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by Bibianadais 4219 days ago
I would say it depends on (1) how much time you want to contribute to you own bookkeeping (2) how comfortable are you with your own financial management. You definitely can split the work with an accountant and only pay for what you really need help with.

The least you can do is maintain all your records in one place, this will make reviewing and auditing the work more efficient.

If you are comfortable, try setting up a category listing and recording your bank transactions and spendings (Quickbooks, Wave, Xero). This is about 80% of the overall work.

When it comes tax time, hire an accountant to review your ledger and make any necessary adjustments. The income stmt generated at the end of all this is sufficient for tax filings.

Slowly build your accounting infrastructure as your business grows. I would suggest improving the system so that it would generate useful information about the trends of your income and expenses, cash-flow, and business projections - in addition to providing numbers for tax purposes.

(Feel free to contact me for any specific questions, happy to help. I'm an accountant in Seattle with expertise in small business accounting.)