103: Deciding If You Should Do Your Own Bookkeeping Whether You Are Starting A Business


103: Deciding If You Should Do Your Own Bookkeeping Whether You Are Starting A Business, Self-Employed, A Solopreneur, Entrepreneur, Mompreneur, Business Owner, Side Hustler, Freelancer, Bookkeeper, Virtual Assistant, Or VA


There are many things to consider when you are thinking about doing your own bookkeeping for your business. The main things to consider are your knowledge and your interest in bookkeeping. If you’ve been debating about whether you should do your own bookkeeping for your business, or outsource it to someone else, right now is the time that you need to make a decision and begin moving forward. In today’s podcast episode, I will help you decide if doing your own bookkeeping is in the best interest of your business. I see so many business owners who are in the decision-making stages for months while their bookkeeping sits patiently waiting for them, only to make their bookkeeping a more significant project than it needs to be. Maintaining and keeping an accurate bookkeeping system will be crucial to your business's success. It doesn’t matter if you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; you need to make a decision about who is going to be managing the books for your business and take the time to follow through with your decision. Listen in as I walk through the major points you should consider if you are going to do your own bookkeeping. This is a big decision, and it could be an expensive mistake if you don’t have the ability to generate accurate and timely financial reports you can rely on. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…


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Show Notes:


There are many things to consider when you are thinking about doing your own bookkeeping for your business. The main things to consider are your knowledge and your interest in bookkeeping. If you’ve been debating about whether you should do your own bookkeeping for your business, or outsource it to someone else, right now is the time that you need to make a decision and begin moving forward. In today’s podcast episode, I will help you decide if doing your own bookkeeping is in the best interest of your business. I see so many business owners who are in the decision-making stages for months while their bookkeeping sits patiently waiting for them, only to make their bookkeeping a more significant project than it needs to be. Maintaining and keeping an accurate bookkeeping system will be crucial to your business's success. It doesn’t matter if you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; you need to make a decision about who is going to be managing the books for your business and take the time to follow through with your decision. Listen in as I walk through the major points you should consider if you are going to do your own bookkeeping. This is a big decision, and it could be an expensive mistake if you don’t have the ability to generate accurate and timely financial reports you can rely on. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…


Welcome Back…Maintaining the bookkeeping system for your business is an essential task that needs to be completed so that you have reliable and timely financial information to make smart business decisions for your business. You also need this information so that you can have your tax return prepared on time and accurately as well. If you are thinking about doing your own bookkeeping for your business, or if you are already doing your bookkeeping but find yourself wondering if you are the best person to be doing the bookkeeping, I’m going to walk you through some of the main points to consider when making this important decision for your business.


I’ve already mentioned that there are two pretty important factors to consider when doing your own bookkeeping. You need to have enough knowledge to understand bookkeeping, and you also need to have an interest in doing the bookkeeping for your business. If you don’t have enough knowledge about how to do your own bookkeeping, you can easily learn more about this by taking classes or even signing up for my Bookkeeping Bootcamp I have coming up in the next few weeks, but if you don’t have any interest in doing the bookkeeping, you will more than likely find yourself getting bored with it, procrastinating on the work that needs to be done and you’ll probably find your bookkeeping project piling up and turning into a pretty big and stressful project you need to tackle. If you decide you already have the knowledge and are genuinely interested in doing your own bookkeeping, you would then want to take it one step further and consider these two additional items.


The first would be time. We all know that as business owners, you get to wear many hats. These hats not only allow you to work in your business but also on your business. When this happens, you might be finding your time starts to get limited in your business. If you are a solopreneur or a person who is setting up and running your business on your own, you might find that as you get your business up and running, you have a limited budget, but you have the time to devote to doing your own bookkeeping. Since you may have fewer transactions at the start of your business, and you have the time you need to properly do your bookkeeping, this may be a good option for you. This may change as your business grows and you find that each of the hats you are wearing is taking up more and more time. If this is the case, you want to make sure that if you are going to do your own bookkeeping, you make it a priority to have everything accounted for and reconciled at least once a month. When you get to the point in your business and feel that your time is getting more and more valuable, and you have a harder finding time to get everything done, you need to make a decision as to whether you should be doing your own bookkeeping. I want you to think about how much your time is worth as well as how much time you are spending on doing your bookkeeping. You can easily compare this amount to how much it would cost you to outsource your bookkeeping. Finding out where your time is best spent so that you can get the highest return will ultimately help you make the decision as to whether you should do your own bookkeeping or not.


Next, I want you to think about your ability to generate the accurate and timely reports you will need to rely on in your business. Doing your own bookkeeping will help you have a clear picture of what is happening in your business, and you will be more connected to your business finances, but you will also need to make sure that your bookkeeping information is accurate. You can do this by utilizing a computerized bookkeeping software system and having systems and processes in place so that you know your day-to-day transactions are recorded properly as well as reconciling to not only reduce errors but also to ensure you have all of your transactions accounted for and you don’t miss any tax deductions. Understanding which reports you should review on a monthly basis so that you know where your money is going, how the business is doing, and which documents or reports you need so that you can file your tax returns when necessary are all important to the success of your business and will help you make informed business decisions.


Take some time to weigh your options, make a decision and start moving forward with your next steps. Your bookkeeping and business finances are important, and you want to make sure that you are doing everything you can to ensure the success of your business. Thinking about doing your bookkeeping is not getting your bookkeeping done. If you make the decision to do your own bookkeeping, you know you are capable of doing it, and you believe you have the knowledge and interest, jump right into organizing and creating the processes to do your bookkeeping daily, weekly, or at the very least on a monthly basis, and remember, you don’t have to make this decision and stick with it for the duration of your business, you could always outsource your bookkeeping at any point in time or hire an in-house bookkeeper when you feel that it would make the most sense. Your main goal right now is to ensure you have accurate and timely financial information so that you can make smart business decisions.


If you need help making this decision, I want you to know that I am here to help. You could either sign up for one of my free consultation sessions where we will go over where you currently are in your business and where you’d like your business to be in the future by going to www.FinancialAdventure.com and clicking on the work with me button. In this session, we will also talk about how you are currently doing your bookkeeping or if you are trying to decide if you should be doing the bookkeeping for your business. I also have my Bookkeeping Bootcamp coming up in the next few weeks. During this Bookkeeping Bootcamp, you can take the time to learn more about what you need to do to either set up and start your bookkeeping system, catch up on your bookkeeping for the year, or simply learn more about how to understand your business finances when you are doing your own bookkeeping so that you can make smart business decisions. I’ve helped hundreds of small business owners and solopreneurs set up their bookkeeping systems, and if you join us for my upcoming Bookkeeping Bootcamp, you’ll have a plan in place and processes so that your bookkeeping will be ready for the upcoming tax season. Don’t procrastinate. When your bookkeeping is up to date, think about how much more satisfying your business will be, as well as the peace of mind you’ll have knowing everything is accurate and you can make sound business decisions from this data. You’ll walk away with a step-by-step process to do your bookkeeping, and you’ll understand the reports you need to review to see how you’re your business is doing financially before it’s too late to do any tax planning this year. If your bookkeeping isn’t up to date, you won’t have the opportunity to strategize and make good decisions before the end of the year. You’ll also learn how to verify and utilize your balance sheet so that you know how healthy your business is, and we’ll get you on track to start your budget for next year while incorporating your goals so that you know exactly what you need to do to achieve them in the coming year. I know it can be easy to put your bookkeeping off. As a CPA, Business Strategist, and Coach, I help business owners just like you to ensure you have up-to-date and accurate financial statements. I take the uncertainty and stress out of doing your own bookkeeping. In this workshop, you’ll have a chance to either get started with your bookkeeping, catch up on your bookkeeping or make sure you have your bookkeeping system set up properly so that you can make smart business decisions during these last few months of the year. You’ll also have a better understanding of which reports you should be reviewing and what each report means for your business. This workshop is excellent for business owners and solopreneurs who are doing their own bookkeeping, as well as bookkeepers who want to understand financial statements better and streamline their procedures in their bookkeeping business. I offer workshops like this throughout the year, and you can go to www.FinancialAdventure.com/workshop to sign up for this current Bookkeeping Bootcamp Workshop today, and don’t worry, if you are unable to attend the upcoming live Bookkeeping Bootcamp in October, once you are registered for the event, I’ll be sending out a link for the replay so you can watch it at your convenience. I’ll post links to this and other valuable resources for business owners and bookkeepers where you are listening to this podcast and in the show notes.


And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.

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