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DIY Bookkeeping Myths
Manage episode 499586116 series 3527542
In this episode, host Molly Beyer talks about do-it-yourself bookkeeping and addresses commonly held beliefs that are actually myths. Molly breaks down what people often think about bookkeeping and explains why each myth is not necessarily a good direction to take our businesses in. Molly stresses that bookkeeping is a key part of having a successful business as an entrepreneur, so keeping good books with solid financial habits is a must.
There are six myths that Molly addresses and debunks. 1. That everything people need to know about keeping their own books is on YouTube. 2. Commercial accounting software is so easy to use that a professional is not needed. 3. If someone is good with numbers, they’ll be good at accounting. 4. That accountants will handle bookkeeping at tax time. 5. Google can explain everything that may be counted as a business expense. 6. A business can save money doing its own bookkeeping.
In explaining each myth, Molly offers sound advice on what to do in place of the myth. She unpacks the potential harm or pitfalls that the mistaken belief can lead to and explains a more successful and guaranteed way of approaching bookkeeping. Do-it-yourself bookkeeping can ultimately cost more in the long run, in both tangible and intangible ways. Cleaning up a DIY mess can be far more costly than hiring a professional in the first place.
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16 episodes
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