Tip Of The Day #59 - Do or Die it Yourself
Barbara Steckly
Do it or Die it Yourself
Ask any auto mechanic, and they’ll tell you that the worst client scenario is you’re dyed in the wool “do-it-yourselfer” who clearly can NOT do it themselves.
Not well, at any rate, which ultimately necessitates the mechanic to not only complete the original repair but to fix the subsequent chaos caused by the car owner’s inept attempts to do the job himself, a fiasco which ends up taking way more time and thus costing way more money.
I constantly see the same sad circumstances when it comes to business accounting.
If you decide you want to do your own bookkeeping…
And financial reporting is not really your area of expertise, then, at the very least, get help from a professional to do the initial new business set-up.
It’s well worth the investment to start out properly instead of paying, later on, to have our bookkeeping experts tidy up an even bigger mess when we would have been more than happy to help you out in the first place.
You see, for each type of business, there is a chart of accounts that will more efficiently enable your accounting software to produce the adequate reports. These management reports, completely different from the ones your accountant presents to CRA to record your taxes, can show you where you are making the most profit in your business, and WHY.
Taking the time to set up the RIGHT Chart of Accounts not only saves you valuable seconds when you have to pull reports, but it also empowers you to be able to immediately extract the accurate information you need to make informed decisions about your business.
In the end, if it becomes too onerous a task, of course, there are bookkeeping professionals who live for the joy of numbers reporting, and we are here when you decide to delegate.
As the famous corporate humorist, Shirley Best would say, “Never do anything you don’t want to do yourself if you can pay someone else to do it better.”
Preferred Client Services, professional bookkeepers in Edmonton, AB working as business partners to make a positive difference to your bottom line!