Do I need an accountant for my limited by guarantee company?

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Help! I’ve never tried to run a business, and I’m a bit flustered. I’ve just taken the plunge and incorporated a limited by guarantee company! I’m super excited. It’s a non-profit dance society based in the Raploch, Stirling, and I think it’s going to be really fun. The only thing is, as I say, my brain is not a business brain, and I’m awful with numbers. However, I don’t think I’ll have big money that will need tabulated, so wasn’t planning to hire an accountant. Then it occurred to me that it might be a legal requirement. Could someone please advise?

Thank you so much

Answers

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There is no legal requirement to use an accountant but it might be a good idea to appoint one if you don’t have any experience with bookkeeping and accounting. It may seem like an additional expense that you could do without, but an accountant could save you a huge amount of time and money in the long run.

The best thing to do is to set up a free consultation with one or two accountants. This will give you an idea of what they can do for you and how much their services are likely to cost. You should also find out if your local business advice centre offers free seminars or workshops on bookkeeping and accounting.

a year ago
 

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