A good accountant is essential in any business, but many home-based and freelance businesses don’t take the same time and effort to find the right one as their larger peers. For those in a specialty profession, especially those in the arts, an experienced accountant can also make the difference between just getting by and thriving.
Doing It Yourself
It’s certainly possible for a freelance business to keep their own financial records and do their own books. There are plenty of excellent accounting software packages available that almost act as a proxy bookkeeper. Being a solo business or freelance also means that purchasing is not likely to be an overwhelming task, and the flow of money in and out of the business is probably not going to be an unmanageable flood.
Generally speaking, a solo business that keeps a close eye on accounts, and pays attention to invoices and receipts throughout the year, should not have a shocking experience at tax time.
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