When you are self-employed you are responsible for all aspects of your business, including the financial ones. So, is it necessary to employ an accountant or can you do it yourself? Not only will you need to ensure you are making enough money to pay yourself but anyone who you owe money to. In the future when you expand you will need to pay your staff correctly and most importantly you will need to pay them on time. As well as developing business habits that are sound, understanding accounting will allow you to manage the finances of your business effectively.