5 Reasons You Should Really Stop Doing Bookkeeping Yourself
Updated: Dec 3, 2021
Many businesses tend to try and do their bookkeeping all by themselves. They do so for many reasons, such as trying to save money or simply believing that the task is easy enough to do. Unfortunately, while this might be true for new companies, it can get a lot more challenging as the business grows. Before they know it, they're trying to divide enough time to do bookkeeping properly while still addressing their other business needs. This results in an error-filled bookkeeping activity that does nothing more than pull the business down.
Are you doing your own bookkeeping? If the above introduction isn't enough to sway you from it, here are other reasons to stop doing it all on your own:
1. It's Time-Consuming
Do you like the idea of spending countless hours to keep your head above water? Do you have a family or have any other commitments? Do you enjoy the idea of working late at night or over weekends to make your system current? All of these will be facts of life if you continue doing your own bookkeeping.
2. There's a Lot to Learn
It's not like you learned bookkeeping at school. And it's not like you're going to be able to get it done with your existing knowledge. Expect to spend a lot of time learning the basics and researching more advanced ideas.
3. You Might Miss Important Things
If you aren't already a bookkeeper, you most likely have no idea how complex the task is. You'll miss out on quite a few important aspects while trying to do bookkeeping on your own. You'll most likely overlook things like the requirements of GST or any other tax implications. These are things that you'll miss out on if you try to do it all on your own.
4. It Doesn't Always Work
There's no guarantee that you'll be able to do the bookkeeping yourself. Even if you're pretty smart, there are times when even a bookkeeper will end up missing something. You might forget to pay for a particular resource or invoice that you've received. It's one of the many reasons why the income tax department checks your files every so often.
5. It's Tricky to Do Well
The hardest part of bookkeeping is keeping it consistent. Without consistency, you can't truly say that you're doing it correctly. Â It's quite easy to make mistakes, especially after a long day of work. You have to have a good grasp of the entire process. And more importantly, you have to have the time and patience to do things right.
How do you solve all of the above problems? Simple! Hire a qualified bookkeeper. Remember, it doesn't mean that you're just handing your files to a stranger. Many bookkeepers make it their mission to help as many businesses as possible. You might want to try out the services of a professional bookkeeper who has experience in business bookkeeping. It will take a lot of the pressure off you and ultimately make your business a lot more productive.
New Wave offers end-to-end accounting and bookkeeping services in the Gold Coast that scale and grow with the business. If you are looking for bookkeeping services to help run your business easier, work with us today!