Does DIY Accounting Work?

There is no doubt that with advent of Xero, MYOB and Quickbooks, the process of accounting has been made much simpler.

The premise being that you can simply input your daily/weekly transactions into their software and all will be well.

Even the ATO is rapidly progressing down the track of simplifying accounting for businesses.

And while to some extent, this is true – particularly when it comes to BAS, reconciliations and so on, however, I would humbly suggest that there is much more to small business accounting than just having an accounting software package.

And yes, I am an accountant, so please hear me out.

Consider this for a moment – does cutting your own hair result in the same outcome as going to a hairdresser/barber?

For the most part, the answer is NO.