BELAY vs DIY Bookkeeping

Deciding to do – or not do – your own bookkeeping is much like deciding whether to change your own oil or hire a mechanic. Sure, you could do it yourself and save some money – that is, if you know what you’re doing – or you could end up making a huge mess and, potentially, some costly mistakes.

And when it comes to deciding whether you can handle your bookkeeping or whether it’s better left in the hands of a professional, it’s often helpful to ask yourself some soul-searching questions.

Do You Need To Be In Control?

Listen. You’re in the Trust Tree here so no judgment if the answer is a sheepish-but-honest ‘yes.’ You’re a business owner and being in control is likely a large part of what has brought you success. If you want to know your exact financial situation at any given moment, you need control.

Do You Have Time To Handle Your Bookkeeping?

And no, we don’t mean, ‘Are you willing to forgo all sleep and a personal life to be able to juggle all the balls and wear all the hats?’ As a business owner, you’re acutely aware how precious a commodity time is – and you also know that as a business owner, you’ll always be able to make time to get things done. So the real question is: Does this have to be something you sacrifice *insert: peace of mind, time, sleep, a personal life* for? 

Does Bookkeeping Interest You?

There is no wrong answer here. Maybe you do really enjoy all the tasks that surround inputting your costs, invoicing your clients, projecting your growth, setting goals, and monitoring everything else during the month. Even if you are a financial pro, unless that’s the main focus of your business and the service you provide to your clients, is doing your books just because you can, a good enough reason for diverting your attention from growing your business? There is a seat for all of us on the bus of life and if you don’t occupy a left-brained, number-crunching seat on it, that’s OK! But it’s hard to find time and motivation to do things that don’t genuinely interest us. If maintaining accurate accounting records, balance sheets, and P&L reports doesn’t float your boat, why are you still doing it?

Does It Make Financial Sense?

Last but certainly not least, there is the small matter of dollars-and-cents. The simplest way to ask this question is: Can you afford your own hourly rate if you were to take time away from other pressing matters to handle your own bookkeeping? You may not have considered it from that perspective – but it warrants some thought. Because while you may think you can’t afford to hire a bookkeeper, you’re technically costing yourself whatever your hourly time is worth every time you sit down to handle a task that could be delegated to someone – often surprisingly – more affordable than you.

Gut Check: Ask yourself, “Am I the best person to do this?”

Because ultimately without experience in bookkeeping or an understanding of balance sheets and income statements, that answer could be all you need to recognize that it’s time to treat yourself to a professional.

Your finances are not the place to be experimenting, holding your breath, fingers crossed and hoping for the best. Hiring a virtual bookkeeper eliminates all questions, concerns and issues – and you and your business are so worth it.

It takes a special person to love bookkeeping, and 99 percent of the time, it’s not you.*  (*Based on unscientific research; we totally made up this stat. But it seems irrefutable, right?)

That said, it’s likely safe to say that most of us haven’t been trained in reconciling and reporting unless your business is, in fact, accounting. You started your business to follow a passion – a passion that decidedly doesn’t include allocating expenses into categories and organizing receipts. But as your business grows, you’ll likely reach a point where the cost-benefit for hiring a virtual bookkeeper proves infinitely more effective than allowing it to occupy your working – or personal – hours.

We get it, though. You may still need some convincing to hire BELAY for your bookkeeping needs. After all, up until this point, you’ve been responsible for the comings and goings of every single dollar for your business – and you’re not quick to part with a single cent. We don’t mean to brag but … we know a thing or two about outsourcing. It’s kind of our thing. So when we’re asked the inevitable question, ‘Why hire a virtual bookkeeper instead of doing it myself?’ – boy, do we have answers.

So here are just a few reasons why you should hire a BELAY bookkeeper for your small business – and maybe leave you to wonder why you haven’t done it sooner.

Long-Term Savings.

Fewer things will prove as costly as poor money management for your small business. But hiring a virtual bookkeeper will allow you to save more while getting the maximum value for your business. Further, part-time bookkeeping services are far more cost-effective than having a salaried bookkeeper.

Expertise.

Our bookkeepers provide reports that empower you to understand the financial health of your business and recognize trends. And with that perspective, you can make informed business decisions to impact the vitality of your business. Outsourcing your bookkeeping provides you access to a bookkeeper's expertise - without the full-time price tag. Because when you put your books into the hands of an experienced professional, your job becomes a whole lot easier, effective and efficient. Look, Ma – no mistakes! BELAY has been in the business of helping our clients have squeaky clean books for over ten years. We only contract with US-Based, formally educated, and experienced bookkeepers to handle your finances. When you put your trust in BELAY, you can rest knowing that we have also put our trust in your dedicated bookkeeper. We have systems and processes in place to keep your trust.

Accurate Financial Reporting.

When you’re juggling it on your own, bookkeeping can often take a back seat – but it can’t afford to. Virtual bookkeeping services can provide updated financial reporting in real-time so once tax season rears its head, your accounting is ready to go. Here’s just a sampling of the reports and tasks a BELAY Virtual Bookkeeper will handle:
- Pay client's bills on a weekly basis
- Reconcile bank statements
- Journal and data entry (coding)
- Provide clients with weekly & monthly reports
- P & L (monthly)
- Budget to actual (monthly)
- Statement of cash flow (monthly)
- Other customer reports (for an additional cost)
- Maintain and manage the chart of accounts
- Debit/Credit card reconciliation
- 1099 preparation (may include an additional fee)
- Process payroll by working with a verified vendor to set-up the payroll account, and then they process and schedule payroll

Cash Flow Management.

With a virtual bookkeeper for your small business, you can easily refer to your financials and evaluate your profits. Further, you can closely monitor both your payables and receivables to increase your cash flow, making your operating activities easier.

Dedicated Support without the Headcount.

With BELAY’s virtual bookkeeping service, you’ll have an experienced, trained US-based bookkeeper who will manage your bookkeeping – without worrying about the bottom-line impact of paying a full-time salary, sick days, holidays and benefits. You don’t get passed around month to month based on whoever is available. No, your bookkeeper will know your name, your business, and your goals.

Save Time.

Hiring a virtual bookkeeper to check off those tasks that inevitably end up dead last on your mile-long to-do list will save you time, stress, and a huge headache when the end of the year rolls around. You need to focus on where you excel and if accounting isn’t it, you’ll likely neglect it or spend precious hours trying to figure out how to do it. And we’ll venture that fumbling through your own bookkeeping isn’t why you started your business. Outsourcing your bookkeeping frees up valuable time that can be put into growing your company. Stop spending nights and weekends invoicing your clients. Your dedicated bookkeeper will handle all the tasks you’ve been doing freeing you up to focus on what only you can do. Here’s how:

Peace of Mind.

Need we say more? Because really, if none of the aforementioned benefits for hiring a virtual bookkeeper for your small business resonate with you, surely you can appreciate the pricelessness of something – anything – giving you peace of mind while you juggle literally everything else. Arguably, this is the most profound reason for outsourcing bookkeeping for your business. Because even if none of the arguments above give you cause for pause, as you think, ’Nah. I can still juggle all the receivables and accounts payable, tax documents preparation and budget creation’ – maybe, just maybe, you can appreciate that handing over the reins to something as critically important as your finances yields one priceless result: peace of mind. Gone are the days of wondering if you’ll qualify for that loan you desperately need to continue growing your business. As a business owner, we understand there are countless reasons you may want to juggle all the balls and wear all the hats yourself. We even understand why you may consider going the more ‘traditional’ route of hiring an in-house accountant or even enlisting the services of a CPA to do your daily tasks and transactions (but don’t get us started on the added fees you’ll have for that).

Bottom Line

No matter the size of your business, managing your bottom line is the difference between success and failure. But trust us when we say that outsourcing your financials to a BELAY Virtual Bookkeeper could be the absolute best decision you make for your business.

See how BELAY client, Jayson Teagle, is using his BELAY Bookkeeper.