[et_pb_section fb_built=”1″ _builder_version=”4.16″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.23″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f3f2f6″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Intro” _builder_version=”4.27.8″ header_2_font_size=”32px” custom_margin=”||0px|||” custom_padding=”||28px|||” header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n
As a small business owner, DIY bookkeeping is pretty much impossible to avoid. While this approach can build financial literacy and help you understand how your business works, some bookkeeping and accounting tasks require professional guidance \u2014 especially for compliance and avoiding costly mistakes. So let\u2019s compare the benefits of doing it yourself versus hiring a bookkeeper or accountant.<\/p>\n
In the early stages of running a business, everything is on you. You\u2019re staff, management, marketing, accounting, operations, sales \u2014 name any component of the business, and you’re in charge of that. This is where literacy is built, and when it comes to finances, every entry into your accounting software<\/a> from what you\u2019ve done during the day reinforces and builds the foundation.<\/p>\n For instance, profit and loss statements tell you how profitable your business is<\/a>, but running a business and doing the books will reveal why<\/em> you’re profitable. The same goes for running your monthly cash flow statement<\/a> or reviewing your balance sheet<\/a>. But when your business grows past a certain point, like crossing the GST threshold or hiring its first employee, the books grow in complexity, and you simply won’t have enough time to do it all yourself. This is where it pays to hand some things off. <\/span><\/p>\n Hiring an accredited bookkeeper or accountant is especially important if you lack financial literacy to begin with. ATO penalties for mistakes on your BAS<\/a>, tax return, super contributions, and more can add up fast. Plus, the right professional can not only help structure and improve your business, but also find clever ways to save it money (e.g. tax savings).<\/p>\n But even if you hand off your finances to professionals, you still need to understand your operational accounting and payroll. This is where owners can pick and choose what to keep, what to understand and review, and what to completely hand over:<\/p>\n [\/et_pb_text][et_pb_code disabled_on=”on|on|off” admin_label=”Code: desktop” _builder_version=”4.27.8″ _module_preset=”default” global_colors_info=”{}”]<\/p>\nRunning the business vs meeting obligations<\/h2>\n