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One of the most common questions I get from small business owners is whether they should be handling their own books or hiring someone to do it. The honest answer is that it depends on where you are in your business. Here is how to think through it.
Some of you reading this have spoken to me not long ago about this very topic and it may be time we have a more in-depth chat!
When DIY bookkeeping makes sense:
You are in the early stages of your business and cash is tight
Your transactions are simple and low in volume
You have a basic understanding of debits, credits, and how your accounting software works
You are able to set aside consistent time each week to keep things current
You understand the difference between cash flow and profit and are tracking both
When it is time to hire a bookkeeper:
Your transaction volume has grown and you are falling behind consistently
You are spending more time on the books than on actually running your business
You have made errors that have caused issues at tax time or with your financial reports
You do not have confidence in your numbers when making business decisions
You are growing fast and need accurate data to plan ahead
What most business owners get wrong about this decision:
The biggest mistake I see is waiting too long. Most owners hire a bookkeeper after things have already gone sideways, which means paying someone to clean up a mess instead of prevent one. A good bookkeeper is not just an expense. They are someone who keeps your financial foundation solid so you can focus on growing.
If you are not sure where you stand, start by asking yourself one question. Do you trust your numbers right now and do you know where your business currently stands? If the answer is no or even maybe, that tells you everything you need to know. Email [email protected] today.
Also, inside The Profit Platoon, we talk through exactly these kinds of decisions so you can stop guessing and start running your business with confidence. It is built for veteran entrepreneurs and SMB leaders who are serious about getting their finances right.
👉 Join us here: skool.com/the-profit-platoon-9819/about
If you do one thing for me today, please take a second and SHARE my YouTube intro for my Skool group. I’m trying to reach more Veterans this year and would love to get this out to as many people as possible. Thank you all!
Your business has grown. Is your accounting?
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