Survey Reveals the Real Cost of Doing Your Own Accounts

So, you’re killing it as a contractor. You’re working hard, impressing your clients, building up your business. Your ever-growing network of contacts is driving a steady stream of work your way. You’re loving the flexibility, the variety, the improved earning power. It’s the best move you ever made, and yet there’s one dark cloud on the horizon, one belligerent wasp at your barbeque.

You have to do your accounts.  They’re complex and time consuming, and even minor errors can be expensive.

If your accounts are an unpleasant ordeal, you’re not alone. In a recent survey of 359 contractors, nearly 70% of those who did their own accounts said it caused them some degree of stress.

Over a third said they worried about making mistakes, while the time it takes, the complexity of the process and worry about financial penalties also made the list.

10% said they’d lost sleep, 6% said they’d argued with family and 5% had turned down paying work, all because they were doing their own accounts. Most worryingly, 3% said the stress had made them ill.

So, what’s the answer? Your accounts need to be done, right?

7% of the 359 contractors didn’t have any of these worries, because they engaged a specialist contractor accountant. That means their accounts were taken care of by a highly qualified expert who had an understanding of the contracting world and was familiar with all relevant legislation.

So, what does it cost to hire a specialist to keep your contracting barbeque wasp-free? Surely it must be expensive, given that only 7% took this option when the alternative causes so much stress and worry?

Well you’d be surprised. For example, with Orange Genie Accountancy you’ll have your own, dedicated accountant who will take care of those troublesome accounts, as well as getting to know you and your business and providing bespoke, specialist advice tailored to your particular goals. Given the time and stress you be saving, not to mention the money you could save by getting the right advice and avoiding errors and late payments, you’d be forgiven for expecting this personal service to cost more than a fixed £120 plus VAT per month.

Ask yourself: What’s your time worth? What about your peace of mind? What about your health?

Give Orange Genie a call on 01296 468185 or email accountancy@orangegenie.com, and join the lucky 7%.

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