4 Reasons Why It’s Costing You to do Your Own Bookkeeping
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The best way to maximise your profits is to minimise how much you spend on your business. So handling the bookkeeping yourself instead of spending money on a professional is a smart move, right?
Chances are by doing your own bookkeeping you’re not only losing money, but also potentially putting your business at risk. Here are four reasons why you really should be hiring a professional to do your books.
1. Time is money
Okay, so you’re saving money by doing your own bookkeeping. But how much of your time is it taking up—time you could be using to generate sales, streamline your processes or otherwise improve your business?
On paper, it may well be saving you money. But in reality it’s costing you one of your most precious resources—time.
And don’t forget: just because it takes you two hours doesn’t mean you’ll have to fork out for two hours of their time. Because they live and breathe this stuff they’ll probably be able to get it done a lot quicker. Not only that, they’ll have also come up with a few…
2. Tricks of the trade
Think back to when you first started your business. Remember the processes and procedures you followed back then? Chances are you’ve picked up a few ‘tricks of the trade’ over the years that helped you streamline your processes and cut costs.
Professional bookkeepers are no different. By working with so many businesses, they develop their own ‘tricks of the trade’ to help businesses keep as much of their profits while still fulfilling their legal obligations. And they’ll be able to help your business do the same.
Speaking of legal obligations, a professional bookkeeper knows all about…
3. Staying on the right side of the law
Unless you keep up with the ever-changing tax laws as part of your business (or maybe a weird hobby), doing your own bookkeeping can be like playing Russian Roulette with the tax department.
Except they’re the ones with the finger on the trigger.
A professional bookkeeper will know about the latest regulation changes, and make sure you’re always compliant with the current legislation. They’ll also keep track of any important lodgement dates, and have everything ready in time for your accountant.
Another way they can keep you on track is by…
4. Understanding your business
Chances are that no-one knows your business as well as you do, especially if you’ve built it from the ground up. You know exactly what you’re trying to achieve, and have created processes to achieve them.
Unfortunately, being that close to your business can mean losing sight of the big picture. Is this really the best way to achieve your business goals? Or is it a case of not being able to see the forest for the trees?
A professional bookkeeper will take the time to understand your business and what you’re trying to achieve. By looking at your business with fresh eyes, they can give you ideas on what you might be able to do better, and save more of your hard-earned profits.
They can also point out things you should be doing, either to save money or to stay compliant.
As I said at the beginning, doing your own bookkeeping looks good on paper. It’s one less thing you have to pay for, which means you get to keep more of your profits.
But think back to why you started your own business in the first place. Did you get excited about the prospect of spending hours poring over your financials? Did you dream of spending time with your computer instead of your family? I didn’t think so.
Getting your bookkeeping done by professionals will undoubtedly save you time. But that’s not all. They’ll also help you keep your money by finding ways to save which you probably never thought of. And you’ll be able to sleep at night, knowing everything is being taken care of and that you won’t be raising any eyebrows at the tax department.
And that’s something you can’t even put a price on.
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If you’re promoting your bookkeeping services and you write a blog post that is overtly self-promotional in nature, it will get very low readership and is unlikely to influence anyone’s thinking.
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