The result? Penalties, fines, and messy, out-of-date books. If bookkeeping isn’t your strength (or a job you enjoy), you risk making mistakes or having accounting tasks fall to the bottom of your to-do list. Time spent on data entry and bookkeeping duties is usually better invested in high-value strategic work, billable hours, or revenue-generating sales and marketing tasks. What they usually discover, however, is that doing your own books has some serious cons, including: A word about "DIY Bookkeeping"īecause it can be relatively easy to keep records when transaction volumes or revenue are low, many businesses (like our client, NiceJob, for example) look to save money by opting for DIY bookkeeping. So while an accountant can do your bookkeeping, it costs less to hire an experienced bookkeeper. Working with an accountant to get answers to accounts receivable and accounts payable questionsĪlthough people use the terms accounting and bookkeeping interchangeably, the responsibilities and rates associated with each role are quite different.Īccounting services often include high-level advisory work like tax planning, budgeting, and forecasting.
Generating financial reports (like balance sheets, income statements, and cash flow statements).Preparing and filing sales tax returns (like GST and PST).Performing reconciliations on bank accounts and credit cards.Recording financial transactions (like payments and billing).Your Bookkeeper's RoleĪ bookkeeper is responsible for recording the day-to-day financial activities of your organization so you (and your accountant) can use that information to make better business decisions. But first, let’s get clear on why hiring a bookkeeper is so important. Since there are pros and cons attached to each option, we’re going to dive in and compare them. Hiring an external bookkeeping service often sits somewhere in the middle, costing between ~$500 - $2000 per month.
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