As business owners, we often look at every aspect involved of keeping things up and running in our shops and, whether we’re qualified to or not, decide to take them on ourselves, adding to the already alarming workload we’re faced with day to day. While this often presents us with the type of challenge that we thrive on, there are times when it’s best to focus your efforts elsewhere and hire a professional to take care of the tasks we may not have the time or knowledge for.
One of those tasks – and call us biased if you want – is bookkeeping. It’s a subject that not a lot of business owners are fully familiar with – while there may be an understanding on a basic level, the fact is that bookkeeping is something that takes the touch of a trained professional if it’s going to be done right. It can be stressful, tedious, time-consuming and even downright risky for a business owner with less than a layperson’s understanding of it to try to take it on, and could end up costing a lot more than it’s worth if things go wrong.
This is the subject of a press release from Tony Robinson OBE, “a leading authority on start-ups and micro business support”. In the release, Mr. Robinson stresses the need for businesses to hire a bookkeeper, making the point that this “should not be overlooked.” While it’s written for a UK audience, the implications Mr. Robinson makes are easily understood by business owners around the globe. Here’s a look at a section of the press release:
“Owners of micro businesses need to be completely focussed on the daily running of the business and keeping it afloat, and to do that they need advisers they can trust,” said Tony.
“High on that list has to be a bookkeeper who can keep on top of the all-important cash flow while the business owner concentrates on the everyday matters involved in growing the business.
“As well as being perhaps the biggest single source of help, a bookkeeper can become a good friend and collaborator for a small business owner.”
Tony emphasised that, with up to 60% of new micro businesses failing within the first three years, a bookkeeper should be appointed right at the outset.
As we here at AIS Solutions put a strong emphasis on ensuring our services help business owners focus on their work and achieving growth, we’re inclined to agree with Mr. Robinson’s assessments – especially his suggestion that a bookkeeper is appointed right from the start. The sooner you have a knowledgeable professional on your team, the earlier you can avoid any catastrophic mistakes that could cost your business huge. While there are several tasks involved with running a company that may require outside help but can be done internally, bookkeeping usually isn’t one of them, and there can be a significant risk involved with trying to take it on yourself.
Throughout the press release, Mr. Robinson offers a good deal more advice for business owners regarding bookkeeping, utilizing his experience as a long-time authority on starting and running a business to make a point on the importance of hiring a professional. We’d strongly recommend giving it a read if you’ve been taking, or are considering taking, a DIY approach to bookkeeping for your business.
What do you think? Do you try to take on bookkeeping tasks on your own? Do you agree with Mr. Robinson’s assessment? Your thoughts are always welcome, so let us know!