Can you afford DIY bookkeeping?
DIY is often a business owner’s go-to option. It helps you stretch your cash when there’s not enough in your budget to go around. DIY for many business owners means literally doing it yourself. It means you’re intentionally adding tasks to the top of an already oversized pile. So, how’s that working for you? Only you know for sure. As accounting professionals in Glastonbury, Connecticut, we have a couple of theories about DIY bookkeeping services. First of all, we’re better at it than you. Secondly, if you’re performing DIY bookkeeping services, you may actually be losing money. Can you afford that? Consider these four questions.
1. What’s your time worth?
If you’re the person in charge of performing all the tasks no one else can do as well as you, your time is valuable. Let’s say it’s worth a minimum of $50 per hour, which is pretty cheap for a CEO in Glastonbury or anywhere. If you spend as little as 10 hours per week doing your own bookkeeping services, that’s $500 of your valuable time. As a small business owner, instead of DIY bookkeeping, you should invest your $50 hours in performing tasks that will help your business grow.
2. How many tasks can you handle at once?
As a business owner, you probably are a big fan of multi-tasking. You design, manufacture, and do quality control. You do sales, marketing, and employee supervision, often at the same time. You may think you’re a great multi-tasker, but research now shows that multi-tasking isn’t actually a thing. In fact, Dr. Nancy Napier Ph.D. called it a myth in a Psychology Today article a few years ago. Apparently, you can’t perform one task while doing another. Your brain is actually switching back and forth losing micro-seconds of valuable time, performing less efficiently, and making you tired. That’s what’s happening when you’re sitting in your office performing DIY bookkeeping services while answering the phone, reading your snail mail, and talking to your employee.
3. Do you enjoy bookkeeping?
We have no research to back it up, but experience teaches us that it takes longer to do things you don’t enjoy. (Think washing dishes or calculus homework.) When you’re brewing craft beer, styling hair, manufacturing widgets, or doing whatever you loved enough to start your business, the time flies doesn’t it? Conversely, each moment can be agonizing when you’re performing a task you don’t enjoy.
4. How much time does it take to run your business?
Whether you’re performing DIY bookkeeping services or doing your own post office runs, overwork isn’t good for you. The Japanese term karoshi describes how our bodies react negatively when they’re overworked. Check out the Businessinsider.com article about the phenomenon if you need to know more. The karoshi bottom line is that working too much is bad for your health. It’s a powerful hint that unless you really enjoy DIY bookkeeping services or any other task, you should delegate it to someone else.
Professional Bookkeeping Services in Glastonbury, Connecticut
At Goode Bookkeeping, we perform bookkeeping services the way you’d do it if you had the time. Call us at (860) 659-6543 or complete our online contact form to learn more about our Glastonbury, CT professional services.