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business question

Owning your own business means keeping up with records for the books right? Anyone have any trouble with that part of the business? Maybe just hire someone else to do it?

 
Anonymous

Asked by Anonymous at 8:22 AM on Dec. 13, 2010 in Money & Work

This question is closed.
Answers (11)
  • If you are not good with keeping records then it would be well worth it to hire someone to do that part of your business so that you can concentrate on the other parts.

    JeremysMom

    Answer by JeremysMom at 8:29 AM on Dec. 13, 2010

  • I agree with jeremysmom!
    older

    Answer by older at 8:30 AM on Dec. 13, 2010

  • With friends who've owned businesses, this is almost always the factor that causes the biz to fail or succeed. If you're not good at it, hire someone - it is pretty easy to find a good part-time book keeper. Maybe a SAHM!
    sweetpotato418

    Answer by sweetpotato418 at 8:35 AM on Dec. 13, 2010

  • I handle keeping up with all purchase receipts, work orders that we have completed (our business income), bank statements, the business check ledger, etc. I collect them into a file throughout the month, then have a bookkeeper/accountant who takes everything monthly, organizes it, and produces our business statements. She also does the taxes at the end of the year. Accounting is NOT my expertise, so I find it to be far more cost-effective and less risky to pay someone else to handle this aspect of our business.
    vicesix

    Answer by vicesix at 8:38 AM on Dec. 13, 2010

  • My DH and I did all our own bookeeping when we had our business but we had an accountant friend do the taxes each year. If you do hire someone make sure you can totally trust them and go over all the figures with him/her so you have an understanding of it all.
    elizabr

    Answer by elizabr at 9:25 AM on Dec. 13, 2010

  • I do my own bookkeeping AND have an accountant and attorney I call on for more complicated issues.
    Anonymous

    Answer by Anonymous at 10:03 AM on Dec. 13, 2010

  • We do all of our bookkeeping. When in doubt, save everything, from receipts to bank statements. If you aren't organized, get yourself a box and stick everything in there. Throughout the year, buy yourself some files and start separating everything into it's own category. You don't have to be high tech.

    m-avi

    Answer by m-avi at 11:05 AM on Dec. 13, 2010

  • You have to have a good system set up to keep track of incoming sales, outgoing expenses, ect. We have an accountant to our taxes for us.
    HotMama330

    Answer by HotMama330 at 11:51 AM on Dec. 13, 2010

  • We do all of our own bookkeeping as well
    Mom2Jack04

    Answer by Mom2Jack04 at 12:00 PM on Dec. 13, 2010

  • You can hire a book keeper.
    mmmegan38

    Answer by mmmegan38 at 12:30 PM on Dec. 13, 2010

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