Frequently Asked Bookkeeping Questions
Updated: Apr 1
When you think about the meaning of bookkeeping, what comes to mind?
Here are some of the most frequently asked questions business owners have about bookkeeping services.
Isn’t bookkeeping just data entry?
No. Bookkeepers need to have a solid knowledge of accounting principles, how debits and credits work behind the scenes of an accounting program as well as having the ability to interpret financial statements.
Should I just do my own bookkeeping?
Are you an organized person? Do you enjoy attention to detail? Bookkeepers need to be highly organized and have excellent attention to detail. With these soft skills, we can organize and track all expenditures in a fraction of the time. The amount of time it will take business owners to organize, track and manage all source documents takes precious time away from running your business, gaining clients, finishing projects, networking or expanding the business.
Aren’t bookkeeping services expensive?
Time is money. By hiring a bookkeeper, you are freeing up the valuable aspect of time, which allows you to focus on other aspects of your business. Hiring a freelance bookkeeper is far less expensive than hiring an employee. Freelance bookkeepers are self-employed contractors, meaning they are responsible for all their costs and deductions. By hiring an employee to perform these tasks, it becomes the responsibility of the business owner to pay the employer portion of statutory deductions. Bookkeepers can work with you on the scope to fit within your budget.
Bookkeeping with QuickBooks or Sage; how hard could it be?
Just doing data entry isn’t a hard task in QuickBooks or Sage; however, bookkeeping isn’t only data entry. If someone is doing the data entry into an accounting program that doesn’t understand accounting principles and how the program works behind the scenes, the account entries can become a complete mess. In turn, this mess is going to cost a whole lot more to have a professional clean it up.