Should you do your own bookkeeping? Similar to the DIY mentality of the husband doing the plumbing, probably not. Except in this case instead a flood of water in your kitchen you have a flood of paperwork in your office leading up to an audit. It’s not a question could you do your own bookkeeping, it’s not even a question of why should you, it’s a question of why would you? Here are 3 reasons why doing your own bookkeeping isn’t in you or your businesses best interest.
Oftentimes business owners are notorious for Micro-managing. Observing and undertaking any and every task that the business needs. This is unnecessary stress inducer, learn to trust in the ability of the people you hire. You can’t control everything in business. Trying will only lead to frustration. Control the things you can. Attempting to be the jack of all trades will lead you to be the master of none.
Time is money
A lie business owners tell themselves when deciding to do their own bookkeeping is that they will make time. Realise that you are highly skilled and that your time has value, after all time is money. If you're hell-bent on being in control of your business's financial health, then you likely need to make the time commitment. Why not commit your time by focusing on what you do best?
It is almost normal not to enjoy maintaining accurate accounting records, it’s a tedious task that can have you leaving the office drained. This can change your outlook, motivation and efficiency in the workplace in a negative way. Don’t under estimate the power of a positive mind-set on not only your work efficiency but the impact it can have on your personal life.