Busted! Don’t Believe These Bookkeeping Myths!

In the most general sense, a bookkeeper is an industry professional who helps businesses keep their finances intact by keeping tabs on different accounts, transactions, and reports. By consistently maintaining your financial data, bookkeeping can give you a sense of your business’s progress and financial health, allowing you to identify ways you might be able to improve or processes you want to change.

However, in today’s world of online accounting software and rampant misinformation, discerning the fiction’s facts and professionally dealing with your accounts can be challenging. For example, people considering accounting only crucial at tax time is bound to cause confusion and lead to poor financial outcomes.

To help you steer clear of the misconceptions, Your Ledger Pro has debunked some of the most widely believed myths about bookkeeping services.

Myth 1: Bookkeeping is just data entry
There’s a common misconception that data entry, bookkeeping, and accounting are similar disciplines, but each position performs different duties. While data entry is the foundation of bookkeeping and accounting, plenty of other processes, regulations, and nuances go into maintaining accurate books and records and creating financial statements that can be relied upon. You see, a bookkeeper will provide you with far more than data entry. You can count on a bookkeeper not only to know what they are doing but also to highlight things that will benefit your business.

Myth 2: Bookkeeping is only necessary at tax time
Yes, bookkeeping expertise is absolutely necessary during tax time. However, their knowledge and skills are valuable all year round, and the more regular, the better. To put it simply, bookkeeping doesn’t have to be time-consuming, but constantly staying up to date can save you money, make your business more efficient and help it to grow.

Myth 3: As a business owner, I should be able to do all bookkeeping myself
This is a myth that can have dire consequences for any business, especially if you are an inexperienced and a new business owner. This said, if you run a very small business, you might be able to manage your bookkeeping with accounting software, saving yourself time and money. However, managing your own bookkeeping means you’re in charge of keeping your finances in order, storing records, and creating necessary statements, which can be time-consuming and stressful when you have so many things to do and multiple balls in the air.

But, putting your confidence in a competent and experienced bookkeeper can eliminate the stress of complicated accounting concepts. Similarly, hiring professional and skilled bookkeeping expertise will ensure you get to know your specific financial needs and provide you with expert insights into your business’s finances.

If you’re looking to steer clear of these myths, reach out to Your Ledger Pro. My mission is to help you focus on running your business with peace of mind knowing that your Bookkeeping services are being handled by a company that understands your needs. I offer services like QuickBooks online, bookkeeping and payroll services, tax preparation, and business income tax returns. I offer my services to clients across College Place, Walla Walla, Benton City, Richland, Kennewick, Connell, Dayton, Washington, Hermiston, Pendleton, Oregon, and the surrounding area.

For a complete list of my services, please click here. If you have any questions about Your Ledger Pro, I’d love to hear from you. Please contact me here.