There is a new hype in the accounting industry that has come in the form of Quickbook. In the approaching time, Quickbooks has planned to offer bookkeeping services. Actually, this is like offering customer support to help small business owners to set up Quickbooks and answer questions related to doing bookkeeping on their own.
As Rich Preece, U.S. country leader of Intuit Quickbooks explained in the latest webinar, Quickbooks is changing the DIY model for bookkeeping and offering a new DIWM (do it with me) model in place of that, but, actually this would not be the solution of the small business problems.
Quickbooks is actually not meant for small business, because they may have difficulty to use and so need of having professional bookkeeping services help may take place. This is the case for both if using software or general.
With the experience of the CPA, it is being cleared that Using DIWM for handling books is not a good idea though. Many business owners don’t belong to the finance or accounting background, so, DIY books would leave with a mess. There might be the possibility of having some common issues like a bank account on the balance sheet may have a negative balance, credit card and bank accounts are not reconciled, may have confused with income, or debit or loan. Sometimes, a mix of personal and professional finances would be the reason for a mess.
When you are going to the professionals like bookkeepers or accountants, then with their professional knowledge in the field would make you sure regarding the accuracy in keeping the books. Sometimes, people can’t trust others when it is about the handling finances, but, accounting is not just making correct entries, also, the requirement is actually to have ideas to make the business profit-making.
A businessman, if sending his lots of time in handling accounting and handling finances, then he will lose the focus of creating new ideas to make it profit counting. With this new offering from Quickbooks, business owners would indulge only in accounting and would not leave with time back to deal with other issues if they’re in the business. Hiring a professional for the task, on the other hand, would rather end with perfect work and peace of mind. You would also get the quality of work, expert advice, and accurate bookkeeping.
Studies say many businesses shut down within the first year of their startup. The basic reason for the same is not handling the books properly. Business owners don’t understand the numbers and need of having proficient bookkeepers and accountants took place. The whole requirements of the accounting industry have got the changes, so, being a CPA, it is necessary that they should go in flow with the changes in the market to keep them updated. This way they can also offer the best suitable and proficient accounting services which in any way Quickbooks would not able to do.