You would be cloud based accounting aware that this answer isn’t as simple as you might think. The title of this article suggests a question that many business owners find difficult to answer. Just too many factors to take into consideration.
Consider the costs
Cost is, of course, a major consideration. It is understandable for you to want to minimize your expenditures if your company is new. You can achieve this by doing everything for your company yourself and avoiding hiring staff or outsourcing any work. Including bookkeeping. Many business owners don’t realize that saving money by not employing a bookkeeper can actually harm their businesses. This guide will help you decide if you need a bookkeeper.
Do you make money?
Remember that the main goal of starting a new business is making money. To do so, you need to be able keep up with or even get ahead of the competition. How will you ever know whether you’re doing well or not if the system you use to track your profits is unorganized? If you really want to be sure that you’re making a profit, you need to keep accurate records.
You’re OK to train
You can do your own bookkeeping if you’re a bookkeeper with specialized training and you have the time to squeeze it in between all of your other tasks. If you’re not a professional, you should hire a bookkeeper or outsource your duties.
Stress can be a big part of running a small business. Ask yourself how much you are willing to pay to relieve the stress in your life. The wise business owners would prefer to spend more money rather than be stressed. A bookkeeper will help to reduce the stress associated with running a small business. The cost of stress can be higher than most people believe. Stress can cause you to make disastrous mistakes. In business, it seems that there are no more costly mistakes than those involving accounting.
You are now convinced you require a professional bookkeeping service. You will value your own time and make this important decision.