Why You Shouldn't DIY Your Bookkeeping

Why You Shouldn't DIY Your Bookkeeping

 

Business owners shouldn’t DIY their own bookkeeping. Similarly, I'm not the best person to go and rewire my house for electricity or the wires. I'm probably going to end up killing myself if I was to do that, or harm my family, or the house would burn down at some stage. 

So I want to encourage you, if you're DIY in your bookkeeping - yes, we might have given you some guidance on that, or you might've done a course or something like that - but DIY is one of the worst things you can do as a business owner when it comes to bookkeeping. From an element of, "you're not the best person to be doing it” and “you're probably not a trained bookkeeper either" - that's one element of it, and the other element of it is the opportunity cost. 

 

So, we had a client who was a doctor. In an hour, he could easily earn $120 to $150 if he was seeing patients. He was doing his bookkeeping, which you can outsource for much less than that. If we look at opportunity costs, it would pay for itself if he was seeing clients instead of doing his bookkeeping, and it would probably be more accurate. So, it would save rework or more expensive bookkeeping or accounting fix ups. 

 

So please keep in mind, do not DIY your bookkeeping. If this stands out to you to say, "Hey, I'm kind of doing that, if I was honest with myself," then please consider doing something about it.

 

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