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Can I Manage Bookkeeping on My Own?

Who needs bookkeepers

Can I Manage Bookkeeping on My Own?

The vast majority of business owners who outsource non-essential functions would respond affirmatively to the following statement: Finding a personal bookkeeper near my work or office for hands-on assistance and support has been a worthwhile experience. Still, it is not impossible to manage bookkeeping on your own, especially if you have a moderate work scope and a smooth workflow which you have no problem keeping up with.

Of course, if at some point you decide that channeling your inner bookkeeper is no longer a viable option for you, you can always switch to a professional bookkeeping service.

But first things first, can you manage bookkeeping on your own and what does it require?

Who needs bookkeepers?

Every business needs a bookkeeper. Even the smallest business needs basic financial record-keeping that is accurate and up-to-date. Smaller businesses may only have basic bookkeeping needs and the business owner may simply assume the role of the bookkeeper.

Why do we need bookkeeping?

Although it may be a non-essential function, bookkeeping is an essential aspect of any business, as it provides business owners and managers alike with the necessary insight into their financial resources and costs. It helps businesses stay compliant and organized, as well as making it much easier to budget with precision and accuracy and make detailed plans for future financial decisions.

Regular and accurate bookkeeping also keeps you ready for tax season, when you need unobstructed access to all your financial information and simplifies and facilitates the tax preparation process, eliminating guesswork and lowering the risk of uncertainty and slip-ups.

All of the above combined helps you predict the outcome of your company’s taxes more accurately and achieve your bottom line more efficiently.

What are the types of bookkeeping?

Aside from bookkeeping software and virtual bookkeeping, there are two essential types of bookkeeping, depending on requirements:

  • Single-entry system: designed for businesses with minimal or uncomplicated transactions.
  • Double-entry system: used for businesses with more complex transactions.

What does a bookkeeper do for a small business?

It is the job of a bookkeeper or of the person who manages bookkeeping to handle the day-to-day task of recording financial transactions. including purchases, sales, payments and receipts. Many small business owners who prefer to do their own bookkeeping rely on user-friendly software. This makes it easier for them to record and keep track of entries, debits and credits in one place.

Still, as simple as it may sound, accounting and bookkeeping for a small business can be time-consuming. It can take a lot of work, patience and focus to get it right and there is so much to keep up with. This is why a bookkeeper should not be exposed to distractions, which is often the case with business owners.

Why do we need bookkeepingA personal bookkeeper near me? We’ve got you covered!

Instead of spending your time buried in your business books and taxes, you may find that you are much too valuable of an asset to do that.

You and your team could spend the time brainstorming and coming up with new ideas to expand and strengthen your client base or having a teambuilding road trip. Better yet, you could take the opportunity for a camping trip with the family or some precious alone time. And just because you have decided to outsource your non-essential functions does not mean you are handing over the reins: we will still keep you up to date at all times.

At David York’s Tax Service, we can handle your individual and business taxes in a timely and efficient manner, but we can also take care of all the other technicalities. We will leave you free to fully focus on building your Mission Beach business while we handle the paperwork and your non-essential functions. Contact David York’s Tax Service and find out what we have to offer and how it can help you grow professionally. Call us now!