Its not unusual for owners of small-to-medium-sized businesses to handle many different aspects of running the business themselves, such as bookkeeping and payroll. Often, this is an attempt to save money, but all too often, it can prove to be a costlier affair than if they had simply hired a professional on a part-time basis to handle it.
Particularly when it comes to bookkeeping, adopting a DIY approach is rarely advantageous, and hiring bookkeeping services in Surrey, is highly recommended, here’s why:
The disadvantages of doing your own bookkeeping
DIY bookkeeping might be holding you back in a number of ways:
1. You don’t have crucial knowledge
No business owner can be reasonably expected to understand bookkeeping in the same way as a qualified bookkeeper, and so it stands to reason that if you haven’t trained as one, you’re not likely to have the same financial expertise that they possess.
Whether you’re using the wrong processes to reach an end result, or you’re not using the right tools for the right task, what it ultimately means is that you may be working harder than you have to, and may also miss out on significant tax deductions or benefits that could really help your business. You may even be putting yourself at risk of costly penalties from the CRA.
2. You don’t have enough time
Bookkeeping takes time and dedication, and if your business is growing and your list of responsibilities is growing with it, you will likely find that you simply don’t have enough hours in the day to fulfil every aspect of bookkeeping required to keep your business running smoothly.
3. It isn’t a whole lot of fun!
Being your own boss means that you get to choose how you spend your time, and being forced to handle bookkeeping tasks when you could be doing more meaningful activities, isn’t fun for most small business owners. Getting bogged down in administrative tasks and paperwork related to your businesses finances, is enough to make any entrepreneur lose their will to live!
4. You don’t get to gain from a CPAs knowledge and experience
There is a wealth of knowledge that bookkeepers and accountants are more than happy to share with their clients, and as well as ensuring that your business is always above board and legally compliant, they can guide you towards making smarter decisions for the long-term welfare of your business. While you must invest in professional bookkeeping, what you could gain in return, often gives you a great return on that investment.
Even if you think you’re capable of handling your own back office administrative tasks and financial documentation, hiring help with professional bookkeeping in Surrey is sure to bring you many benefits as a small business owner. From saving you time (that you could put to much better and more fulfilling use), to saving you money on your taxes (which is never to be sniffed at), hiring a bookkeeper and not going down the DIY route, simply makes good business sense.
