3 Small Business Bookkeeping Myths That You Need to Know

There are many misconceptions when it comes to bookkeeping – especially when it comes to outsourcing to a firm. Bookkeeping is essential for business success. Below we discuss 3 of the most common small business myths we’ve encountered.

Small Business Bookkeeping Myth #1

Outsourced bookkeeping is sent overseas to people I don’t trust with my small business.

We’ve all gotten that email. You know the one. A profoundly wealthy and superbly educated prince has been dethroned. He needs your help getting to his vast riches…which he will selflessly share with you if you send him your social security number and mother’s maiden name.

But his email has just one too many typos, and most likely originated overseas. Some people, then, might falsely deduce that since we outsource labor overseas, outsourced bookkeeping is overseas, as well.

But Tentho serves small businesses throughout the United States and has offices strategically located in Miami, New York, and Denver. Not only is Tentho a trusted East-coast venture, but it also boasts, sterling five-star reviews on Google.

The Co-Founders Helen Kakouris, CPA, and Giuseppe Salamone who has a Master of Accounting degree obtained their experience at Fortune 300 companies before coming together to create Tentho. Trusted, experienced, and knowledgeable in all things in the financial space, Tentho prides itself on being a trusted partner to small businesses across the United States.

Small Business Bookkeeping Myth #2

Bookkeeping involves such basic mathematics and simple data entry that anyone can do it, including me.

A lot of small-business owners think that bookkeeping is just rudimentary data entry and elementary math. It is a common misconception that often gets its believers in trouble for two reasons.

First, some small-business owners view do-it-yourself software, such as that offered by Intuit, as a more cost-effective approach to bookkeeping than an outsourced firm. Those small-business owners soon discover that the difference between DIY software and a professional bookkeeper is comparable to the difference between a nickel and C-note.

Bookkeepers analyze patterns in a business’ finances to help improve its bottom line. While software and technology are getting exponentially smarter, only a highly trained human can find the patterns and determine what they mean. In fact, a truly qualified bookkeeper publishes case studies on the patterns he finds and how he fixed any discrepancies.

Second, with or without software, many small-business owners think “I got this.” But after devoting all of the time truly necessary to balance their books, they’ve already lost control of what mattered to them the most: their business.

Small Business Bookkeeping Myth #3

Bookkeeping is an outdated profession used by outdated people.

When most people think of a bookkeeper, they imagine a milquetoast, spectacled old man with a candy cane back, hunching over receipts.

This is far from the truth. Tentho has a diverse group of people that have come together from all walks of life to help change the trajectory of your business and give you time to do what you love.

Don’t be one of those small-business owners. Explore our membership packages or Schedule your free consultation and let us help you set your business up for success!