“Accounting is fun” – said no one ever. However, whether you like it or not – it has to be done. Most small-scale businesses don’t deal with a lot of paperwork, and they usually don’t have an accountant. For those of you that run your business that way, we have a question – do you think you’re better off that way? Well, to help you answer that question – here are some pros and cons of managing your own accounting.
Let’s start on a good note.
1. It Saves Money
We’re not saying that you’re going to magically find a way to save more cash if you do your own accounting. An actual accountant is probably more likely to do that. However, the way you save money in these instances is by simply not paying an accountant to do the work for you. Accounting services aren’t cheap, as you already know, and if you’re a small business with not a lot of accounting to do, then you’re probably better off without another person on your payroll.
2. You Have The Power In Your Hands
If you’re the one that’s doing the accounting – you have all the power in your hands. You’re in complete control. You are the only one that has a say in any of this. Some would consider this a con, but we know that there is something good to be found in being in control of the whole process. You don’t have to answer to anyone and you don’t have to discuss anything with anyone. You also have a complete overview and an insight into your finances, which could very well help you lead the business in the right direction.
3. Flexible Work Hours
When you’re the one doing everything, you have the freedom to work whenever you want, and if you’re good at organizing your time – this could be a huge benefit. When you get to decide when you’re about to work, you can make sure you’re always doing your job at your most productive, which means you’ll do it faster, more efficient and ultimately do a better job.
Now, let’s take a look at why you should probably let someone else, like an accountant in Barbossa Valley, do the accounting for you.
4. Too Much Work
If you’re dealing with accounting on top of all the other obligations – you’re going to burn out. Overworking yourself was never a good idea. Sure, you’re hustling, and that is great, but when you work too much and rest too little – accidents happen. And when you make an accounting accident – ATO shows up at your door, and you end up in trouble.
5. Lack Of Expertise
Finally, the worst thing about doing your own accounting is not knowing precisely what you’re supposed to do. An accountant would know what to do in all kinds of situations. You, on the other hand, might not. As you can see, that could easily lead to problems.
Whether you want to do your own accounting or not is entirely up to you. We only hope we have made it clear what you can expect if you decide to do so.