Busted! Don’t Believe These Bookkeeping Myths
Bookkeepers bring in a set of skill to your business that cannot be matched even with the latest technology and accounting software. When using a software, it is possible for you to miss a few digits and commit a costly mistake. Whereas, an experienced bookkeeper will deliver accurate results and also give you a chance to tap into opportune areas that could help expand your business.
Apart from managing your finances daily, an accounting firm or bookkeeper also reduces the possibility of your business getting audited. In addition, they are up to date with all the latest business practices and software that they can adapt to any client’s needs.
Though they provide a range of services to clients, there are certain myths linked to their profession. Many new entrepreneurs do not have sufficient accurate information and succumb to the false notions circulating about bookkeepers. As a result, they miss out on the value of professional services.
To help you steer clear of the many misconceptions doing the rounds and get the best bookkeeping services available, Infinite Accounting Solutions has dispelled three of the most widely believed myths about bookkeeping.
Myth 1: A bookkeeper is not affordable.
Hiring a contract bookkeeper may seem like a pricey ordeal, but when weighing out your options, it could turn out to be the cheaper alternative. For instance, if you were to hire an employee, you would have to take into consideration not only the rate of pay for senior level experience, but also the cost of paying vacation (4-6%), statutory holiday pay, general liability insurance (Worksafe BC), and other employee benefits that may be applicable for your organisation. However, when you enlist the services of a contract bookkeeper, you are provided with the flexibility of knowing the exact cost of services.
Myth 2: I can no longer exercise control over my company.
There is a misconception that employing a bookkeeper may result in loss of control of your business. This is quite the opposite. When you carry out all the work on your own, your business view will be similar to that of a frosted glass. But when you work with a bookkeeper, your business is seen through a clear glass. Bookkeepers will help you understand revenue or expense patterns, so you have more free time to generate revenue. Bookkeepers do not replace the role you play as a business owner. Instead, they take the load off you and help you focus on growing your business.
Myth 3: A do-it-yourself software is better than a bookkeeper.
There are many accounting software programs in the market which are user-friendly. However, just because you can use some of the functions doesn’t necessarily mean your business will receive maximum benefit. Instead of guesswork, rely on a bookkeeper who is qualified in the software and can save you time, and keep your finances in order.
To avoid falling for these myths, work with a renowned accounting firm in Langley, BC, reach out to Infinite Accounting Solutions. We offer a range of accounting solutions and specialize in bookkeeping services across Langley, Abbotsford, Surrey, Burnaby, New Westminster, and Vancouver. Our bookkeepers have expert accounting software knowledge and are committed to your business’s success.