Bookkeeping, do you keep it in-house or do you outsource? How do you know which method is best for you?
Now, I know that as an accountant, you may consider my opinion on bookkeeping biased, and to some degree, I will admit that it may be… We at Incite Tax & Accounting, are AMAZING at what we do, and have a far more advanced knowledge of what it takes to do the accounting for a gym specifically, then most any other accountant out there. So yes, I may have a slight bias for outsourcing (to us!), but ultimately, the answer to this question is a matter of preference.
The method you decide for managing your business bookkeeping is entirely based on the information you need, from your books, to make the best decisions for your gym.
Here’s how I look at going about making that decision… Being able to leverage MONEY to save yourself some time CAN be a good thing for the growth of your business.
NOTE HERE: I am not saying “spend money to give yourself back time”. I am specifically using the word “LEVERAGE”, because if you are going to SPEND MONEY, your focus would need to be spent on high-value activities such as; training a new coach or on-boarding a prospective client.
It’s all about figuring out what is the best use of your time. Oftentimes, bookkeeping is not one of those things and you may not be getting the full details that could be offered by having someone else managing your bookkeeping. With a bookkeeper, they would be able to give you the most critical information to you as frequently as you need.
Ultimately, I think many gyms can (and should aim to) get to the point where an in-house bookkeeper is a huge benefit. The gym owner wouldn’t have to be the one to personally handle that, but there would be a designated team member
A full time, in-house person will always have more insight as to the general day to day spending, needs, and cash-flow of the gym, so they will always be able to produce more personalized, detailed metrics then a general accountant would, or that you, as the business owner, have time to compile.
So, whether you outsource or keep your bookkeeping in-house, you will know it is time to begin handing that task over to someone else when you find that you save more money by NOT doing it yourself AND when you are ready for a broader view of your metrics and financial data.
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