Many business owners today seem to think they can and should do their own bookkeeping. This can be for a few 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 some businesses, it can get a lot more challenging as the business grows and potentially becomes more complicated. 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 file 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 away from it, here are other reasons to stop doing it all on your own:
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It’s Time-Consuming
- Do you like the idea of spending countless hours on bookkeeping just to keep your head above water?
- Do you have a family or have any other commitments?
- Do you wish you had additional work hours EVERY day to focus on your business?
- 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. Time is precious – we already struggle to get time for ourselves and the more we cramp into our working day, the less time we spend on the important part of running the business and making it work for us.
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There’s a Lot to Learn
Unless you went to school to learn how to do bookkeeping or how to be an accountant, then you should reconsider whether or not you should be doing this. Expect to spend a lot of time learning the basics and researching more advanced ideas. This time spent learning the bookkeeping basics are better spent making your business money and being profitable. You would be better off talking to the team at MKS Group and let us provide your with business growth strategies and business mentoring to learn how to free up more time for your business and stop doing the bookkeeping yourself!
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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. You might also forget to pay for a particular resource or invoice that you’ve received. It’s one of the many reasons why the ATO checks your files every so often – it is called a compliance audit. You don’t want to get in trouble with them.
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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. 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.
This is one thing that you don’t want to get wrong. The laws are complex. Our team spend countless hours keeping their knowledge up to date and this is something that you probably don’t have the time to do. We went to Uni to learn Accounting & Bookkeeping – so leave it to us to do the best job for you.
Conclusion
How do you solve all of the above problems? Simple! Hire a qualified bookkeeper or accountant. Remember, it doesn’t mean that you’re just handing your files to a stranger. Many bookkeepers and accountants 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.
MKS Group offers end-to-end accounting and bookkeeping services in Moonee Ponds (and the surrounding areas) that scale and grow with the business. If you are looking for bookkeeping services to help run your business easier, work with us today!
(03) 9374 8400
