01/06/2026
Accounting Software is great but make sure you know what you are doing!
Don't get me wrong, I love using Accounting Software, but it gets me when I see it advertised as being the solution to all of your Bookkeeping worries. I mean those messages along the lines of, just sign up to our software and do your bookkeeping in a breeze.
The reason this messaging gets me is because it oversimplifies the process. There is so much more to bookkeeping than just reconciling transactions and even when doing that, a lot can go wrong.
There is a huge difference between dividends, salaries and drawings for example, not just in terms of reporting but also in terms of your tax liability.
Also, how you treat personal expenses is very important.
And don't get me started on duplications...
I do get, I am a big fan of doing as much as you can by yourself, but my advice is to make sure you know what you are doing to avoid the year end troubles. And don't rely on your Accountant to pick it all up. If you are only paying them to submit your tax return without a basic review then chances are that your submissions will be wrong and legally it's your responsibility to make sure they are right.
Of course I wouldn't be doing my job, if I didn't tell you that I can help with getting you set up right and show you how it's done properly.