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Entrepreneurs thrive on a DIY mentality: Do everything you can yourself and don't pay for anything new until you have absolutely have to. It's especially difficult to justify hiring financial help like a bookkeeper.
With user-friendly software such as QuickBooks or Simply Accounting available, many business owners feel they should be able to do keep their records on their own, even as they wrestle with finding the time and wonder if they're doing things correctly.
Working on Your Business
Deciding about hiring a bookkeeper can be a struggle. You may find basic accounting easy to do, but it takes you away from working on your business – doing what you like to do. That’s why you went into business, after all, isn’t it? Too often, invoices are left to sit until you find time to prepare them, which, of course, negatively affects your cash flow, or writing cheques to creditors is postponed and late fees accumulate. And entering all those credit card purchases can definitely be put off as there are no consequential late fees.
Do it Yourself Bookkeeping
Strategic Spending
In the meantime, you do not have accurate and current records about the activities of your business (bookkeeping). And without these records, you have no way of knowing what, where, and when to take the corrective actions to keep your business a successful one. After all, knowledge is power, even when it comes to the small details. If you don't have a bookkeeper, you're probably not being as strategic as you could be in how you spend your money.
Accurate Financials
Even if you work late into the night, taking time away from rest, your family, your life, and keep up with your bookkeeping activities, many entrepreneurs who hire bookkeeping and accounting help usually discover they weren't doing nearly as well on their own as they thought they were. Did those gazillion small transactions all get entered correctly? How well do the transactions on your credit card or bank statement match the receipts you have so diligently kept?
Why a Bookkeeper?
These are questions a good bookkeeper can answer for you. Your bookkeeper will spend a few hours a week sorting it all out and as a result, you’ll
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have a better idea about how your expenditures stack up against your budget
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be aware of possible impending cash flow issues
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know you’re not billing clients incorrectly or missing important payments
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have the opportunity to regain some balance in your life between work and, well, everything else.