Bookkeepers charge lower fees for their services than accountants. That's why it's not a bad idea to hire a bookkeeper first to get those services at a minimum and then hire an accountant later to just handle the taxes. Using an employee cost calculator can also help you manage expenses effectively.

You aren't legally required to have an accountant. However, if you do choose to do your own accounting, it is essential to complete your tax returns on time and ensure they're accurate and up-to-date. This ensures you're fully compliant with HMRCs long list of demanding reporting obligations.

Zoho Books is our top QuickBooks alternative because of its scalability and mobile app functionality. Wave is second on our list as it has a free plan that provides sufficient support for businesses with basic bookkeeping needs.

Drawing insights: Accountants make corrections to any clerical errors on the bookkeeping side and use these records to forecast a business's health. Generating financial statements: Accountants make adjustments to the trial balance and generate the income statement, balance sheet, and cash flow statement.