock Farmer

Location

Owaka, New Zealand

• Sep 13, 2021

• #41

Hampton said:

I’ve got Xero and do it myself. I find motivating myself to do it is becoming increasingly challenging. It’s not difficult to do, just mundane.
Have thought of getting someone else to do it, but it seems like it would be wrong to pay for a service I’m perfectly capable of doing myself.

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We use MYOB which is much the same as Xero, I actually feel like I'm missing out on stuff if someone else does the books.
If it was just the wee farm, I'd be alright with not seeing what was happening, but all the other stuff?
I'd rather pay someone to "run the farm" while I did the books TBH

 

H

Hampton

Member

BASIS

Location

Shropshire

• Sep 14, 2021

• #42

Sid said:

Who set up the package?

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My wife set it up with the previous accountant

 

B

Bill the Bass

Member

Livestock Farmer

Location

Cumbria

• Sep 16, 2021

• #43

I do all of ours, moving things over to Xero at present. I spend about three to four hours a week that includes all other admin too. Farm accounts are fairly simple, no invoicing, no pricing, quotations, contracts etc. It’s a relatively simple business to administer compared to other sectors.

Doing it in house is the best way to keep your finger in the pulse.

 

S

SilliamWhale

Member

Location

Does it matter anymore how far WalterP is from me?

• Sep 16, 2021

• #44

I used to do my own VAT etc but for now I send it in to the accountant.

They have someone on a cheaper rate doing it and I have the statements and reciepts in perfect order or colour coded so its really easy. Whilst its essentially just an inputting job I actually feel that it means when it comes to end of year everything is with the accountant as soon as the last vat invoice is done, its in a format that they can understand easily themselves so it means their tax calculations/ end of year stuff is all in convenient form for them.

It probably is a little dearer but no Xero sub either.

 

K

Kentishfarmer

Member

• Sep 16, 2021

• #45

Surely it comes down to are you going to pay someone £12/hr to sit on a tractor/do livestock whilst you do the books or are you going to pay someone £20/hr to do the books whilst you sit on a tractor?
+it's important to know the financial side for your business inside out

 

Clive

Staff Member

Arable Farmer

Location

Lichfield

• Sep 16, 2021

• #46

Rob91 said:

My Mum has always done ours, but as we're getting bigger and more complicated, I don't think I have a clue.
How much do bookkeeping services cost?
Thanks in advance.

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good software makes things very easy and not take up too much time

try Xero

Running your own accounts is a key part of understanding your business - delegation to others not a great idea unless you grow really big and if becomes a full time job for someone

 

MCook

Member

Trade

Location

Kent

• Sep 16, 2021

• #47

I completely agree that every business owner should know how their business is performing.

What I would say, is that having a bookkeeper 'manage the books' should not preclude someone from knowing how their business is performing. Software such as Xero allows users access to their data from anywhere, at any time. Even if your bookkeeper is not producing relevant reports for you, you can use your phone/tablet to check them.

That's not to say a bookkeeper is right for everyone, but I don't feel a bookkeeper should distance a business owner from their financial data.