Purple Cows and Bookkeeping - new models for new users

Part of Financial Mastery for entrepreneurs is choosing a way to complete the books for your business. Here are the options below and what you should look out for.

Current bookkeeping models:
1. ONLINE bookkeeping - also called outsourced bookkeeping
2. OFFSITE bookkeeping
3. ONSITE bookkeeping

ONLINE bookkeeping - where online software and a scanner can create a bookkeeping service for most micro-businesses at about the $200+ a month mark. For example, a business looking for a Sydney bookkeeping service might find a site with an office in Sydney, but the work being done over the Internet. Bookkeeping questions are asked locally in Sydney.

Pros - Usually cheaper and faster -

Cons - Often user-intensive service - ie YOU the user, do all the scanning and paper shuffling, while the operator just processes the numbers, not visible who is doing the work usually

OFFSITE bookkeeping - where bookkeeping is done offsite, the materials usually dropped off or picked up, the provider then completes the bookkeeping at their own offices and might meet with the client at their office (or the client comes to the bookkeepers office) for a meeting about numbers and to run through any questions.

Pros - Cheap and fast,

Cons - important paperwork might sit at your office for too long, paperwork can go missing, leads to business owner not looking at anything financial until the bookkeeper comes in

ONSITE bookkeeping - where a bookkeeping service goes out to a client each week, month, quarter to complete all filing and work for the business owner.

Pros - visible and transparent (what you see is what you get)

Cons - Expensive, reliance on office space, bookkeeper may not have resources to complete work