Business Ingenuity: Good Hustle Vs Bad Hustle

Accountfully: Your Outsourced Accounting Team

Having helped entrepreneurs and business owners with their bookkeeping and accounting for more than five years now, we’ve seen a lot of different hustles. Society applauds hustle, but often, especially in the way of accounting and bookkeeping, hustle may not be a good thing. As a business owner, it’s important to assess how you’re hustling and how much it’s paying off.

The Good Hustle
Hustling can be good if it means you’re thinking outside the box to make things happen and drive the business forward. We encourage owners and entrepreneurs to do this when it comes to the technology that runs their businesses. Using the desktop version of Quickbooks and saving paper receipts are an indication that there’s room for some ingenuity, or “hustle” if you will.

Today’s business owner should be using cloud-based systems to manage day-to-day tasks, allowing data to be more current and accessible. They should also consider solutions that can sync with QuickBooks and simplify the invoicing process and expense reporting by using apps like Bill.com or Expensify.

The Bad Hustle
Hustling can be bad if it means you’re cutting corners to save yourself a little time and money. We discourage owners and entrepreneurs from finding low-cost bookkeeping options that don’t support the foundation of the business. We also caution against taking on the role of accountant or bookkeeper; instead, work with a team that can reinforce core business strategies while helping it grow. The results of DIY bookkeeping can be disastrous and costly, so find a strategic partner that can provide you up-to-date, accurate financials — a team that will help you make impactful decisions about the future of your business and be there for your big questions, as well as your big wins.

Accountfully would love to make that happen. We’re an outsourced accounting firm that performs daily accounting and bookkeeping tasks while also serving as a strategic partner to help small business owners navigate complex financial challenges and opportunities. Let us know if you need a little help. hello@accountfully.com

Originally published at accountfully.com.