Great Idea # 1 – Why not pay someone else to do your bookkeeping?
It is a great idea to get someone else to do your bookkeeping in most instances. The logic behind outsourcing you bookkeeping is overwhelming and yet is not taken on board by those who are cost conscious. The thought process is as follows
Question: Are you good at doing bookkeeping?
Answer = No
If you have a leak you would call a plumber because you are not good at mending leaks. Similarly, if you are not good at bookkeeping then devote your valuable time doing something that you are better at to earn money and, use this to pay someone who is good at bookkeeping to do it for you.
Answer = Yes
This then begs the second question
Are you successful in the business that you are doing?
Answer = No
If you are good at bookkeeping but not successful in your own business then you are doing the wrong business. Become a bookkeeper because you are better at doing this. Better still give us a call and work for us. Bookkeepers will become more in demand once Making Tax Digital comes into force.
Answer = Yes
If you are successful in your business why are you wasting your time doing a task such as bookkeeping? Pay someone else to do this for you and devote your time to what you are better at – earning profits doing what you are good at.
Conclusion – it often makes little sense to do your own bookkeeping!
If you need some help read about Deb-Book ProActive
Great idea # 2 – Simplify your bookkeeping
With the onset of Making Tax Digital, more than ever bookkeeping will have a cost established to it. This can either be in terms of the cost you pay someone to do your bookkeeping or the cost of your time. Anything that you can do to simplify your bookkeeping will thus reduce your costs.
If you wish to simplify your bookkeeping read our post on “How to simplify your bookkeeping”
Great idea #3 – Do not go out on a limb with your choice of software
There is an increasing number of bookkeeping programs on offer for you to choose from. At DEB we have no problem with a client choosing the program that they want as long as we can export the data out of it in CSV format – most programs can do this nowadays. We simply export the data and load it into DEB-Book ProActive our award-winning software that it purpose built to accommodate data from many different sources. We thus have a common processing platform that can accommodate multi-programs as a data source.
Other accountants will not have such a facility and thus a client using an obscure, non-mainstream program that they are not familiar with, causes them a problem. To avoid such an aggravated learning curve is one of the factors that it encouraging accountants to go exclusively to one provider, typically Xero.
Further, it is likely that you will need help, advice or training from your accountant in actually doing your bookkeeping. For this reason, it pays you to choose a provider from the mainstream programs of QuickBooks Online, Xero, or Sage Cloud. If you choose a bookkeeping program outside these you are to a certain extent going it alone.
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