I tried to do the bookkeeping myself the first three years of running my online business. It was a mess. Not only did it take a ton of time, I really had no idea how accurate everything was.
Every single year I filed an extension with the IRS. I didn't have my shit together in the slightest. It was always a last minute scramble full of stress and anxiety.
One random Sunday night, in a private mastermind call, I brought up this issue. By the end of the call I was convinced that bookkeeping was something I needed to hand off to someone else.
What was I going to do, though? Find a local bookkeeper to hire? That sounded daunting. Can I trust them? If they're local, what happens if I decide to travel extensively? Or move?
So I got online and looked for other options. That's when I found Bench.co (you'll get 20% off your first six months of bookkeeping if you join through that link).
Bench handles all my bookkeeping from start to finish. Their service connects with all my bank accounts, so the transactions are pulled in automatically.
There's a dedicated bookkeeper assigned to my account whom I can communicate with through the Bench platform. If he/she needs me to verify things or upload any documents, it's all done through the interface.
About a week into the current month I can log in and review the P&L from the previous month. This is very important. It's critical as a business owner to stay on top of your financials.
The bottom line is that there's no reason why you should be doing bookkeeping yourself. You're a business owner, not a bookkeeper. You need the numbers, but you don't need to be logging and calculating the numbers.
Outsource your bookkeeping to someone you trust. I recommend Bench, but do whatever you're comfortable with.
Again, you can get 20% off your first six months of bookkeeping if you sign up through this link.