Bookkeeping - Should You Do It Yourself, Or Should You Outsource It?
This is one of the most common questions we get asked when we first meet someone at one of our free consultations. They ask what we think, from a truly mutual point of view.
And What Do We Say?
We say that you should always try to do your own bookkeeping where possible. Why? Because it gives you a much better overview of your business. If you do your bookkeeping, you can perhaps start to see trends of when the most money comes in, or when your cashflow is at it’s lowest point.
The problem with this is though, that a lot of people reply to our answer with this:
“I just don’t have the time”
Which is a perfectly reasonable response; sometimes, you do simply not have the time to do your own bookkeeping, and it could be more cost effective for you to outsource it.
The trick is to find the middle; when you’re so busy that you’re making more money than it would cost to outsource it, this is usually when we advise people to start outsourcing their bookkeeping.
Obviously you do get a few business owners who aren’t the best at bookkeeping, and perhaps give their accountant their bookkeeping, and then received extra charges because the accountant has had to go through it and correct any mistakes. In this instance, it could also be worth outsourcing your bookkeeping, depending on the severity of extra charges from your accountant.
How Can We Help?
If you’d like to talk to Keepers about taking over your bookkeeping, or even acting as your accountants, then please click here to arrange a free ‘Sit Down and Chat’ meeting; in these meetings, we can discuss anything you want, with no obligation to taking us on as your accountants; should you wish, you can use this meeting purely for advice purposes.