We did the same thing with my business of 23 years, Murray. In the beginning, I did the bookkeeping....but soon, it became so time consuming to do the job correctly, that I found I was doing that rather than creating new business to come in the door. So I hired a bookkeeper, who was trained as a CPA, and worked for the IRS for some period of time. She was top notch, relatively expensive, but I never worried we were doing anything wrong. We took the books to our CPA once a year, until we grew enough that after the bookkeeper did the monthly and payroll reports and the quarterlies....then he overlooked everything once a quarter and the end of the year.
One of the biggest reasons we didn't grow more, as my family wanted me to do, is that I just didn't want a big business. After you have 50 employees or more, there is just toooooooooo much paperwork, as well as much more record keeping and reporting to do. It was simply not worth it to me to even attempt to get there. |
