Number two, lack of knowledge. I’m sure most of you wouldn’t attempt your own dentistry in order to save some money. If debits and credits are as confusing to you as differentials and tie rods (I think those are car parts) are to me, you could be doing yourself more harm than good. At best, you’re not getting an accurate picture of where your business is at. At worst, you will be getting a call from Revenue Canada that includes words like audit. The costs I’ve seen people spend on late fees, interest, and penalties are breathtaking. Once again, is doing it yourself really saving you money?
Number three, lack of interest. On a less serious note, bookkeeping is really boring (for almost everyone). I’ll bet most of you would much rather be selling, or reaching out to new clients than printing out trial balances and income statements. I know you want to have that data available to you, but wouldn’t you rather just have it show up like a gift every month. Although business isn’t supposed to be all fun and games, filling your days with tasks you hate makes it hard to get motivated.
I completely understand the desire to do everything yourself. I’m equally stubborn and cheap, so the idea of admitting I can’t do something, and then paying someone else to do it usually ranks up there with root canals and Justin Bieber. At the end of the day, you need to make the most of your time, money, and expertise. Bookkeeping is a very important aspect of your business. It can give you a very good picture of where you’ve been, which will help you make informed decisions on where to go next. If you don’t feel like you have the time, knowledge or desire to do it yourself, there are thousands of us out there that would love to help