Keeping track of your personal or business finances can be a hassle. That’s why professional accountants exist. It’s our responsibility to provide you with accuracy, guidance, and industry updates that otherwise have the potential to blindside the unsuspecting DIY bookkeeper. We’re going to take a look at some of the pros and cons of Do-it-Yourself bookkeeping, because we’re all at our best when we’re informed.
- Initial cost savings: you don’t have to hire an accountant or outside bookkeeper
- Ease of Technology: accounting programs can be user-friendly if you know what you are doing
- Potential for Streamlining: if you stay on top of everything, your paperwork stays in one place, and you could save time & money
- Technical & user error: accounting software mistakes are unforgiving, and the origins are hard to track
- Lack of consultation: you won’t have professional industry guidance if issues arise
- Accounting responsibilities: You would be legally responsible for all aspects of invoicing, deadlines, and record-keeping.
In short, there are some benefits to doing your own accounting. Accounting software is initially less expensive than hiring a staff accountant. Just make sure you know your software inside and out and keep it up to date!
There certainly are a number of things that can go wrong in the accounting world, such as not maintaining accurate records, invoicing errors, payroll and tax mistakes, the list goes on… That’s where Lifetime Tax can help.
- Financial flexibility: save money by hiring on a needs basis
- Reduce stress: save time and energy that can be devoted to running your business
- Same work, done faster: experience greater efficiency and turnaround time with accounting experts
- Peace of mind: registered, licensed accounting professionals are required to be accurate and timely
Professional bookkeepers, at your service
Whatever you decide upon as the best bookkeeping option for your business, Lifetime Tax & Accounting is here to guide you. Contact us online, or call us at 603-230-2404. We’re happy to discuss your bookkeeping options with you.