Bookkeeping is the process of keeping track of financial transactions. This can include recording sales, purchases, income, and expenses. bookkeeping is an important part of running a business, as it helps to ensure that all financial transactions are properly documented and accounted for. Good bookkeeping can help businesses to track their performance, assess their financial health, and make informed business decisions.
Manual bookkeeping involves keeping records in a physical book, while electronic bookkeeping uses software like MYOB or Xero to track financial transactions. While electronic bookkeeping is often more efficient, manual bookkeeping can be beneficial for businesses that want to have more control over their records.
As a business owner, you know that bookkeeping is essential for keeping your business finances in order. But who’s the best person to do it for you?
Should you hire a dedicated bookkeeping team, or can you handle it yourself?
Let’s explore the pros and cons of hiring a bookkeeping team vs. doing it yourself so that you can make the best decision for your business.
There are pros and cons to both hiring bookkeeper and doing it yourself. Here are some things to consider.
When you hire a dedicated bookkeeper:
Pros:
- A dedicated bookkeeping team will have the knowledge and experience to keep your books in order.
- A dedicated bookkeeping team can free up your time so that you can focus on running your business.
- A dedicated bookkeeping team can help you save money by keeping track of expenses and helping you to claim deductions.
Cons:
- Hiring a dedicated bookkeeping team is an added expense.
- You will need to provide the team with access to your financial records.
- You will need to train the team on your business’s finances and accounting system.
When you do it yourself:
Pros:
- Doing your own bookkeeping can save you money.
- You will have full control over your financial records.
- You can learn a lot about bookkeeping and accounting by doing it yourself.
Cons:
- Doing your own bookkeeping can be time-consuming.
- You may need to invest in bookkeeping software or hire an accountant to help you with complex financial matters.
- If you make a mistake, it could cost you a lot of money.
So, who’s the best person to do bookkeeping for your small business? The answer really depends on your needs and preferences. But overall, if you value your time, want peace of mind, and focus on growing your business past the success it currently stands on, a dedicated bookkeeping team is a worthy investment.
If you do decide to onboard a bookkeeping team to support your business, VA Headquarters would be more than happy to help you get started. You can send us an email at admin@vaheadquarters.com.au or give us a quick call at 1300 927 527 – talk soon!
VA Headquarters is a team of ready-to-go, skilled virtual assistants, and we are invested in our clients’ businesses.
Looking for other resources that can help improve your business process? Then we recommend reading this article about Document Management Systems next.