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efshaver
03-30-2017, 03:15 PM
Hi everyone,

My name is Elizabeth and I am new to the forum. I am going through a course on bookkeeping and one of the assignments is to reach out and get feedback from small business owners. My questions are for those who have already started their own businesses, and they are:
-What are the advantages and disadvantages of keeping your own books (more or less time to do them, cumbersome, accuracy, etc)?
-Do you find it better to outsource and hire a bookkeeper/accountant, and if so, what kind of criteria are you looking for in a bookkeeper/accountant?
-What other tips, struggles, or information would you like to pass on?

Thank you for your responses!

allstarrmultimedia
11-22-2017, 06:14 PM
The advantage of doing your own bookkeeping is that it makes you aware of the entire process, the "business of doing business." By having a hands on knowledge of your books, you know where you've been, where you are, and where you're going. The disadvantages are that it can take up time from actually running your business. GAAP and other fun money issues can take away the focus of the actual business itself.

Overall, I would say having an outside source for a bookkeeper would be best. They need to do more than just report info, and spit out numbers. They need to help tell the story of the business, from a numbers point. How have things, financially, been able to impact the business. Did such financial transaction hurt, or help, the business. What can be done, to improve the business.

A lot of people don't want to have separate accounts for personal and business.The problem, here, is that it can allow a court to "pierce the corporate veil," in which case, all the protection they think they have with the business, is lost.

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