This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/12/09/the-hidden-costs-of-managing-bookkeeping-on-your-own-consider-these-tips/
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by Dustin Ray of Incfile
When you start a business, you’re the CEO, marketer, customer service representative and human resources manager. You wear a lot of hats. Another hat that you may opt to wear is bookkeeper.
Bookkeeping is a critical responsibility since you are recording all day-to-day financial transactions, including receipts, sales and payments to people, vendors and other companies. You will bring the books to the trial balance stage where an accountant (or you) may prepare the income statement and balance sheet.
While handling your own bookkeeping for your new small business may initially seem like a cost-saver, the reality is that it can end up costing you more — more money, more time and more headaches. Here are a few ways that managing your own bookkeeping can cost you in the long run.
The Hidden Costs of Doing Your Own Bookkeeping.
Time Away from Business Tasks.
The average cost for a small business CPA consultant is $150–$400 per hour, depending on their experience. This can be quite a steep cost when you are first launching your business. However, if you do all of the heavy lifting yourself, that costs you your valuable time. You’ll need to research basic accounting practices, learn how to navigate bookkeeping software, balance books, prepare financial reports and file taxes. The hours and days spent on these tasks each month could be better spent on starting and growing your business.
Cost of Software.
Depending on the type of bookkeeping software you go with, this can also become expensive.
There are three main methods for managing documents as part of your general ledger (GL) bookkeeping:
Spreadsheet (Excel or Google Sheets)
Desktop accounting software (QuickBooks Des… Read More
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