Small Business Owners and Entrepreneurs have the do-it-myself mentality.
After all, they think, if they can start and run their own business, they should be able to handle their own bookkeeping?
This question is supported by the number of excellent and highly user-friendly bookkeeping programs such as quickbooks available on the market. All of this adds up to is a big question, however, when it comes to justifying the need to hire someone to help with the financial aspects of a business. Unfortunately, despite often having trouble finding the time to handle the bookkeeping chores as well as struggling with the question of “I wonder if I am doing this right?” they
continue to struggle.
To be Honest: accounting is not brain surgery. It does, take time away from you running your business, even if accounting is an important part of running that business.
Making matters worse is that although performing the accounting functions
of your business doesn’t necessarily have to be very time consuming, dealing with the same functions after you have been in business for a few years and the bookkeeping and tax situation becomes much more complicated can take considerable time away from your ability to operate your business.
It is a fact that after the business owner turn their accounting functions to someone who is knowledgeable accountant in the area, they often learn that they didn’t know all that they thought they did. Having someone assigned to accomplish the bookkeeping tasks also raises the efficiency of the overall process, which often ends up saving the business considerable amounts of money in terms of both time and the elimination of late fees and other unnecessary costs.
The primary reason that many entrepreneurs don’t want to turn to outside help in their business growth and revenue is the added expense. It is tempting to use a computer program that costs $200 or less than to hire a bookkeeper or an independent bookkeeping service for everything from $35 per hour and more.
This comparison can be deceiving. For a small business that is just getting started, performing the bookkeeping function yourself will probably work but after your revenues grow and the number of your employees increase, hiring an accountant or bookkeeper service doesn’t cost, it pays, since at this point you are thinking more strategically about your money and this accountant assistance is more critical in getting things right the first time.