Many small business owners think doing their own bookkeeping is an easy way to save money; what they find instead is a daunting task. Few business owners are also accounting and tax experts, so the time and resources they waste end up costing more over time.
Healthier Bookkeeping specializes in fitness and trade industries so that we can cater to your business’s unique challenges and decisions. We help your business Survive, Thrive, and Grow by handling your complex bookkeeping chores while you focus on what you do best.
Drawbacks of Doing Your Own Bookkeeping
Should I do my own bookkeeping? Not unless you are a tax expert, financial advice expert, seasoned bookkeeper, or other financial professional, and few small fitness or service business owners are. Here are some significant obstacles you face when doing your own bookkeeping:
Business bookkeeping is a time-consuming task that can take up valuable time you could spend on other aspects of your business. INC.com Magazine reported that almost half of small business owners work 50+ hours per week, and 82% work more than 40 hours per week. Researching the best system for paying your employees can consume an entire day – one that you could better spend serving your customers or reaching out to potential clients. And most small businesses depend on the owner for major day-to-day decision-making. Who will do that while you take a crash course in self-taught business bookkeeping?
Risk of Serious Mistakes
If you are not experienced in bookkeeping and don’t have sufficient time to learn how to do it right, you risk making mistakes that can have severe consequences for your business. These mistakes could lead to inaccurate financial records, resulting in penalties from the IRS or other regulatory agencies. The last thing you need is to make mistakes on your taxes, employee payroll, or other financial obligations. And the damage to your reputation can cost more than any financial penalties.
Fraud is Rampant Among Small Businesses
Small businesses are frequently targeted for fraud more often than larger companies because they have more significant vulnerabilities. One leading cybersecurity company reported that around 85% of its clients were small businesses that suffered fraud attacks. Smaller and medium-sized businesses are at high risk for cash transaction fraud, fake invoicing, online banking fraud, and phishing scams. A professional bookkeeper is another nuanced eye on your business’s finances to help prevent losses from fraud.
Another drawback of doing your own bookkeeping is that it can be stressful. As a small business owner, you likely already have much on your plate. Isn’t being the primary decision-maker and arbitrator between your employees stressful enough? And in this economy, who needs more distractions? Adding bookkeeping to your list of responsibilities can increase your stress levels, hurting your overall well-being and ability to run your business effectively.
Partnering with Healthier Bookkeeping
Where can you find a professional bookkeeper you can trust and one who knows your industry’s unique ins and outs? Healthier Bookkeeping has the knowledge, skills, and particular insight into fitness and trade businesses to tailor the perfect bookkeeping solutions to help your business increase profitability and achieve its goals.
- Garage Door Service
- HVAC Companies
- Home Service Firms
- Health & Fitness
- Service Businesses
We are also a QuickBooks Certified ProAdvisor that can help you understand and use this accounting software. Small business bookkeeping is time-consuming, stressful, and risky if you lack experience and know-how. Don’t place your business in harm’s way with unprofessional, amateur bookkeeping. Contact Healthier Bookkeeping today and ask about our service packages and customized options to fit every fitness and trade business.