Why DIY bookkeeping is killing your business

DIY Bookkeeping

You hear it all the time ‘work smarter not harder’ but how is it that saving a dollar actually ends up costing you two? The downfall of DIY Bookkeeping.

It’s no secret that there are only so many hours in every day. If you ask any small business owner how they spend their time they will almost certainly attest to the series of ‘hats’ they are required to wear to push through the growth barrier. DIY bookkeeping is one of them.

It seems with the startup era firmly upon us we are seeing wave after wave of industrious and ambitious entrepreneurs appearing in the market place with a keen focus on ensuring they ‘do it all themselves’ to save a dollar. It’s understandable too! Small businesses are competitive and with more than 50% failing in the first year (and customers expectations skyrocketing) it’s easy to see why one might consider spending on things like bookkeeping a luxury.

In spite of all of this (and amidst the chaos of growing a business) bookkeeping remains a hugely underused cog in the machine that fuels small business growth, instead business owners are opting for DIY bookkeeping.

DIY Bookkeeping

But it doesn’t have to be that way!

Consider for a moment where your expertise lies. Are you a plumber, perhaps you build boats, maybe electrics are your thing. Whatever your passion it’s easy to imagine that you could do those things much quicker than someone who specialises in bookkeeping could do them. So why burn your time trying to nderstand the nuances of keeping your bas up to date?

According to a recent study sole traders spend at a minimum, at least one full working day per month on financial administration and managing their accounts.  The study goes on to say while some even spend 6 days or more. Imagine outsourcing this component for less than you would pay in wages for an in house solution, all the while continuing to generate revenue (almost certainly far exceeding the amalgamated costs of a bookkeeper).

But the reality is sometimes it’s the anticipated cost that keeps them away, perhaps it’s the fear of change, learning a new process maybe it’s the perceived lack of control, no matter what is driving it, if you are a small business, you are loosing out by spending your time doing DIY bookkeeping when you could be doing what your good at and growing your business.

Ready to take a step towards growth and ditch the DIY bookkeeper? Our services start at $35 per week! Click here to contact JSM Accounting today for a personalised quote to suit your business!

#Business #bookkeeping #accounting #dreamjob #JSMaccounting #teamjsm #Bookkeepingbrisbane #bookkeepingipswich #discoveripswich #whatsonbrisbane #getorganised

Quote: Business Matters Mag, UK