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Did You Learn How To Use Quickbooks? Or Do You Leave That To Your Bookkeeper?

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YoungPadawan

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What do ya'll do when it comes to your accounting?

Did you learn how to use Quickbooks (or a similar software) or do you just have your accountant/bookkeeper take a look at your bank/credit card transactions and create the reports for you?
 
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CareCPA

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I understand accounting and do accounting. I would take my answer with several grains of salt if I were you.
 

YoungPadawan

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Thank you both for your answers. I understand the basics of accounting, but I just wasn't sure if the average businessperson knows how to use Quickbooks and does the nitty-gritty everyday transactions, or just leaves that to their bookkeeper/accountant. I'll probably end up having my accountant handle the nitty-gritty stuff, and I'll analyze the financial statements to make decisions from there.
 

CareCPA

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Thank you both for your answers. I understand the basics of accounting, but I just wasn't sure if the average businessperson knows how to use Quickbooks and does the nitty-gritty everyday transactions, or just leaves that to their bookkeeper/accountant. I'll probably end up having my accountant handle the nitty-gritty stuff, and I'll analyze the financial statements to make decisions from there.
The goal is usually to be successful enough so that you're actually making more money by paying someone else to do it, so you can focus on the higher level tasks.
In the beginning, sure, do it yourself as you bootstrap. Eventually, I would recommend spending your time on ways to grow your business, instead of data entry tasks.
Again, note my bias.
 

WJK

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What do ya'll do when it comes to your accounting?

Did you learn how to use Quickbooks (or a similar software) or do you just have your accountant/bookkeeper take a look at your bank/credit card transactions and create the reports for you?
If you don't know how to do the work yourself -- how do you know that your accountant/bookkeeper did it right? You have to sign your name at the bottom of your various tax returns and reports affirming that they are correct. Scary uh?
 

Larry P

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I concur with @CareCPA. I did bookkeeping for a living back in the day and I worked my way up Controller, managing accounting staff, processes, financials, etc. I have used QuickBooks both professionally and personally. Learn and use the software if the going rate you are saving by doing it yourself provides a good return on your time. If you can do the same work a bookkeeper can at $50/Hr and your time is currently worth that, it can't hurt to do it yourself and learn the software while you bootstrap. Any entrepreneur or business owner should understand basic financials and how the dollars get where they're going on reports. But move on and find yourself a good bookkeeper to handle your accounting when all you're doing is low-value data-entry, you are no longer learning anything, and/or your time is better spent on other activities.
 

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