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FACT VS. MYTH – The Truths About Having a Bookkeeping Service for Your Business

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November 18, 2020

 

 

Have you ever read or heard someone say that having a bookkeeper doesn’t add any real value to your business? Yeah, that’s a total myth and I’m here to tell you not only the facts about how bookkeepers bring you value but also bust a few other myths by throwing all the facts about bookkeeping for your business.

I’ve been around long enough and had enough consultations with business owners looking to hire a bookkeeper to hear about all the myths that are out there when it comes to hiring a bookkeeper for your business. Today, I’m here to talk about a few of those and drop some truth bombs on what working with a bookkeeper is really like.

Myth #1 – Bookkeepers don’t add any real value to my business

FACT – Bookkeepers add a TON of value. Why? Well, for starters if you don’t have accurate, consistent bookkeeping then you have no idea how your business is actually doing. You can’t make informed business decisions on anything without the facts and you don’t have the facts without bookkeeping! The bottom line is that you need to know your numbers in order to really gauge your business and how to move forward. Plus, think about all the hours you’ve spent or will spend trying to do the bookkeeping on your own. Getting those hours back to work ON your business is actually invaluable so how’s that for value??

Myth #2 – Bookkeepers are big nerds and I’ll have a hard time communicating with them 

FACT – Ok, ok bookkeepers may tend to be a little nerdy sometimes but can’t we all relate in one way or another? Bookkeepers do love to crunch numbers, they love it when an account reconciles and love a good bookkeeping clean up with challenges. However, that doesn’t mean we aren’t human and it especially doesn’t mean that we don’t speak in normal, human talk. As a matter of fact, one of our core values is “Talk like a normal person” because yes, we have a lot of accounting terminology and a lot of things we can “nerd out” about internally but we never want our clients or anyone we talk with to feel lost and confused by what we say. We can relate to you in some way, guaranteed – so just remember that – we are all human, living our lives and bookkeepers are no different. 

Myth #3 – I can just have a VA do this work, it’s all just data entry anyways. Ohhh…this one might just be my favorite!

FACT – bookkeeping is not JUST data entry. Are we recording financial records? Yes. Are we just constantly taking information from one place and copying it into another? HECK NO!!! Bookkeepers handle bank reconciliations, accounts receivable and payable, payroll, SALES TAX, payroll taxes, vendor payment tracking and tax filings, and MORE. Not to mention, bookkeepers know all about third-party payment processors, online shopping carts, and more and they know how to use them efficiently for bookkeeping purposes – sometimes they are literally acting as a technology consultant.

Myth #4 – Bookkeeping Services are expensive

FACT – Remember Myth #1 that I busted? Remember when I said bookkeepers are really invaluable? From the IRS requirements to maintain books and file taxes to the necessity of knowing your numbers, you really can’t put a price on a bookkeeping service. But of course, yes there is a price but I bet it’s less than you think in most cases. For the most part, if you are a business owner watching my YouTube videos or reading this blog, you probably don’t need a full-time bookkeeper or even a part-time bookkeeper – an outsourced service will do. Most firms offer different types of bookkeeping plans that might allow you to receive once a month or once a week services. At Steadfast we have both of those options plus we have add-on services that really allow you to boost the service you are receiving. If you are bringing at least 6 figures in revenue a year, would you believe me if I told you that your yearly bookkeeping cost could be less than 1% of your annual revenue??? It’s true – head to our services page and check out the pricing for some examples and then go ahead and contact us to get your custom pricing!

Well, there you have it. I’ve busted just a FEW bookkeeping myths for you. The bottom line is that bookkeeping is a necessity for your business and it will literally change your business for the good. Now, if you’ve been DIYing your bookkeeping and you’re wondering how you can improve that, check out my video where I give you the top bookkeeping mistakes I’ve seen and how you can avoid them.

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