Episode 68: Why Cheap is Expensive - The Cost of Taking Shortcuts

As the "iron triangle" saying goes - "You can have it fast, you can have it good, you can have it cheap... but you can only pick two". Making an investment in a variety of facets in your business can definitely prevent you from running into issues in the long-term or having to reinvent the wheel. Specifically, when it comes to accounting and bookkeeping, paying for quality services from the get-go can save you so much hassle (and possibly a lot of cash!) in the future. Click HERE to listen to Episode 50: What should you look for in a bookkeeper, accountant, or CPA? Episode Highlights: When you're just starting out, DIY-ing the many different components to your business could make sense Administrative work Insurance & Billing Payroll processing Bookkeeping & Accounting If you want to grow your business, it's important to focus on what you are best at, which will typically be the clinical/management side of the practice You'll eventually want to outsource for services such as bookkeeping, insurance, website design/maintenance, etc. When you buy a cheap tangible good, you are likely going to have to replace it much faster and more often than if you invest in a more expensive tangible good - the same goes for services! For example - DIYing your bookkeeping may work in the short-term, but you could come across a multitude of problems come tax season and end up having to pay penalties, fees, or fines for mistakes that could've been avoided. You will likely have to pay double (or even triple!) for an accounting firm to apply for an extension on your taxes, clean up your entire year's worth of books, and re-file. However, if you invest in a reputable bookkeeping service or accounting firm from the start, this relieves you of the burden of having to pay a higher price for services down the road, helps you avoid all those penalties and fees, AND gives you peace of mind that your finances are in safe hands if you are audited. Another benefit of paying for quality services upfront is opening up many hours for you to focus on what you do best for your practice! Links & Resources: GreenOak Accounting Therapy For Your Money Podcast