New bookkeeping skills for a new Yoga business owner

Question:

I am a yoga instructor with 15-years’ experience. I recently decided to go out on my own. I have been told that I should get a bookkeeper. I am in the beginning stage of my business with very few students. Do you think it is too soon to incur such an expense?

Response:

Congratulations on your decision to become an entrepreneur.

In the beginning stage of any business, it is wise to stay as lean as possible. With so little activity, it would be best to learn how to become your own bookkeeper.

1) Invest in a bookkeeping software that you enjoy using

2) Educate yourself on both the basic of accounting and bookkeeping concepts and your bookkeeping software.

As your revenue increases, you will be able to determine if you can afford monthly bookkeeping services.

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