Doing things in the DIY mindset has grown increasingly over the past few years. During COVID, more and more people were relying less on others and more on themselves to do everything, that includes specific business tasks. As much as DIY works when it comes to crafts, home decor, cooking, and planning – it doesn’t work nearly as well when it comes to business bookkeeping. If you don’t have accounting experience or at least successful accounting experience, you may need to take a step back.
Millions of businesses have tried or are trying DIY bookkeeping, and it’s unfortunately not going in the direction they planned. If you’re on this route, then here are a few reasons why you should call in a professional accountant when it comes to bookkeeping.
Home And Personal Finances Get Mixed
As a business owner, you most likely wear many different hats, and the responsibilities involved can take you in different directions. Adding on the heaviest of financial aspects on top of other million things you have to do can get pushed to the back burner at times. Many businesses that do their own bookkeeping tend to do it while working on their personal finances to get it all done at once.
This is a poor time management situation, and home and business finances should never mix together. Having even the smallest of clerical errors can lead to profits lost and miscalculations. If these mistakes snowball over time, then you can strain relationships on both business and personal, along with a horrid tax season coming up.
Sorry, You’re Probably Not A Bookkeeping Expert
Accounting, no matter how large or small, is a tedious and time-consuming task that does require a certain amount of experience and expertise to get it done correctly. Very few have gone out of their way to becoming certified in Quickbooks or ProAdvisor, and even though you took a class in college, that does not mean you know everything you need to know.
Time Will Run Out
As you’re running your business and making sure that everything is going along smoothly, what time do you have to go over bookkeeping? As it becomes more and more of a chore, you’ll be getting closer and closer to deadlines or filing taxes late. As each day passes, the number of invoices and receipts can pile up and leave you scrambling to get the job done.
Having To Learn Bookkeeping Software
Thinking that you can jump on your computer and start up Xero, Quickbooks, or any other bookkeeping software is a major mistake. Many also rely heavily on technology, thinking it will do all the work for you. However, learning how to use it so it can do most of the work takes time and practice. Keep in mind that one form of bookkeeping technology may work for one company, but it doesn’t mean it will work for yours. You may even need financial management needs that are beyond the accounting software.
Accuracy Is Everything
If you rely on DIY bookkeeping and software programs, know that it is not foolproof. The software will only be as reliable as the information put into it. Having the knowledge and understanding of actual bookkeeping and accounting is a whole different ballpark. Mistakes are more easily made, and if a professional accountant isn’t looking over it, then there can be a number of inaccuracies. It could be worse than having no sort of bookkeeping service. Accuracy is vital, so if you’re not looking to lose time, money, and possibly your business, you should get a professional to help you.
Expert Advice Goes A Long Way
Overall, accounting and math are two of the most failed classes in any school program, and with good reason – it’s hard! To do your own accounting then you need to have a firm grasp on the type of accounting and bookkeeping and how it will apply to your business. Bookkeepers and accountants spend years in their field to become experts. In the long run of things, you should stay more focused on running your business and knowing when to ask for help than doing everything yourself.
Rishi Shah Is Here For You
Rishi Shah is staffed with fully trained and educated professionals that can help you in business accounting, taxes, and other financial services. Leave the number crunching to us so you can stay focused on your goals. If you need help or need bilingual bookkeeping and accounting help, then we’re the firm for you. Give us a call today or explore our website for more information.
