233: Should I Do My Own Bookkeeping Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
233: Should I Do My Own Bookkeeping Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
There are many things to consider when you are thinking about doing your own bookkeeping for your business. The main things to consider are your knowledge and your interest in bookkeeping. If you’ve been debating about whether you should do your own bookkeeping for your business, or outsource it to someone else, right now is the time that you need to make a decision and begin moving forward. In today’s podcast episode, I will help you decide if doing your own bookkeeping is in the best interest of your business. I see so many business owners who are in the decision-making stages for months while their bookkeeping sits patiently waiting for them, only to make their bookkeeping a more significant project than it needs to be. Maintaining and keeping an accurate bookkeeping system will be crucial to your business's success. It doesn’t matter if you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; you need to make a decision about who is going to be managing the books for your business and take the time to follow through with your decision. Listen in as I walk through the major points you should consider if you are going to do your own bookkeeping. This is a big decision, and it could be an expensive mistake if you don’t have the ability to generate accurate and timely financial reports you can rely on. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Learn about the Under Pressure: Stress Management And Resilience Program here:
Find out how you can work with me by either scheduling a free consultation or signing up for the BALANCE Life Coaching program, where you can get private one-on-one coaching every week. Find out where you’d like to see yourself and your business in the future. We’ll create a laser-focused plan, including which action steps you need to take to get started on the path to success:
Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here:
Ready to set up your business? I have a program to help you get your business set up so that you can start making money. Sign up for this program here:
Are you ready to try coaching? Schedule an Introductory Coaching Session today. You’ll have the opportunity to see how you like coaching with an Introductory Coaching Session:
Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for. Are you ready to generate revenues and increase the profit in your business:
If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here:
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You:
Join Our Facebook Community: https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique
The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration! You can learn more and sign up here:
Looking for a payroll solution for your business? You can get an exclusive 15% discount on your payroll services when you sign up here:
QuickBooks Online - Save 30% Your First 6 Months:
Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you:
Show Notes:
There are many things to consider when you are thinking about doing your own bookkeeping for your business. The main things to consider are your knowledge and your interest in bookkeeping. If you’ve been debating about whether you should do your own bookkeeping for your business, or outsource it to someone else, right now is the time that you need to make a decision and begin moving forward. In today’s podcast episode, I will help you decide if doing your own bookkeeping is in the best interest of your business. I see so many business owners who are in the decision-making stages for months while their bookkeeping sits patiently waiting for them, only to make their bookkeeping a more significant project than it needs to be. Maintaining and keeping an accurate bookkeeping system will be crucial to your business's success. It doesn’t matter if you are a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; you need to make a decision about who is going to be managing the books for your business and take the time to follow through with your decision. Listen in as I walk through the major points you should consider if you are going to do your own bookkeeping. This is a big decision, and it could be an expensive mistake if you don’t have the ability to generate accurate and timely financial reports you can rely on. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…Maintaining the bookkeeping system for your business is an essential task that needs to be completed so that you have reliable and timely financial information to make smart business decisions for your business. You also need this information so that you can have your tax return prepared on time and accurately as well. If you are thinking about doing your own bookkeeping for your business, or if you are already doing your bookkeeping but find yourself wondering if you are the best person to be doing the bookkeeping, I’m going to walk you through some of the main points to consider when making this important decision for your business.
I’ve already mentioned that there are two pretty important factors to consider when doing your own bookkeeping. You need to have enough knowledge to understand bookkeeping, and you also need to have an interest in doing the bookkeeping for your business. If you don’t have enough knowledge about how to do your own bookkeeping, you can easily learn more about this by taking classes, but if you don’t have any interest in doing the bookkeeping, you will more than likely find yourself getting bored with it, procrastinating on the work that needs to be done and you’ll probably find your bookkeeping project piling up and turning into a pretty big and stressful project you need to tackle. If you decide you already have the knowledge and are genuinely interested in doing your own bookkeeping, you would then want to take it one step further and consider these two additional items.
The first would be time. We all know that as business owners, you get to wear many hats. These hats not only allow you to work in your business but also on your business. When this happens, you might be finding your time starts to get limited in your business. If you are a solopreneur or a person who is setting up and running your business on your own, you might find that as you get your business up and running, you have a limited budget, but you have the time to devote to doing your own bookkeeping. Since you may have fewer transactions at the start of your business, and you have the time you need to properly do your bookkeeping, this may be a good option for you. This may change as your business grows and you find that each of the hats you are wearing is taking up more and more time. If this is the case, you want to make sure that if you are going to do your own bookkeeping, you make it a priority to have everything accounted for and reconciled at least once a month. When you get to the point in your business and feel that your time is getting more and more valuable, and you have a harder finding time to get everything done, you need to make a decision as to whether you should be doing your own bookkeeping. I want you to think about how much your time is worth as well as how much time you are spending on doing your bookkeeping. You can easily compare this amount to how much it would cost you to outsource your bookkeeping. Finding out where your time is best spent so that you can get the highest return will ultimately help you make the decision as to whether you should do your own bookkeeping or not.
Next, I want you to think about your ability to generate the accurate and timely reports you will need to rely on in your business. Doing your own bookkeeping will help you have a clear picture of what is happening in your business, and you will be more connected to your business finances, but you will also need to make sure that your bookkeeping information is accurate. You can do this by utilizing a computerized bookkeeping software system and having systems and processes in place so that you know your day-to-day transactions are recorded properly as well as reconciling to not only reduce errors but also to ensure you have all of your transactions accounted for and you don’t miss any tax deductions. Understanding which reports you should review on a monthly basis so that you know where your money is going, how the business is doing, and which documents or reports you need so that you can file your tax returns when necessary are all important to the success of your business and will help you make informed business decisions.
Take some time to weigh your options, make a decision and start moving forward with your next steps. Your bookkeeping and business finances are important, and you want to make sure that you are doing everything you can to ensure the success of your business. Thinking about doing your bookkeeping is not getting your bookkeeping done. If you make the decision to do your own bookkeeping, you know you are capable of doing it, and you believe you have the knowledge and interest, jump right into organizing and creating the processes to do your bookkeeping daily, weekly, or at the very least on a monthly basis, and remember, you don’t have to make this decision and stick with it for the duration of your business, you could always outsource your bookkeeping at any point in time or hire an in-house bookkeeper when you feel that it would make the most sense. Your main goal right now is to ensure you have accurate and timely financial information so that you can make smart business decisions.
Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? You can be stress-free in both your professional and personal life. Come join me. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line, and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, You can go to www.FinancialAdventure.com and click on the work with me button. Sign up now. There are limited spots available for these programs due to the one-on-one aspect, and they do sell out. If the payment link is gone, you can get on my waitlist to join the programs when additional spots are available. I help people get results and live a more joyful life. I know there is something you want in your life, and I can help you get it. The faster you get access to the program, the quicker you’ll see the possibilities available to you. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
