Why You Shouldn’t DIY Posting Journal Entries
Small businesses learn to make the most of the resources they have. As an entrepreneur, you’re used to wearing multiple hats. However, it may be time to take a step back when it comes to aspects related to bookkeeping, accounting, and tax preparation if you aren’t a professional in these areas. Bookkeeping is an essential part of your business, so you need to make sure it’s done right. To help you understand how things could go wrong if you do them yourself, the experts at ALL-PRO Bookkeeping & Consulting Ltd. have explained in detail two reasons why you shouldn’t DIY posting journal entries.
1. You might make mistakes
Accounting errors are usually unintentional mistakes made when recording journal entries.
These small errors may affect the final numbers in financial statements. They might even cause major distortions in the overall figures. These types of errors require a lot of time and resources to find and correct.
2. A do-over might be expensive
It is possible to correct journal entries in accounting to rectify the mistakes made while recording the financial transactions in the books of accounts. These incorrect entries can be located while preparing the trial balance when the debit and credit totals do not match or while reconciling the balances with the parties to which such balances relate. And yes, it will cost you more to have a bookkeeper fix the mistakes you made.
Do things right - Hire a professional
Running a successful business requires you to manage numerous departments. Often bookkeeping and accounting are some of the first areas neglected when there’s not enough of you to go around. When you find yourself scrambling at tax time or with a pile of unopened bills, hiring a bookkeeper can help ease your burden. With a professional in charge of your day-to-day finances, you’re free to tend to the areas of your business that need your expertise.
You should always hire a fully licensed and certified bookkeeper. In an attempt to save money, some businesses feel tempted to hire unlicensed individuals to maintain their books. Hiring uncertified bookkeepers can be a shortsighted mistake because even though unlicensed bookkeepers might save you money in the short term, they are more likely to make errors and cost you money in the long run. A certified bookkeeper will have experience and training on their side. A QuickBooks ProAdvisor would also be beneficial. The costs to hire a bookkeeper varies from person to person. Our hourly rate is $55 per hour. But, most of our clients are on a flat rate.
If you are looking for a bookkeeper in Calgary, Alberta, then reach out to us at ALL-PRO Bookkeeping & Consulting Ltd. We have over twenty-five years of experienced bookkeeping, servicing entrepreneurs, and small to medium-sized business owners in many different fields. We customize our services to suit your needs – whether your business requires weekly, semi-monthly, monthly, quarterly, or annual bookkeeping services. Our goal is to ensure your needs are met! With over two decades of unparalleled experience in both the private and public sectors. We are dedicated to producing high-quality work for our clients. We have worked with a wide variety of different businesses, not only helping with their bookkeeping but also in training in-house staff as well as consulting. We are QuickBooks Prof Advisors with both QuickBooks Desktop and QuickBooks Online versions. We are also Sage Solution Providers with both Online and Desktop versions.