I Didn’t Keep Up With My DIY Bookkeeping, Now What?

May 15, 2021 | Bookkeeping

As a small to a medium-sized business owner, you have a lot on your shoulders. You handle so many tasks, and it’s easy to lose track of one thing or another. That’s particularly true with DIY bookkeeping. Tracking your financial data requires meticulous daily documentation. When you don’t have time to get it done, your financial records get a bit messier with each passing day.

If you’re like many entrepreneurs, you do your bookkeeping anyway, but perhaps you shouldn’t. 

Sometimes DIY Bookkeeping Makes Sense

DIY bookkeeping helps you keep an eye on your company’s cash flow. Also, when you have a personal stake in the results, you’re motivated to do it right. These reasons make sense until you miss a day or two…or three. Who tracks your books when you go on vacation or take a few days off because you’re sick? What happens when you can’t keep up? 

DIY Bookkeeping is a great idea, but…

DIY anything is a simple way to cut costs, but it doesn’t work for everything. When you don’t keep up your bookkeeping, it often causes problems down the road. 

Even when you use a bookkeeping app or program, your records require data synchronization and daily attention to detail. You must stay on track with your bookkeeping tasks, no matter what. Otherwise, you might as well toss your invoices and receipts into a shoebox and hope you have time to organize them before tax time.

What Happens When You Don’t Keep Up Your DIY Bookkeeping? 

When you run a business, bookkeeping isn’t optional. If you don’t have time to track the numbers, the work doesn’t just go away. You’ll have to get caught up sooner or later. In the meantime, without an accurate, up-to-date assessment of your cash flow, you won’t have the information you need to run your business. 

· You won’t know how much cash you have (or should have) on hand.
· You won’t know if you can pay utility bills, suppliers, staff, and other costs.
· You’ll have no idea what’s coming in or going out.
· You won’t know if your business is profitable or losing money.
· When you try to get caught up, it will take an even more significant chunk of your valuable time. 

Professional bookkeepers do it better

As a small business, we understand the DIY bookkeeping temptation. It usually saves costs, but in the long run, it sometimes handicaps your business. Professional bookkeepers don’t just monitor your cash flow; they provide accurate, timely financial presentations. Bookkeepers use your data to produce authenticated reports that support loan applications, tax filings, IRS audits, insurance premium ratings, and other official submissions. 

Goode Bookkeeping and Consulting

We are professionals with the background and training to manage your financial data. Our bookkeepers document and track your financial data. We use advanced software that we tailor to meet your specific business needs. We perform a wide range of services that help keep your business running efficiently. 

· Digitize your documents
· Set up your chart of accounts 
· Sync your financial data
· Store and manage your data in our secure cloud platform.
· Document your cash flow 
· Provide on-demand financial reports
· Remain available for questions when you need us
· Provide bookkeeping and consulting services for an economical price. 

Contact Goode Bookkeeping & Consulting 

Contact us to learn more about our economic bookkeeping alternatives. Give us a call at (860) 659 6543 or complete our Contact Form to schedule your free consultation.

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