Debunking common bookkeeping myths

Bookkeeping - 20/01/2022

If you run a business, you’ll be no stranger to bookkeeping. There are plenty of misconceptions about the profession you’ll also be no stranger to.

We wanted to set straight a few of the most common myths.

Myth #1: It’s not worth the money

When it comes to outsourcing your bookkeeping, one of the biggest deterrents for small businesses is the imagined price tag.

You might hear the phrase ‘financial services’ and immediately squirm at the thought of a huge dent in your budget. In reality, bookkeeping can be a real money saver for your business, not a money drainer.

If you don’t invest in your bookkeeping, you could run the risk of mistakes. These will cost you much more in the long run than if you made the investment initially. 

Take investing in automated software, for example. It might seem like a big chunk of cash to start with. But it’ll ensure your accounts are kept accurate, managed efficiently and stored securely. 

The risk of human error is much smaller when you use automated systems. You’ll have a better overview of your financial situation, which can help you for future planning and growth.

Myth #2: Only big companies need a bookkeeper

It might be true that doing a self assessment or in-house bookkeeping is easier if you’re a smaller business. But that doesn’t mean you shouldn’t outsource if you can. 

Doing your own bookkeeping can be difficult and time-consuming, especially if you’re not an expert. And if you’re a smaller business, you’ll have a much smaller team too. That means fewer people to delegate other work. 

If you outsource, your team has more time to spend on doing other aspects of the job. 

Myth #3: Having the software is enough

You’ve got the software. It’s all set up. You’re good to go, right? Wrong. 

Stories like the Wall Street Journal’s ‘The New Bookkeeper Is a Robot’ paint a picture of a future where the bookkeeper’s place in a business will be replaced by robotic process automation computer software . Yes, your software might be able to do all the heavy lifting for you. But there’s one thing that software won’t do: teach you. If you really want to make the most of your software, you need an expert to show you the ropes. 

For example, they can help you organise all of your different sources of income and create a detailed system within the software that you’ve purchased. That way, the software is working for you and not the other way around.

A bookkeeper will also recommend the best systems for your firm. For example, at Numero, we specialise in several different systems. We’d be able to judge which is the best one for your firm depending on what you need from your accounts.

Outsourced bookkeeping with Numero

If you still have concerns about outsourcing your bookkeeping, Numero is here to help. From fully outsourced services to training in automated systems, we’re here to work with you, not just for you.

Get in touch with us today to find out more about our services.