When you have a business, one of the things that you might wonder is if you should hire a bookkeeper or if you should do the bookkeeping on yourself. Here are three questions to ask yourself in order to determine if you should do the bookkeeping work yourself:
1. Do You Have Time?
With everything that comes with running a business, you have to wonder if you’re going to have the time to do your own bookkeeping. It can take a lot of time from actually running your business, time that could be used for other things like, marketing, business strategy, sales, etc. So you have to determine if it is beneficial to take the extra time to do your own bookkeeping, or pay a professional to do it.
2. Are You Comfortable Doing It?
A lot of people aren’t comfortable doing math, even older people. So you want to ask yourself if you’re comfortable doing your own bookkeeping with all of the intricacies involved. And it’s not necessarily being comfortable with actually doing the work, it’s being comfortable with your capabilities of doing the work. If you don’t think that you can do the work entailed in bookkeeping, then you should probably think about hiring a professional to do it for you.
3. Do You Want to Take a Chance?
There are a lot of things that can go wrong if you don’t do your bookkeeping correctly, especially if you have multiple employees. So you want to think about whether it’s worth taking a chance on doing it wrong, or if you want to hire someone that can do it correctly. The last thing you want is to do all the work, only to find out that you did it wrong, then have to go back and correct all your mistakes and start from the beginning.
If you ask yourself these three questions and your answer is no to any of them, you should look into hiring a bookkeeper. These are some of the advantages of a professional bookkeeper:
· They have training
· They do the work so you have the time for other things
· They will make sure everything is correct.
Many people believe that doing their own bookkeeping is better since it saves them money. But if you go this route and make a costly mistake, you will find it’s more expensive to fix the problem than to hire a professional to do it in the first place.
