bookkeeper in Maitland

Debunking Common Bookkeeping Myths


Date Posted:

March 13, 2024

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  • Overview

Outsourcing bookkeeping can bring significant benefits to your business.

Don’t Let These Bookkeeping Misconceptions Hold You Back!

Myth #1:  I don’t need to outsource because I can do it myself

Outsourcing has nothing to do with your ability to perform the function yourself. It’s about recognising which tasks are of the highest value to you and the best use of your time. So, why not free up your valuable time by outsourcing the nitty-gritty bookkeeping tasks to experts?

Myth #2: It’s cheaper if I do it myself

Think again! When you consider the raw costs involved in performing a task in-house compared to outsourcing, you’ll realise that an expert is often more efficient than you. And don’t forget to factor in the cost of the extra time you spend doing the function yourself. By outsourcing, you can redirect that saved time towards activities that yield a better return on your investment.

MYTH #3: It’s faster if I do it myself

Sure, if you’re a software-savvy wizard with an in-depth knowledge of tax and GST laws, then maybe. But for most busy business owners, tackling bookkeeping on their own can be time-consuming and prone to errors. Leave it to the experts who know the ins and outs of bookkeeping software and regulations.

MYTH #4: The job is only done right if I do it myself

We all like to think we’re superheroes, but the truth is, we don’t know everything. Bookkeeping involves complexities that require specialized knowledge. Without a deep understanding of tax and GST laws or bookkeeping software intricacies, you may unknowingly make mistakes or operate at a suboptimal level. Let the professionals handle it, and you’ll have peace of mind.

MYTH #5: It’s too hard to find a bookkeeping expert to outsource the job to

Finding a reliable bookkeeper doesn’t have to be a daunting task. Here are some great places to start your search:

  • The Tax Practitioners Board (TPB): Check out their website for a list of registered BAS agents who specialise in bookkeeping services.
  • Australian Bookkeepers Network (ABN): Visit the Marketplace to connect with qualified bookkeepers in your area or post a job ad.
  • Word-of-mouth referrals: Don’t forget to tap into your network of colleagues, friends, and relatives. They might have great recommendations for bookkeepers they trust.

Outsourcing is a powerful business tool for those committed to leveraging their time.

Done well, it brings significant benefits to your business.

Let’s connect, share ideas, and explore the possibilities together. Your success journey starts with making time.

Book your 30-minute FREE Discovery Session with Chris, your Maitland bookkeeping expert today!