There’s a difference between DIY and professional assistance, especially when it comes to accounting services. We all know that DIYs do have their own benefit, like saving money, but risking doing a task with limited knowledge lends to its own downfall. Hiring professional assistance, on the other hand, does require you to spend, but they do guarantee quality work. So what will you choose when it comes to sensitive tasks like say, bookkeeping? Should you do a DIY or hire a professional?
The answer is simple: hire a pro. Why? Here are some of the reasons:
Errors - DIY bookkeeping doesn't actually pose a threat if you know exactly what you’re doing. As long as you do know every file and process that happens within your business then it is ideal to do the bookkeeping yourself. The problem arises when you’re not highly adept at bookkeeping. Because you are not knowledgeable enough to know the protocols and technicalities of bookkeeping, the numbers you might compute may spell disaster for you, your people, and even your business.
If you were to hire professionals, you minimize errors within your computation, thus ensuring that what you file during tax season or what you log for your inventory doesn’t cost your business in the end.
Effort - learning tax laws and general accountancy is part of starting a business. If you are the sole proprietor, you should already be aware of what you’re going to face, and that alone can really add more pressure on your end. But, if you do go for DIY, you will better understand how bookkeeping works, because you are already doing hands-on monitoring for your account. Just be sure to accept the possibility that you might be risking the integrity of your job in the process.
Which leads to why hiring a pro is better for you. Think of it this way, tax returns, commissions, and inventories all have their corresponding principles and rules that you should understand well. That takes away time from you managing your business operation and more time studying these protocols. By hiring expert accounting services for your business, there’s no need for you to stress about such technicalities. They can provide you with clear-cut explanations and advices so you would understand how to do bookkeeping more effectively.
Cost-effectiveness - in a business set-up, profitability is always positive. Now, remember that proper bookkeeping can keep you from messing up your business’ integrity. So if you are well knowledgeable of your establishment’s financial statements, DIY will definitely save you a lot of money. But then again, if you are no longer the sole proprietor of the business, or if you also have more than, let’s say, 10 employees, errors may already arise. So even if you say you already know how to do your own bookkeeping, there’s no guarantee you won’t make mistakes later on.
So why hire a professional? Let’s take it all into consideration, DIY opens up the possibility of committing errors that can really have adverse effects on your business regardless of whether you think you can or you cannot do proper bookkeeping. Professionals are educated on that specific field, trained theoretically and practically, and have years of experience, making them an ideal option to minimize or even eliminate such errors. And though they have to be paid for their services, would you rather pay a reasonable amount for expert assistance or risk your business of going bankrupt?
Conclusion
Unless you’re well-versed in bookkeeping or an accountant yourself, don't gamble the fate of your business. DIYs do have their advantages but it doesn’t overshadow what professional services can provide.
If you’re a small startup business and do not want to gamble with your establishment’s bookkeeping, hire someone who knows how proper bookkeeping works. At Nicholas J Coco, CPA, you have the benefit of having highly competent individuals who will do the bookkeeping for your business. Partner with us and we’ll help you keep your business thriving. For more information, don’t hesitate to give us a call or send us an email. You can also head over to our CONTACT US page and fill out the form provided for you.
Nicholas J Coco, CPA: providing excellent accounting services.
