The Pros and Cons of Doing Your Own Bookkeeping

Who honestly thinks hiring a bookkeeper Melbourne is necessary? For most people, they think bookkeeping is pretty simple and that they can handle everything personally. That’s your first mistake! Bookkeeping is not always as simple as it appears to be and in reality you have to be a little smart in order to tackle bookkeeping. However, it does seem as though thousands are still willing to tackle bookkeeping themselves. Want to know the pros and cons of doing your own bookkeeping? Read on to find out more about the pros and cons of DIY bookkeeping.

The Pros and Cons of Doing Your Own Bookkeeping

Pro – It Saves You Money

First and foremost, by doing your own bookkeeping you are sure to save a penny or two! That can be very useful for all those who don’t have a great deal of money to spend. If your budgets just don’t stretch that far then you really have to be wary. However, when you do the books yourself then you don’t actually have to worry about spending a penny. That is really very useful especially if you’re just starting out and don’t have a big budget to work with. Hiring a bookkeeper then doesn’t sound very smart.

Con – Mistakes Are Made

If you are not professionally trained or qualified in bookkeeping then things can and will go wrong. The trouble is that while you think you are doing things right, you aren’t and of course, spotting those mistakes will be almost impossible! Trying to figure out those mistakes can be very difficult and that’s a major drawback of doing your own bookkeeping. Yes, it might save money but it could cost you more in the long-run because of those mistakes. With a bookkeeper Melbourne it’s unlikely they’ll make a mistake such as costly as yours.

Pro – You’re In Control

It’s hard to turn over your books to a virtual stranger because it’s not their business so they might not always put in the love you would. However, sometimes, you can lose control when you hand the books over to anyone, even your own mother! When you look at DIY bookkeeping you can remain in control of the books at all times. That can put your mind at ease and it can often make you feel like no one can take advantage of your business too. When you hire a bookkeeper you have to hand over some control of the books which isn’t what a lot of people want to do.

Con – It Takes Longer To Get Done

Professionals could take less than twenty four hours to get a completed set of books to you whereas you take three or four times as long as that! Really, not being trained can often make things very difficult and it can drag out the process too. Remember, DIY bookkeeping is tough and when you aren’t trained you can struggle to do the most basic of bookkeeping tasks. That is why hiring a bookkeeper Melbourne might be a good idea. When a professional takes over they will help to keep the turnaround times fairly low.

What Do You Feel Is Best?

At the end of the day, only you can decide whether doing your own bookkeeping is the best move for the business. If you are capable of doing them and you make no mistakes then great but if you know you can’t do them then it’s time to get help. Remember, the books are an important part of the business so you have to treat them right and ensure they are handled in the correct manner too. Hiring a bookkeeper might be a smart idea until you qualified in bookkeeping. Continue reading here