Why You Shouldn’t Learn Bookkeeping On Your Own
Written by Bindi Gethen
Let me guess. You’re sitting there – scrolling through job listings – contemplating a side hustle – and the word “bookkeeping” keeps flashing on your screen like a bad pop-up ad. And you think, “Hey, I’m pretty good with numbers, how hard can it be?” I get it. The DIY culture tells us we can do anything, right?
Learn guitar over a weekend, become a gourmet chef with a few YouTube videos, so why can’t you learn the ropes (or in this case, the spreadsheets) of being a bookkeeper? The thing is, you need to give this career path the serious thought it deserves. Sure, the resources are out there: online courses, YouTube tutorials, maybe even “Bookkeeping for Dummies.” But these aren’t enough.
So can I learn bookkeeping on my own? Yes you can but, as much as possible, you shouldn’t. You need structured guidance. Imagine the trial and error, the hours spent sifting through conflicting information online, or the potential errors that could not just confuse you but have real-world implications. Think about taxes, audits, and receipts that never seem to add up. One mistake could send you down a rabbit hole of bureaucratic nightmares.
Here’s how you should incorporate structured guidance into your “starting from scratch” bookkeeping curriculum:
- Invest in your education
- Play around with bookkeeping software using sample data
- Give starter pricing for initial clients
- Improve your soft skills
- Learn on the job
- Stay updated
- Consult a finance professional
Can I learn bookkeeping on my own?
Absolutely, you can learn bookkeeping on your own, but it’s not about whether you can; it’s whether you will. Can you invest the time? Can you battle through the hiccups and the confusion and the mundanity of debits and credits to come out on the other side? Just as the barriers you face are often internal – fear of failure, the anxiety of being overwhelmed, imposter syndrome – the same goes for your untapped potential.
There’s just one caveat you need you be aware of: You won’t get far without structured guidance. Without a structured path, you risk learning in a haphazard way that leaves glaring gaps in your understanding.
This doesn’t mean you need a personal tutor breathing down your neck. It could be a carefully curated online course, a series of textbooks, or a mentor who has walked the path before you. The key is to have a plan that moves you progressively from beginner to intermediate to advanced skills, covering all the necessary fundamentals along the way.
Without structured guidance, it’s easy to fall into the trap of feeling like you’re making progress when you’re really just spinning your wheels. You might master the art of creating beautiful Excel spreadsheets, but have no idea how to analyze a balance sheet. Structured guidance ensures that you’re not just learning, but learning the right things at the right time.
Don’t forget about community. You’re not alone, even if you’re learning “on your own.” There are tons of forums and online communities with people just like you, grinding it out, trying to make sense of it all. Tap into that collective wisdom. Learn from the mistakes and successes of others. Offer your insights once you start gaining your footing.
Bottom line
While you can absolutely learn bookkeeping on your own, you need structured guidance to develop a strong skill set.
How to start bookkeeping with no experience
You’re about to move from zero to potentially handling the financial backbone of businesses. That’s both awe-inspiring and downright scary. And when the going gets tough, you’ll need to go back to your “why.”
1. Invest in your education
Don’t just skim YouTube videos or read a “Bookkeeping for Dummies” guide, and call it a day. Consider taking a comprehensive bookkeeping course from reputable platforms like Coursera, Udemy, or a local college. This deeper understanding will be your foundation.
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2. Play around with bookkeeping software using sample data
Grab a software program like QuickBooks, Xero, or FreshBooks and tinker around with sample data. This is your sandbox. It’s the place to make mistakes, experiment, and get a feel for what real-world bookkeeping looks like. The software often mimics the actual challenges you’ll face – reconciling accounts, categorizing expenses, and so on.
This is your safe space to fail. Here’s a gentle reminder that you will make mistakes, and it’s far better to do so in a sandbox environment. When you can, go beyond just one software. The broader your familiarity, the more adaptable you are.
3. Give starter pricing for initial clients
Pricing is a tricky aspect of business. Too low, and you undervalue your work. Too high, and you might scare off those critical first clients. This is where you need to come at it with a mindset of mutual growth. You’re not just offering a service; you’re also building a portfolio.
Consider starter pricing as a form of market research. It allows you to gauge the complexities of different industries, workloads, and client expectations, all while getting paid to learn.
Pro tip
Your initial pricing should reflect your experience, which, let's face it, is minimal right now. Offer a lower rate or even volunteer for a non-profit. The aim isn’t to undercut competition but to gain hands-on experience and reviews. Happy clients become your biggest fans and can lead to more lucrative gigs in the future.
4. Improve your soft skills
The human side of bookkeeping is tragically overlooked. Can you communicate effectively? Are you organised and detail-oriented? Work on these soft skills because you’re not just managing money, you’re managing relationships. Attend webinars, read books, and practice active listening and empathy.
Soft skills can make or break your career. People aren’t looking just for a human calculator. They want someone who can translate numbers into actionable insights. Emotional intelligence, effective communication, and critical thinking are your allies here. So invest in them like you would any other tool of your trade.
5. Learn on the job
Real-world experience is the crucible in which theory gets tested. You’re going to face problems that your courses didn’t cover. That’s real life coming at you. Every hiccup is a lesson in disguise. Keep a journal of what worked and what didn’t, and refine your processes as you go.
Each client is a case study. It’s a chance to adapt theory to the messiness of real-life businesses. Document your challenges, your successes, and your failures. Know that each one will teach you something invaluable about your craft and yourself.
6. Stay updated
The financial world doesn’t stand still. Laws change. Software gets updated. Being a bookkeeper means you’re a lifelong learner. Subscribe to industry publications, join bookkeeping groups, attend webinars, go to networking events, and follow key influencers. Stay ahead of the curve, so you’re never playing catch-up.
Pro tip
If you don’t adapt, you’ll become obsolete – and there’s nothing more detrimental to a bookkeeper than outdated knowledge.
7. Consult a finance professional
You’ll reach a point where Google can’t answer your questions.
That’s when you know it’s time to seek wisdom from someone who’s been there, done that. Even as you grow, don’t forget that you don’t know what you don’t know. Consult with certified accountants or experienced bookkeepers periodically. These professionals can spot your blind spots, advise on best practices, and help you navigate complex scenarios.
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There’s more to bookkeeping than just balancing the books
Bookkeeping isn’t just another administrative chore you can check off your to-do list. It’s the heartbeat of any business. Behind every line in a spreadsheet is someone’s dream, someone’s livelihood, or even someone’s legacy. You need to understand that being a bookkeeper is so much more than crunching numbers. You need to be someone who knows not only the “what” but also the “why” behind every financial decision.
The Bookkeeping Studio isn’t just about making sure that your numbers add up. We also make sure that we add value to your life and your business. So if you’re looking for a blend of expertise, accountability, and a human touch in bookkeeping, maybe it’s time to leave the DIY approach behind and consult professionals. It’s one thing to balance the books; it’s another to understand what those balances mean for a business’ future.
Find out what your balances mean for your brand’s future today.
Hey, my name’s Bindi Gethen! I’m the founder of The Bookkeeping Studio in Australia. With over 15 years of experience in the industry, I have a deep understanding of the challenges that small and medium-sized business owners face when it comes to managing their finances.
I am passionate about empowering my clients with the financial information they need to succeed. My team and I pride ourselves on our commitment to exceptional value, accuracy, and confidentiality. Our virtual bookkeeping services include payroll, budgets, and management reporting, among others.
Not to toot our own horn, but we can assure you that you won’t find a bookkeeping partner like us anywhere else in the Southern Highlands.
