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22. 5 Reasons to Stop Doing My Own Bookkeeping and Hire An Accountant

Air Date:

Nov 16, 2022


44 Min

If you want to grow your business, you can't focus on being a jack of all trades.

ESPECIALLY when it comes to your business financials.

This week we're giving you 5 reasons why it may be time to stop doing your own bookkeeping and hire a professional

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Episode Show Notes :

Introduction: Is what you’re doing actually accounting? 

The Meat :

  • Point one - stunted growth - people who do their own bookkeeping don't tend to grow that much. Consider all of the things that are involved with growing a business: Sales,  Operations, Marketing, Customer deliv

  • Point 2: 5 signs that it is time to get an accountant 

    • Your QuickBooks or accounting system is a mess

    • You don’t know what you are doing

    • Your revenue exceeds  $12K a month

    • You need financing from a financial  institution

    • You want to apply for a substantial grant

    • Your tax returns are filed late

  • Part 3  here are a few things to  keep in mind

    • Pricing  - 2%  -3.5% don’t be cheap

    • Quality matters if the firm has  CPAs or  more experiences s tat

    • Responsibilities may vary - if you are paying low price do not expect luxury deluxe services -

      • Lower  price might mean less meetings

      • Screen share a math scenario lets say your average bookkeeper is $40 per hour x 2 hours a week and 4 hour sat month end

    • There is a difference between bookkeeping, tax support, cfo services etc


how to pick the right finance help

Promote the small business program

Segment 3: Tips and Resources:

If after all this you decided, you know what I am still going to do my own accounting here are things we think are extremely important for you to learn/understand 

  1. The Basics of the Financial Statements 

  2. The Types of Accountants and When to Use them 

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