Bookkeeping is a vital part of running a business because keeping it in order is a key piece to your success. Without bookkeeping, you’re driving blind like a car without a gas gauge.
But for us, we believe that you can actually DIY bookkeeping. Pretty crazy statement right for an Accounting firm right? You may wonder how have we have to stayed in business for over 15 years with an attitude like that? It’s because there is so much more to help you with than just the bookkeeping and when you grow, you will see that we are a very cost effective way to get the job done and free up your time.
So what are the pros and cons of DIY Bookkeeping vs a Professional Bookkeeper? Here are some our experiences:
DIY Bookkeeping Pros
Save money when you first start business
Use your spare time (or your partner’s)
Understand your obligations as a business owner
Get to know how your business reports are created
Professional Bookkeeping Pros
Get setup correctly
Focus on your customers and business growth from the start
Less trial and error when starting your business
Have an experienced expert to guide you to getting tasks completed more quickly
DIY Bookkeeping Cons
Business setup mistakes are costly to fix and sometimes cannot be changed
It is time consuming to learn what to do
It is likely that you will discover mistakes in the future that will require extra time to correct
When you grow busier, you will have to engage a professional who may have to correct for industry requirements
Professional Bookkeeping Cons
Additional costs when starting your business
What is the solution for a new business owner who is short on finances?
If you are just starting up your business, it is always important to prepare a budget for your finances and your time. Remember that:
“Time is the number one underrated resource for all business owners.”
Just like anyone, you are likely to have more time than finance when starting your business. Although, it is normal for us to be short on both, perhaps the best decision you can make is:
Get some professional advice before you start
This will set you off in the right direction and give you the essential skills to correctly DIY your bookkeeping before using the business software.
Professional advice can cost upwards of $300 per hour. But with Cloud Safe Accounting, you can obtain it for free with our business strategist based in Melbourne. You are not just getting a Professional Bookkeeper but you also Bookkeeping Packages such as software, business tips & strategies that you can DIY. An experienced strategist can guide you within 30 mins and there is always the ability to request more time with them (or follow up support).
Many training courses can take months to complete and cost upwards of $500 but this is usually outside of any business owner’s time budget and financial budget.
Typically this is where a professional bookkeeper can also help. You can engage them to provide you with a training session to show you the “tricks of the trade” for minimising your administrative and bookkeeping work, while still getting the results that you need. Usually 2-3 hrs of one to one online training will set you up and this will usually set you back only $250-$300 (tax deductible).
But what is the solution for a business owner who is focused on quick business growth?
This investment is the proverbial teaching you how to fish. A professional bookkeeper is the best person to discuss all of this with. As bookkeepers, we take the consultative approach to helping our clients. That is, we do not recommend something unless it is actually in the best interest of our clients. This is part of the core trust (ethos) that we have with our clients and is the reason why our clients trust us with their business information.
A Professional bookkeeper can or will help you:
Assess your business needs and advise on software choice
Setup and Integrate that software (so they communicate with each other)
Ensure that all obligatory requirements are being met
Ensure that all data for reporting is being collected for decision making
Put you in control of your business
Maybe you need something in between
A consultation does not cost you anything. It is worth 30 minutes of your time to talk with us. We can give you lots of insights for your business without any obligation to purchase. Contact us today.