You can do your own bookkeeping, but should you?
When you go into business, you expect to do more than your share of the work. That’s what business owners do to get their operations up and running. When you’re cutting back on expenses, it makes sense to perform the tasks you already know how to do.
It probably won’t harm your business if you pinch-hit for the receptionist or stand-in for your key salesperson. You’ll do fine making mail runs, but should you really be doing your own bookkeeping? Motivational speeches aside, not everybody can soar with the eagles. Not when the eagles are formally trained to do professional bookkeeping tasks.
Why you shouldn’t do your own bookkeeping
If you’ve decided to bookkeep on your own, you’ve probably considered the pros and the cons. The pros are pretty simple. When a business owner chooses to take on a task that they probably shouldn’t, it’s usually about money. When you decide to do bookkeeping or any other professional task, it’s usually a cost-saving move. Here are a few cons to consider as well.
You don’t have enough time
When you’re running your own business, you don’t have enough time to do anything else. If you’re considering going with DIY bookkeeping, you probably imagine yourself fitting it in at the end of the day. Perhaps you’re thinking about weekend-only bookkeeping or once-a-month bookkeeping.
If you’re thinking about do-it-when-you-have-the-time-bookkeeping, that’s a sure sign that you’ll never have the time you need. Recognizing your time constraints is the first step to letting go and letting a full-time bookkeeper do the work.
You don’t have the training to do it right
If you own a bakery, you probably worked hard to perfect your baking expertise. You want to showcase what you know. If you operate a garage, it’s likely because you want to earn a living with your master mechanic skills. People do their best work when they’re doing what they know and love. Painters paint. Dog groomers groom dogs. It makes sense for you to do what you’re trained to do and let a professional bookkeeper keep your books.
You need it done right?
If you’re doing sink-or-swim bookkeeping, how will you know you’re doing it right. Also, if you’re not tracking your finances properly, could you figure it out before it causes a problem?
If you’re doing your own bookkeeping, you can’t afford to have DIY mistakes pop up when you least expect them. You need accurate financial data to support your commercial loan requests. Secondly, you don’t want a fine or penalty because the IRS didn’t agree with your creative bookkeeping strategy. You need your bookkeeping done right.
Contact Goode Bookkeeping and Consulting
At Goode Bookkeeping, we’re bookkeeping professionals. We’re proud of the services we provide for our clients. We work remotely. We do the work virtually, and we do it right. Call us at 860-659-6543 or complete our consultation form to schedule your complimentary appointment.