Are you a new business owner or an old-timer who’s behind your bookkeeping? If you are any of these two, you might want to consider hiring someone else to do your bookkeeping.
First of all, bookkeeping is quite tedious and time-consuming. You have to be on top of all your financial transactions on a weekly or monthly basis. If you fall behind, these receipts, payments, etc. will keep piling up and it may be impossible for you to catch up.
As with any business decision, hiring someone to do your bookkeeping has some positive and negative sides to it. Let’s take a look at these:
a. You will have more time to focus on running your business.
b. You are sure that your bookkeeping is always up-to-date and that you are getting regular financial reports for your business.
c. You are sure that your bookkeeping is accurate.
a. It does cost to have someone else do your bookkeeping
b. You still have to track your receivables and payables and manage your bank balance (unless you hire a administrator or controller)
Whether you decide to do your own bookkeeping or hire someone else, ultimately, you have to decide what is good for you and your business. Remember that KD is here to help you weigh your options in making this important decision – whether to do your own bookkeeping or hiring someone else to do it for you.