Should You Manage Your Own Bookkeeping

Should You Manage Your Own Bookkeeping?

Do you enjoy managing every aspect of your small business?

As a small owner, your time is precious. You might have so much on your plate that time management isn’t just a good idea, it’s a necessity. Crossing anything off your to-do list probably results in you feeling a lot less stressed out!

This is why we usually suggest small businesses move their bookkeeping and financial management over to professionals. Not only will it save you some panic around tax time, but it will also ensure that your finances are properly maintained year-round. However, many small business owners out there prefer to take care of their own books. They want their finger on the pulse of their business’s financial health all the time.

So, should you manage your own business’s bookkeeping? Here are some things you may want to consider:

How Much Time Do You Have?

When you’re a small business owner, just about everything boils down to time.

You need to manage your employees, work with your customers or clients, do your social media marketing, sell your products and services, and also maintain a healthy work-life balance. That’s a heck of a tall order!

If you find that you have some free time in your week, taking care of your own bookkeeping might be a fantastic idea. It will not only help you keep a close eye on your business’ finances, but also help you develop skills that could pay off in the future. Speaking of skills…

Do You Have Bookkeeping Experience?

If you’ve done bookkeeping for organizations in the past, then doing your own bookkeeping probably makes a lot of sense. You’ve already got the skills!

Bookkeeping is a learned skill set that anyone can pick up. If you have a head for numbers and organization, then taking care of your own books could be a fantastic way to keep your business on track. The more experience you have, the less stress you’ll have to deal with!

Of course, that’s assuming that you already know how to use Quickbooks Online (QBO).

Do You Know How to Use QBO?

Having knowledge of how bookkeeping software works can often mark the difference between feeling confident in taking the reins of managing your finances and feeling intimidated by the prospect of doing your own bookkeeping.

While there are many excellent kinds of accounting software out there, our recommendation is Quickbooks Online. It offers a fantastic mix of advanced features and accessibility, perfect for small business owners looking to do their own bookkeeping.

Additionally, Quickbooks Online is cloud-based! This means you can access your finances anywhere you have an internet connection. There’s also flexible pricing, so you can save money by picking a plan that matches the size of your business.

All of that said, QBO can still be very complicated to use if you don’t already have familiarity with accounting programs. One way that we can help at The Number Works is by providing you with Quickbooks Online training. After we’re finished, you will know the ins and outs of Quickbooks almost as well as we do!

Does It Make Financial Sense?

Taking care of your own books can be an excellent way to save some money early in the life of your small business. However, once your business has grown to a certain level, doing your own bookkeeping could be a mistake.

The more successful your business, the greater the demands your bookkeeping will have on your time. If you want the freedom you need to continue growing your business, you can’t spend the same amount of time doing administrative tasks as when you first started out. At that point, doing your own bookkeeping doesn’t make much fiscal sense.

Additionally, the larger your business, the more chances there are of mismanaging your books. Having a professional accountant or bookkeeper taking care of your finances will guarantee that your financial information is always kept in tip-top shape without you needing to worry. This can be invaluable at around tax time, and can possibly even save you lots of money!

If you’re thinking about doing your own bookkeeping, but you don’t yet know how to use Quickbooks Online, feel free to contact The Number Works today. We would be delighted to help you get started, teaching you everything you need to know to manage the bookkeeping needs of your small business!