If your business is growing, you can only get away with Do-It-Yourself bookkeeping for so long. Maybe you have an excellent spreadsheet template you found online. Perhaps you even shelled out for some accounting software, but as your business expands and financials get more complicated—you’re going to get up one day, look at the mirror, and say, “I need to hire a bookkeeper.”
DIY bookkeeping takes up more time than you can afford.
According to a Gallup poll, 39% of small business owners work more than 60 hours a week. Not only does overworking lead to burnout, but every minute you spend on a task has a dollar equivalent.
Your books are never up to date.
When you fall behind on bookkeeping, your books stop reflecting the actual state of your finances. That makes it harder (sometimes impossible) to understand cash flow and accurately gauge the health of a business.
Your accountant does your bookkeeping.
Some companies will leave their books untouched over the course of the entire year, then deliver their expenses and bank transcripts to their accountant during tax season, so they can be done retroactively for the sake of filing a return.
This may seem like a simple way to deal with an unappealing task, but Bench Accounting advises against it.
Here’s why:
- When you don’t have up-to-date books during the year, you can’t use monthly or quarterly financial statements to guide your business decisions.
- It’s a waste of money. Certified Public Accountants (CPAs) generally charge more per hour than bookkeepers. You could end up paying more for bookkeeping services than they need to.
- An accountant won’t necessarily provide you with retroactive month-to-month financial records. Detailed business records are essential for securing loans, bringing on investors or partners, or selling a business.
Betterpay merchants will now have access to America’s largest bookkeeping company, Bench. We are now offering our merchants 20% off for their first six months. It’s time to get caught up and organized.
