While we all might think we have a pretty good grasp on how to maintain our personal and business finances, the fact is that bookkeeping is a complex and detail-oriented task that is best left to the professionals.
1. You might make mistakes
While it might seem easy enough to keep track of your income and expenses, there are a lot of details involved in properly recording financial transactions. If you make even a small mistake, it can throw off your entire bookkeeping system.
2. It can be very time consuming
Bookkeeping requires regularly entering data into your accounting software or keeping physical records of your transactions. This can take a lot of time, especially if you don’t have an efficient system in place.
3. You could miss important deadlines
If you’re not careful, you could miss important deadlines for filing taxes or other financial reports. This could lead to penalties or interest charges from the government.
4. It can be stressful
Dealing with money can be stressful, especially if you’re not used to it. Bookkeeping can add even more stress to your life, which is why it’s best to leave it to the professionals.
5. You might not save any money
You might think that you’re saving money by doing your own bookkeeping, but if you make mistakes or miss deadlines, you could end up spending more in the long run. It’s usually best to hire a professional bookkeeper or accountant to handle your finances.
While there are certainly some huge disadvantages to doing your own bookkeeping, there are a number of wonderful benefits to using a professional bookkeeper!
1. They can ensure accuracy and compliance with regulations
One of the main benefits of using a professional bookkeeper is that they can help ensure accuracy and compliance with Canada Revenue Agency’s regulations. This can help protect you from costly penalties or fines!
2. They can provide peace of mind
Dealing with money can be stressful, and having someone else handle your finances can give you peace of mind. A professional bookkeeper will take care of all the financial details for you, so you can relax and focus on your business.
3. They offer expertise and guidance
A good bookkeeper will not only take care of your finances, but they will also offer expert advice and guidance when needed. This can be helpful for new businesses or those who are not familiar with accounting and financial procedures.
So with the disadvantages of doing your own and the advantages of having an expert keep an eye on your books outlined, it’s time to get the ball rolling with Keenans Accounting. Keenans Accounting Service can help provide all of the financial accounting that you require to make knowledgeable decisions for personal and business purposes. Give us a call at 705-526-7628 to arrange a consultation by phone or via Zoom meeting.