4 {{ upvoteCount | shortNum }}
4 {{ upvoteCount | shortNum }}

Do you use a book keeping service?

by Ryan Shaw
3 replies
I was approached by a book keeping service.

Now, I don't know much about keeping all my business stuff straight and separate from my personal.

Does anyone use a service like this?

Or do you just recommend using an accountant?
#book #keeping #service
  • Profile picture of the author Ronnie Nijmeh
    I'd highly recommend hiring a bookkeeper and have her send you monthly spreadsheet reports, if you have sufficient volume. It just saves a ton of time during tax season since most of the work is done... plus you get to see revenue vs. expenses month after month.

    A good bookkeeper can also categorize transactions for you and provide month-to-month, or year-over-year comparisons.

    There's no need to have an accountant do this kind of work - it'd be too expensive. But use an accountant for your taxes, for sure.

    Hope this helps!

    Ronnie
    Signature
    More cool Products from Ronnie Nijmeh

    Automated Book Design and Publishing (Convert docx to pdf AND create Kindle formatted books!)
    Personal Finance Loophole (Get on Page 1 of Google for FREE... making shed tons per lead)
    Bread Money Method (IM & Weight Loss = Peanuts compared to this MONSTER niche)
    {{ DiscussionBoard.errors[2816714].message }}
  • Profile picture of the author John Callaghan
    I use a book keeping service and an accountant as well. The book keepers make all of the entries on a monthly basis. I hate doing that task so it was one of the first ones I outsourced.

    My accountant looks at the books every quarter to determine where I sit from a tax perspective. He also files all of my state mandated forms and does my end of the year taxes.

    It depends a lot upon the structure of your business. If you're an S-corp or an LLC, having an accountant is important. If you're a sole proprietor you might be able to get by with just using Quicken Home/Business or something like that.
    Signature

    "I am the master of my fate: I am the captain of my soul."
    from Invictus by William Ernest Henley

    {{ DiscussionBoard.errors[2816723].message }}
  • Profile picture of the author reactiontm
    Originally Posted by Ryan Shaw View Post

    INow, I don't know much about keeping all my business stuff straight and separate from my personal.
    This is just a fiasco waiting to happen.

    The longer you wait to "uncommingle," the harder it is.

    I've helped numerous people through this process, and there's never going to be a "right" time to do it.

    If you'd like an accountant's help in establishing categories, fine- but probably only necessary if you have some confusing transactions.

    If you have an accountant "handling" the entries, you'll be paying more and in the end, they'll just be handing it off to a bookkeeper anyway.

    If you're doing a good amount of business, the P&L should be prepared monthly, and you should review it as soon as it's done. identify what your key metrics are and be sure that you're keeping up with the pulse of your company's lifeblood.
    {{ DiscussionBoard.errors[5764833].message }}

Trending Topics