Do I Need a Personal Accountant or Advisor?

Feb 18, 2024 By Susan Kelly

Keeping track of your funds is critical. You must know that Do I Need a Personal Accountant or not. A personal accountant may have crossed your mind at some time in your life. That being said, you aren't legally compelled to employ a personal financial adviser. You can keep an eye on your finances and make better judgments if you have one. Accountants may assist you with various tasks, such as accounting, bill payment, tax preparation, and accuracy checks on bank or credit card transactions.

If you don't do these things, the consequences may be dire. Let's say you have a credit card or bank account. They may have wrong priorities. Errors in your credit report might hurt your ability to get loans and mortgages if they aren't discovered fast enough. The issue is that most individuals may not have the opportunity to review their remarks in depth. It's also possible that people who know how to look for mistakes may not know how to do it. Personal accountants can help with this.

Hire an Accountant When You Need One

What kind of financial counselor or accountant you need depends on your position and the aims and issues you seek to address. Accountants help you prepare your financial information and tax returns. In contrast, financial advisors help you with many elements of your financial life, such as investments, real estate, insurance, and tax planning. They are both professionals.

You should see an accountant if you need assistance in any of the following areas.

  • Maintaining a record of your earnings and expenditures
  • Preparing your small business's financial statements and completing your tax return

Many people engage accountants to guarantee that they're taking advantage of every possible deduction. Small company owners, prominent families, and individuals with a variety of sources of income may all benefit from the services of an accountant. But suppose you're looking for assistance in creating and executing an all-encompassing savings and investment strategy to help you achieve any economic objectives, from investing for your children's education to budgeting for retirement. In that case, a financial adviser is a better choice.

Alternatives to Hiring a Professional or Doing It Yourself

Option 1: Hiring a Professional

If you don't have the opportunity or think your money is valued more than what you'd pay somebody else, you may hire an expert to assist you. But who, precisely, is the subject of this discussion? Many professions fall under the umbrella of "personal accountant," including bookkeepers, CPAs, and even tax advisors. Choose an expert who is most suited to your situation:


Paying bills, checking your bank account, and going through your credit card bills are all possible concierge services. It is possible that a bookkeeper may not have any formal education or training.


A bookkeeper is someone who has received accounting training and is capable of doing bookkeeping duties. It's roughly $35 an hour, but it may be much more depending on location, job title, and experience.

Certification as a Certified Public Accountant

The American Institute of Certified Public Accountants (AICPA) has certified this individual as a public accountant (AICPA). This specialist may be excessively pricey for the job, even if they are a CPA. Bookkeeping services might cost as much as $50 an hour or more.

Option 2: Do It Yourself (DIY)

Paper ledgers are a thing of the past. Not only can experts now use user-friendly cloud-based software solutions, but so can the typical consumer. For personal money, the most popular choices are:


Create a monthly spending plan and keep tabs on your money using this program. To ensure that your payments are always accurate and on time, you may utilize a bill-paying system, which will cost you more each month.

Additionally, you may pay your bills and keep track of your accounts using this free cloud-based tool. It connects to your bank to make managing your money a breeze.

Option 3: Combining Both

You may hire a bookkeeper to assist you in getting started on your accounting. Get help from someone familiar with the program you want to use. Your information may be entered into accounts that the bookkeeper creates for you. You may speed up preparing a tax return by establishing accounts that mirror those used for tax reasons. Additionally, the bookkeeper may evaluate your work regularly to ensure that you track your revenue and spending accurately and balance your bank statement.


As the last point, whatever method you choose to keep track of your finances, keep it separate from your company finances. Your home budget should include the expense of this accounting.

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