Accounting costs
Forums - Managing a Business
Join discussions with other like-minded business owners and entrepreneurs.

Accounting costs

Landing Page Forums Managing a Business Accounting costs

This topic contains 2 replies, has 3 voices, and was last updated by Avatar of Brocel brocel 4 years, 9 months ago.

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #6002
    Avatar of Matt
    mbmullins76
    Member

    For a small one or two person service oriented business, is it worth the cost savings to do the accounting in house with software like Quickbooks vs leaving it to an outside accounting firm?

    #6032
    Avatar of Anthony
    Anthony
    Moderator

    Quickbooks is a fantastic tool, but it only knows what you tell it. An accountant/bookkeeper knows the tax code and can actively work to save you money over the long run.Yes, doing your own bookkeeping will mean that you don’t have to hire someone else, but in many cases it can disrupt your focus. Many entrepreneurs find that is more worthwhile to concentrate on the main business activity and leave the bookkeeping and accounting to dedicated bookkeepers and accountants.This doesn’t mean that you should not make an effort to be financially literate. Knowing how things are working on the money side is essential to properly managing your business. Quickbooks is a pretty solid investment. If you ever need it, it will be there. If you have enough time on your hands and think you can handle it, go ahead and give it a try, but if you start to feel overwhelmed and maintaining the books is starting to impact your business, then it will be time to hire a professional. Don’t wait too long if things get messy.

    #6364
    Avatar of Brocel
    brocel
    Member

    I agree on that many entrepreneurs discover that is a lot more worthwhile to concentrate on the major business exercise and leave the bookkeeping and also accounting to dedicated bookkeepers and also accountants.

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic.