As a small business owner, you wear many hats. You’re the CEO, the accountant, the marketer, and the janitor all rolled into one. With so much to do and so little time, it can be tempting to take on your own bookkeeping as well. After all, how hard can it be? You’ve got a basic understanding of math, and there are plenty of DIY bookkeeping software options out there. But before you dive in, let’s take a closer look at the pros and cons of DIY bookkeeping.

Pros:

1. Save Money: Perhaps the biggest advantage of DIY bookkeeping is the cost savings. By taking on the task yourself, you can save money on hiring an outside bookkeeper. Additionally, DIY bookkeeping software is often less expensive than hiring a professional.
2. Control: When you do your own bookkeeping, you have complete control over your financial information. You can see exactly where your money is going and make adjustments as needed.
3. Flexibility: With DIY bookkeeping, you can work on your own schedule. You don’t have to worry about meeting with an outside bookkeeper or waiting for them to provide you with financial reports.

Cons:

1. Time-Consuming: DIY bookkeeping can be incredibly time-consuming, especially if you’re not familiar with bookkeeping practices. You may end up spending hours on tasks that would only take a professional bookkeeper a few minutes.
2. Risk of Errors: Bookkeeping errors can be costly and time-consuming to fix. If you make a mistake, it can throw off your entire financial picture.
3. Lack of Expertise: As a business owner, you likely have expertise in your field, but bookkeeping may not be your area of expertise. A professional bookkeeper can provide valuable insights and advice that you may not be able to offer yourself.

So, should you do your own bookkeeping or hire a professional? The answer is, it depends. If you have a small business with simple financial needs, DIY bookkeeping may be a viable option. But if your financial picture is more complex, your business is growing quickly, or you just don’t have the time or patience, it’s worth considering hiring a professional bookkeeper. In the end, the choice comes down to what’s best for your business and your financial goals.