This Is Why I Hate Bookkeeping

Jul 31, 2017 by

We all know of the friend who had a great business idea. He or she developed that idea, drove sales through the roof and more, and then the business crashed. Production ceased due to funds mismanagement, or due to other reasons. Now, improper bookkeeping might not be one of the reasons why – but it’s pretty high on the list.

Why? Because even the smallest bookkeeping mistakes can lead to terrible consequences. First of all, there is the bureaucracy aspect: running a business and keeping the books need to follow a certain set of rules laid down by the law. But, unless you have an MBA, or you’re a bookkeeper as well as a businessman, you wouldn’t be familiar with all of them. And not being familiar with even one rule can lead to so many problems, some of which might bring your newly successful startup down.

And that’s one of the biggest reasons why business owners hate bookkeeping, and usually leave it to experts, like BAS Agent Brisbane. However, there are many different ways bookkeeping can go wrong and ruin you and your business. Below, you will find some of the problems that occur in bookkeeping – problems that are the reason why most people hate bookkeeping – and how you can solve those problems if you have them.

The amassing of clutter

We call it clutter, but its truth, all those transactions, and bookkeeping tasks that you have to do are the backbone of your company or start-up.

And therein lies the problem, doesn’t it? Many business owners, no matter how big the business, start because they foresee success for their idea. They would do everything to get it off the ground; they would drive sales and marketing. But, at the end of the month, they have to face the bookkeeping. And no one enjoys doing that. So, you tell yourself that you can do it bimonthly, or once in each trimester (quarterly), or even two times per year.

But leaving the bookkeeping tasks for later because you don’t enjoy them can create a clutter of incredible proportions. Moreover, you might be unable to solve the mess and make mistakes that will cost you your beloved start-up.

So, the more you hate bookkeeping, the bigger the sign that you need to do it more often. In fact, you should do it daily. There are two reasons for this. First, when you create a habit for bookkeeping, it will become easier with each day. Second, you will create a habit. Thus, you will avoid looking at bookkeeping as a tedious task. More importantly, you will have a very good insight into how your business is faring, instead of discovering things that could bring down your business when it’s too late.

Keeping meticulous track of each transaction

The second problem of do-it-yourself bookkeeping is the patience needed to keep track of everything. It’s a good thing today that we have programs and apps that allow us to keep track of each transaction with ease.

Well, relative ease. As previously stated, keeping track of each transaction is something that is easy to skip when you’re focused on a different task. Especially if that task is generating more sales for your business. But, here are a few tips to make it easier on you:

  • File each transaction as soon as possible;
  • When you write checks or do online transactions, it’s best to add a small comment or description about it;
  • Keep the transactions in different categories, i.e., sales, outsourcing services, employee payments, etc.;
  • File away all of them at the end of the day.

Small problems lead to big consequences

If you thought that all your problems would be solved as long as you meticulously do your bookkeeping every day, you would discover a different reality when the first problem appears. And it will appear. Bookkeeping is not an easy thing to do, but the most discouraging thing about it is that minor mistakes can have very big consequences.

The only thing you would be able to do is damage control, and that’s never a good thing in business. It would be better if you could do both damage control – and make a plan to make up for the loss (if there is any).

Lots of patience and education

Before you embark on your DIY bookkeeping journey, ask yourself whether you have not only the patience needed for it but the education as well. As we previously mentioned, you might discover a small mistake at the time when the resulting problem or consequence is impossible to fix.

There is a funny riddle about three travelers, a hotel receptionist, a bell boy and $30. If you can solve the riddle, you might be very suited to bookkeeping.

The riddle goes as follows:

Three travelers decide to spend the night at a hotel. The receptionist charges each of them $10 flat for the room. The travelers pay and retire to their room. Sometime later, the receptionist discovers that he was supposed to charge them $25 instead of $30. So, he gives $5 to the bellboy and tells him to give it back to the guests. The bellboy thinks to himself, “Well, they cannot split $5 three ways, so I’ll keep two dollars for myself.” He gives them $3 only and keeps $2 for himself. This means that each traveler paid $9 for the room. That makes the total amount $27. The bellboy took $2, which makes it $29. The question is: where is the missing dollar?

The point of the riddle is to show that proper bookkeeping not only takes patience but education as well. You not only need to do it; you need to know how to do it. And by all estimates, that is the biggest problem right there, because if you don’t know how to do it right, you’ll face many problems in the future.

Conclusion

What can we conclude from all this?

Several things, including the path to successful bookkeeping – which we’ve already established is the backbone of a successful business. So, what would the path be?

First, you can hire a bookkeeper to do all of these things for you. This is the easiest path, and the best option for you if you don’t have any experience in bookkeeping.

Second is to do it yourself, but outsource some of the tasks to a bookkeeper, so that someone with experience can keep track as well.

The third option is to get the necessary education and experience to enable you to do it for yourself and use a bookkeeper in the meantime.

Whichever path you choose, make sure that it guarantees the best outcome for your business. Maybe hiring a bookkeeper will be a serious expense on your business at the beginning, but it will be worth it once your business gets off the ground.

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I’m Moving – to WordPress!

May 11, 2017 by

I’ve been talking about this for such a long time…  so I just decided to go for it.  I have a lot of things to configure and what not…  and I was about to give up my domain name and everything…. but I finally installed WordPress and it’s working great!
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Book Review: “Father’s Day” by Simon Van Booy

Apr 26, 2016 by

Book Review: "Father's Day" by Simon Van BooyHarvey’s parents die in a tragic car accident when she is six years old.  Suddenly orphaned, the social worker finds the only living relative Harvey has left – her uncle Jason.  Jason has been long estranged from his family due mainly to his criminal record, and wasn’t even aware than his younger brother had a child… much less that his brother was gone now too.   The social worker sees something in Jason though, and helps him find his way to taking care of Harvey.  Fast forward twenty years, and Jason is visiting Harvey in Paris, where she lives and works now.  Harvey has put together a Father’s Day present for Jason during his visit, and plans to unveil the secret she thinks he’s been hiding from her.

I hadn’t read Van Booy before now, but I see why so many people love him so much.  This book was beautiful and careful with emotions and wonderful.  It took me a chapter or two to become completely enraptured with this story.

Harvey and Jason have much to offer and teach each other, but it’s far more than that.  There is a lot of love here, and it mostly starts with the opportunity for second chances.  The relationships that come out of these second chances are amazing.  Some take some time and effort, but what doesn’t?  I loved how the narrative moved so seamlessly between past and present.  It worked so well, and I especially liked how each perspective or memory was offered to the reader.  Its truly beautiful.

I strongly recommend this to readers of literary fiction and those who enjoy redemption stories.

*****
Father’s Day

by Simon Van Booy
Harper, 2016
304 pages
Source:  TLC Book Tours
*****

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Book Review: “Bonjour Tristesse” by Francoise Sagan

Aug 26, 2015 by

Book Review: "Bonjour Tristesse" by Francoise SaganIts the 1940s in France, Cecile is a seventeen year old girl spending the summer at a seaside villa with her father and his (current) girlfriend.  Her mother died when Cecile was very young, making her handsome father, Raymond, a very young widow; having a new girlfriend every few months is not unusual.  Ever since Cecile came home to him 2 years ago from the convent school – they have been partying together and having a great time.  Now away with one of his girlfriends, Raymond invites another woman to come stay with them too.  This new woman, Anne, was a friend of Cecile’s mother’s, and Cecile is quite taken with her.  Until Raymond throws over the girlfriend for Anne and Cecile begins to fret over the possibility of losing the lifestyle she shares with her father.  All of this while she is developing a relationship with the handsome guy next door – who is almost ten years older than her.

I found this novella purely by accident and was compelled to read it one Sunday afternoon.  Cecile is kind of a spoiled rich-kid brat who has almost an incestuous love for her father.  She is very young and naive, and yet is surprised to find herself attracted to the guy next door as he isn’t of her father’s age.  She is just so lonely for his attention – he doesn’t ignore her – but he does give plenty of attention to young pretty things that grab his attention for a month or two.  For such a short book, that honestly reads quite light and breezy, it really holds a surprising depth.  Now that I’ve read up a little bit about this – the author was just eighteen herself when this was published – and that really adds to the authenticity of the main character.  This was a glorious find!

Also, not that it means much, but I love this cover.  Isn’t it wonderful?

*****
Bonjour Tristesse
by Francoise Sagan
Harper Perennial Modern Classics, 2008.  First Published 1955.
160 pages
Source:  Library
*****

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What to Read Next Challenge for Bout of Books!

Aug 26, 2015 by

What to Read Next Challenge for Bout of Books!Hey Bout of Bookers!!  Ready for a Challenge!!  It’s easy, promise.

Basically, I am always on the lookout for new books to read (and I know I’m not the only one).  So, help a fellow reader out in my “What to Read Next Challenge!”

For this Challenge, you need to recommend 3 books (and only 3 books) that you have read this year that you think should be recognized as something great – something everyone should have on their TBR list for this fall.  If you can, say a short little something about why you recommend these books.  Once the challenge is over, I will compile a list of all of the mentioned books, in order of mentions, to share with the entire Bout of Books community.  Oh and the prize?  Of course there is a prize!  One lucky entrant will be chosen at random to win $15(US) worth of books from me.  If you live in the US, the prize (title of your choice) will ship from Amazon and if the winner lives elsewhere in the world, the prize can be chosen from Book Depository.  Sound good?

You may enter by leaving a comment on this post with:

  • A link to where you have made your list (Instagram, Twitter, YouTube, Your Blog, Facebook, etc…..)  If your link takes me somewhere where I can reach your list, you’re good.
  • Leave your list right in the comment on this post
  • DO NOT FORGET TO GIVE ME A WAY TO CONTACT YOU IF YOU WIN.  Seriously.
This is open to Bout of Books participants ONLY (I will be checking!!) and you must live in an area where either Amazon or Book Depository delivers.  The winner will choose the book(s) they would like to receive, not to exceed $15US.  You may enter at any time between NOW and MIDNIGHT CST.  Late entries will not be eligible for the prize (but I may still include on the big list of recommendations).  I will contact the winner on Monday, 8/24.
Good Luck!  And be sure to keep an eye out for the big list of recommendations to come!!
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