Blog

Tackling a home renovation, making your own wedding gown or planning your retirement, is it a 'do-it-yourself' task or one that requires the skills of a professional!

Yes, that is the critical Question to ask yourself before deciding.

 With any task it's about joining all the pieces of the puzzle together, to fit, function and peform to produce a successful outcome, and we know that can be tricky and challenging. For that very reason it's worth asking the questions, more importantly considering the pros and cons of, DIY or engage a Professional!  

We have all heard the arguments for DIY, do it yourself, its cheaper that hiring an expert, surely it can't be that hard a task and DIY can be fun and rewarding. And don't forget the heaps of free advice from friends and 'web'.

Now ask yourself these 7 Questions, and answer honestly before deciding!

1. do I have the necessary skills and abilities
2. do I have the 'expert' subject knowledge needed
3. what do I know and dont know
4. is this a job I can tackle and learn as I go
5. do I have the right tools and equipment
6. what are the possible risks, accident and financial
7. and critically, do I have the time!

 How did you rate yourself?

As a general rule, the tip is to only undertake projects you feel comforatble with and have the skill set to complete them with 'best' possible results. This applies to any job that needs professional skills and knowledge to fully complete the task successfully. And don't we all want that!

 If you have answered yes to the above, consider carefully the benefits of engaging a Professional. 

These include:

• the contractor is qualified in the field of work
• has the necessary 'tools' and equipment
• provides cost effective expertise
• ensures the job will done correctly (to any regulations, specifications and your requirements)
• in the end it delivers savings in time, effort and cost.

With these positives in mind it makes good sense that with something as important as taxation matters, unless you are a tax expert, why wouldn't you engage a professional Accountant?

Have you tried a DIY project only to regret it? You are not alone! David started a new Business and decided to setup the business structure himself in order to save money in seeking help from an Accountant. Six months later he thought he was doing a great job until he needed to prepare the tax returns for the Business. He went to see his local Accountant. The Accountant reviewed the setup and uncovered many problems with the Business setup. From incorrect forms used, incorrect ABN and incorrect invoicing - the list went on and on. After this review the costs required to fix the issues was in the thousands. Had David sought the advice from the start he would have saved those costs.  

Need to prepare your Tax return, complete end of year financial reports and struggling to balance your cashflow?

Don't hesitate, Blackburn Accounting is the answer you are looking for. Contact us and avoid the pitfalls of DIY. Our professional services include Taxation, Family Business Management, Cashflow Management and Business Development.