If you are a business owner and do your own bookkeeping the chances are you have no real qualifications or have not been trained extensively to understand tax, accountancy and bookkeeping.
In most cases, business owners have learnt by trial and error and picked up tips from here and there.
I routinely speak to business owners who do their own bookkeeping. Most think their work is more than adequate. In reality some do it well but in most cases the work has a lot to be desired.
I came across a great quote last week which I thought was very relevant to business people doing their own bookkeeping.
‘Practice does not make perfect
– because if you’re doing it wrong in the first place all you are perfecting is a wrong.
Perfect practice makes perfect.’
Most business people don’t really want to do bookkeeping and in my experience if you undertake a task you do not want to do the chances are you will not do it well.
On a regular basis, we are asked to fix bookkeeping errors and we routinely find that if a bookkeeping expert had been used from the beginning the long term savings would outweigh the costs. In addition the business owner has spent hours which they could have used to grow their business or spend it with their family.
Most businesses are experts in their field, whether it is gardening or web design. No matter how hard I try my lawn always looks better when my gardener mows it than when I do. The chances are a professional bookkeeping firm will do a better job than you no matter how dedicated you are. Most businesspeople do not know how much money they could be losing by doing their own bookkeeping.So the question is – ‘how much money did you leave on the table by doing your own bookkeeping?’
Don’t take the chance – get a professional bookkeeping firm to do your books and enjoy your spare time doing the things you love.
14 years ago I lost a family member aged 38. I realised then there were important things in life than business and money. This tragic event drives everything I do. I am the founder of WOW! Advisors & Business Accountants, MediSuccess and CrystalClear Bookkeeping. I authored Double Your Profits and Halve Your Working Hours for Medical Practitioners.' I am Australia's leading Strategist & Business Adviser with a passion to bring smiles to the faces of medical professionals. As a result of the work I have done & based on my approach I has been recognised on Fox, NBC, CBS and ABC. Most business owners work long hours & recent surveys show that work life balance, income and wealth creation is the major area of concern. My ethos is to work with business owners improving their accounting and taxes but particularly to improve profits/ personal income and wealth whilst cutting working hours in half so that they can enjoy an awesome lifestyle with plenty of time for family, fun and philanthropy. I specialise in the medical sector. I have worked with over 3,500 businesses in Australia, America, UK, Japan and Europe. I soon realised that over 78% of business owners: - Found understanding figures too hard. - Were never taught how to run a business. - Spent money on areas they did not need to. - Paid more tax than they needed to. So we design strategies to specifically deal with the above but also: - Move business owners from being a business operator to a business owner so the business can run on its own. - Create investments, assets and wealth which generate income so that if you are unable to work or retire income is still generated. I am so passionate about saving tax and improving profit that since March 2019 for every $100 we save/ make for clients I am committed to make 20 impact across the world. Currently over 1,000,000 impacts have been made.
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