Bookkeeping is the process of recording financial transactions in a business or other organization, and reporting this information. It also includes calculating tax and legal liabilities, as well as preparing financial statements.

Bookkeeping typically records income (sales), expenses (cost of sales and operating costs), assets (property, equipment) and liabilities on an ongoing basis to provide a snapshot of the financial status of the business at any given time.

There are two ways to handle bookkeeping - you can do it yourself (DIY), or you can hire a bookkeeper to do it for you. In most cases, it is cheaper and more efficient to do your own bookkeeping. However, if you don't have the time or knowledge to do it yourself, then hiring a bookkeeper would be a better option.

Here are some things to consider when deciding if you should DIY or hire a bookkeeper:

1. How much time do you have?

If you don't have a lot of time, it might be more efficient to hire a bookkeeper. They can take care of all the financial transactions for you and keep you up to date on your financial status.

2. How good are you with numbers?

If you're not very good with numbers, it might be better to hire a bookkeeper. They can help you stay organized and keep track of your expenses and liabilities.

3. How confident are you in your bookkeeping abilities?

If you're not confident in your bookkeeping abilities, it might be better to hire a bookkeeper. They can help you stay on track and make sure your financial records are accurate.

4. What is your budget?

Hiring a bookkeeper can be expensive, but it might be worth it if you don't have the time or knowledge to do it yourself. Compare the cost of hiring a bookkeeper to the cost of making mistakes in your bookkeeping.

In Conclusion

In the end, it's up to you whether you DIY or hire a bookkeeper. Just make sure you weigh the pros and cons carefully before making a decision. Learn more from an actual bookkeeper by scheduling a free consultation with Katishia today.