If you are a business owner and do your own bookkeeping the chances are you have no real qualifications or have not been trained extensively to understand tax, accountancy and bookkeeping.
In most cases, business owners have learnt by trial and error and picked up tips from here and there.
I routinely speak to business owners who do their own bookkeeping. Most think their work is more than adequate. In reality some do it well but in most cases the work has a lot to be desired.
I came across a great quote last week which I thought was very relevant to business people doing their own bookkeeping.
‘Practice does not make perfect
– because if you’re doing it wrong in the first place all you are perfecting is a wrong.
Perfect practice makes perfect.’
Most business people don’t really want to do bookkeeping and in my experience if you undertake a task you do not want to do the chances are you will not do it well.
On a regular basis, we are asked to fix bookkeeping errors and we routinely find that if a bookkeeping expert had been used from the beginning the long term savings would outweigh the costs. In addition the business owner has spent hours which they could have used to grow their business or spend it with their family.
Most businesses are experts in their field, whether it is gardening or web design. No matter how hard I try my lawn always looks better when my gardener mows it than when I do. The chances are a professional bookkeeping firm will do a better job than you no matter how dedicated you are. Most businesspeople do not know how much money they could be losing by doing their own bookkeeping.So the question is – ‘how much money did you leave on the table by doing your own bookkeeping?’
Don’t take the chance – get a professional bookkeeping firm to do your books and enjoy your spare time doing the things you love.