Many small-business owners start out doing everything themselves: sales, marketing, HR, IT, even keeping their own books. As they stretch themselves thinner and thinner, they try to offload as many responsibilities as they can in an attempt to keep up.
If you're thinking of starting a small business, you can learn from this common mistake. Identify what's core to your business, and what can be outsourced, before you open your doors. Take advantage of all the cost-effective expertise that's available today. Because the DIY, learn-as-you-go approach to things like bookkeeping can result in costly, easily avoidable mistakes.
From Recording Transactions to Financial Reporting and Forecasting
In simplest terms, a bookkeeper records a company's financial transactions at regular chronological intervals — day by day, in most cases. While the definition is fairly straightforward, keeping up with a company's financial reporting can be time-consuming and complicated, depending on the nature of the business.