Should I Have a Bookkeeper Look at My Books if I Do My Own Bookkeeping?
Yes, absolutely. One-hundred percent. If you do your own books because you are not ready to hire a bookkeeper or because you like doing bookkeeping, it is still a good idea to have another pair of eyes to review the books, because a good bookkeeper will look at your books from a tax perspective and make sure that everything in there is set up in a way for you to file your taxes easily. Or, depending on what else you need, you might want it set up in a certain way for the management of your company, and a good bookkeeper will be able to help you set that up that way and make sure your transactions are correctly booked and that your reconciliations are correct.
I would recommend at least quarterly reviews of your books. That way you have someone to ask if you have any questions about how to handle specific transactions such as how to enter the new loans, the PPP loan, the SBA loan. What do you do with that? How do you enter them? Do you enter the PPP as income – because it will be forgiven in the end?
You always want to have a person you can ask these questions to and to offer you another set of eyes. Sometimes, your CPA can be the other set of eyes, but CPA’s can charge $350 or $500 an hour, where a bookkeeper or a bookkeeping firm will charge a lot less, and can help as an intermediary or liaison between yourself and your CPA. I have had many clients who get an end-of-year questionnaire from their CPA but they don’t understand the questions. I end up being the translator between the CPA and the client, because I can speak both languages.
So in summary – I highly recommend having a bookkeeper review your books.
Please let me know if you would like a free consultation or if you need a bookkeeping review.
Maya Weinreb | Founder & CEO