12 Apr

Should you do your own bookkeeping?

When you start a business there are so many things to consider and so many things to pay for that it can seem really tempting to just "have a go" at doing your bookkeeping yourself.

And if you like numbers or enjoy putting things into a spreadsheet then this may not seem like such a chore for you.

But how much is it really costing you?

The key to running a successful business is to maximise the amount of time you spend doing the thing that makes you money, and minimise all the activities that don't earn you any money.

Think about it - what do you charge per hour?  All those hours should be spent charging that amount out, not doing other activities.

Or what price do you place on time with your family? Is 3 hours doing a spreadsheet a better use of your time than 3 hours in the garden with your children?

We asked a selection of small businesses (not our clients) how much time they spend each month on their bookkeeping.

The results surprised us.

Bookkeeping hours

85.94% of people we asked spent more than 2 hours per month on their paperwork.

An astonishing 10.16% of respondents spent 10 hours or more per month on their bookkeeping. That's almost 122 hours per year on bookkeeping. Or 3.25 working weeks.

And this is before any of these businesses have even employed an accountant to do year end accounts and tax returns.

This is a false economy.  In short, doing your own bookkeeping is costing you money and taking you away from more important things.

So what's the solution?

Use a service like Mazuma that does the bookkeeping for you, as well as all the year end accounts and tax.  Not only will you know that the work is done correctly by the experts, but you can focus on spending your time on making money, or spending quality time with your loved ones.

 

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