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Reply To: (Apologies if this is too detailed or not in the right format, as this is my first time here!) Hi there, I’m in the midst of planning my web design/services company, and I have limited (or maybe no) knowledge of what services I would need for financial matters. I will be a sole trader, so no employees to deal with at first. I’m wondering whether I need an accountant, a book keeper or whether I could just get away with using book keeping software? It’s mainly for invoicing, paying my own wages, keeping track of expenses etc. What would you recommend, given that I don’t have much start up cash?

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Morning – here is the thing, I want to move to Xero for my own consulting company, but after going into business this year for my contracting business, I decided to go natural with an Excel spreadsheet or series of them – I use them for time tracking, for tracking receipts and for coding bank accounts and credit cards – it is pretty simple – I do GST every 6 months – and it works – but it is not sustainable longer-term – and I know that – and I will move to a things like
– Xero for accounting
– Monday.com for time tracking
– Receipt Bank for expenses

and I will start coding all of that myself – until I understand it – then I might be a book-keeper.

No drama doing it yourself, as long as that time does not distract you from bringing in new clients and supporting your existing clients – if it does, outsource it.

Also note, you don’t have to do GST if you don’t think you will book over $60k income.

Andy