What Have You Got to Lose by Doing Everything Yourself?
Well, for many small business owners, the answer to “What have you got to lose?” is simple: MONEY.
That’s true. The income that you worked so hard for throughout the year is, literally, at stake.
When it comes time to file tax returns – and that time always seems to come around really quickly – everything rests on record-keeping, or bookkeeping.
As an entrepreneur or small business owner, if you’re doing all of the bookkeeping yourself, then you have to think about this realistically. There is a time for cost cutting and expense reduction, but there is also a time for investing wisely.
Chances are you started a business because you were really good at something or really passionate about something. Maybe you saw a gap in the marketplace and felt confident that you could fill it profitably.
When you decided to take the plunge and invest your resources in a new business, you may not have factored in all of the details that would need to be attended to and how much of your time might be taken away from the main goal.
Even if you manage to somehow find the time to do everything (and I mean everything) that needs doing, that may not be the best thing for the business, for your customers, or for you.
Finally, you may not be the person in the best position or the person best qualified to handle all of the recordkeeping and general bookkeeping activities that are crucial to the financial well-being of your business.
These are worthy considerations.
What have you got to lose? Here are some other questions you can ask and answer for yourself to help you decide whether you should be handling your own bookkeeping, seek out a professional to take care of that for you, or even take care of some of it for you:
- What am I really good at?
If the answer is “numbers” or “paying attention to detail” or “bookkeeping”, then you might want to go ahead and do it yourself.
If the answer is “selling” or “writing” or “helping customers” or something else that makes your business unique, then you may need some help.
How much time can I dedicate to keeping records, invoicing, collecting accounts receivable, and the dozens of other tasks that a bookkeeper would perform?
If the answer is “plenty of time” then, again, do it all yourself.
But if the answer is “none – I’m run off my feet just keeping up with the work with customers or producing my products” it’s time to look for help.
- Is my time best spent working on the business and in the business, promoting my products and/or services, and really growing the business?
If the answer is “yes”, then you should seek someone to help you out with the bookkeeping. We’re fairly confident the answer is “yes” to this one.
Will I be ready to take advantage of all of the tax credits and avoid paying taxes that I don’t really owe if I do the books myself?
If the answer is “no” then, again, you should seek someone to help you out. And the answer probably is “no” because most people who are not bookkeepers or accountants would have difficulty keeping up with all of the things the professionals have to stay on top of.
Organizing and filing tax returns and keeping as much of your income as possible is a complicated business.
The bottom line is this: There is help available and you should seek it out.
Over the years, we’ve heard from many entrepreneurs—sole proprietors, partners, etc.—and they wish they had used professional services from the beginning.
They regret that they spent so much time and energy on details that someone more qualified could have handled easily instead of just forging ahead with what they were really good at—their business!
Backtracking and auditing are so time-consuming.
If you’re not a top-notch record keeper who is aware of all the requirements, regulations, and deductions, you’re probably not keeping as much of your income as you would like.
So, now you know the answer to “What have you got to lose?” if you choose not to get professional help.
Bookkeeping Lead can do it all for you or they can do some of it for you…you decide.
Book a “no-obligation” consultation with us so we can assess your wants and needs and give you a quote for services.