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Why DIY bookkeeping and accounting could hurt your business

Written by Sachin Singh • Bookkeeping Manager
Published on 26 Nov 2018

At Fitzpatrick Group, we have been noticing a common trap that some business owners are falling into. Some accounting and bookkeeping software advertise themselves as providing the complete package for business owners – allowing them to manage their books and handle their accounts on their own.

 

Why DIY Bookkeeping and Accounting Solutions may not be such a great idea.

While a DIY solution may sound like a good opportunity to relieve bookkeeping and accounting costs on the business, we are finding it to have the opposite effect on business owners come year end. Why?

One prime example is a lack of guidance throughout the year. When you are working with a bookkeeper or accountant, a simple mistake on your end can be quickly corrected to avoid serious damage. However, if you are flying solo, a small mistake at the beginning of the year that is repeated and not identified early can leave you in a mess.

 

So what do I do?

At Fitzpatrick have a simple solution that will work for you and make the year-end work quicker and more cost-effective. We work with business owners like you on a quarterly and monthly basis doing a health check on the software you are using, guiding you in processing your books or providing the training that you need to run your books effectively and worry-free!

GST mistakes are the most common type of mistake we find business owners making. Click the link below to learn more about how to avoid the most common GST mistakes people make.

https://www.ato.gov.au/Business/Large-business/In-detail/Business-bulletins/Articles/Avoid-simple-mistakes-with-GST-reporting/

If you are keen on maintaining your books as well as ensuring that there are no big surprises at end of the year, why not contact us to see your options.

Check out another recent blog in this category.

Sachin is the go-to guy for all things bookkeeping and has extensive knowledge and experience with Xero, MYOB, and Quickbooks. He prides himself on being agile and client focused – providing exceptional solutions for clients bookkeeping and business affairs. Authour • Sachin Singh

Bookkeeping Manager, Fitzpatrick Group

Post Categories: Bookkeeping | Small Business

Ready to rest easy knowing your business finances are in good hands?

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