Business owners are frequently bombarded with unsolicited bits of advice. Top of the list is about own business bookkeeping. Until you are a financial brat, bookkeeping is something that is difficult to tackle on your own. Introduction of new policies, procedures and tax regulations (particularly VAT recently introduced in UAE) may simply cheese off small business owners. Ground realities play the vital role in concluding the most favorable option whether to outsource bookkeeping or pursue by oneself. Ask following questions to yourself to assess your own credibility as a bookkeeper.
Do you have sufficient expertise?
Crunching numbers is beyond the capacity of a simple lad. A degree in Accounting and Finance is not the sole justification to pursue own bookkeeping rather practical experience is immensely required. Bookkeeping is much more than purely recording the transactions. Processing, reporting, and analysis of data are the perquisites of bookkeeping to render meaningful information. Be honest while evaluating your potential to handle this critical area. Don’t attempt even if you are slightly doubtful about financing and accounting techniques, statutory compliance requirements or lack financial insights.
