Time Spent on Bookkeeping: What It’s Costing Your Business

Time Spent on Bookkeeping: What’s It Really Costing Your Business?

Time is your most limited resource. Yet many business owners, especially in growing small businesses, spend hours each week managing their own books—often after hours or in between client work.

But what is that time really costing you?

Let’s unpack the impact of time spent on bookkeeping and how to weigh up the opportunity cost of doing it yourself.

1. How Much Time Are You Really Spending on Bookkeeping?

If you're like many business owners, bookkeeping gets done in bits and pieces:

• Reconciling bank accounts at night

• Chasing receipts at month-end

• Correcting invoice errors before BAS lodgement

• Troubleshooting accounting software glitches

It adds up fast. Most non-bookkeepers spend between 5–10 hours per week on financial admin. That’s up to 40 hours a month—an entire workweek lost to something outside your core business.

2. The Opportunity Cost of DIY Bookkeeping

Here’s what you could be doing instead:

• Meeting new clients

• Improving your product or service

• Planning for growth or hiring

• Building strategic partnerships

Every hour you spend on bookkeeping is time taken from business development or personal time. The opportunity cost is real—even if you think you're “saving money” by not hiring help.

3. What Are the Hidden Costs of Doing It All Yourself?

There are risks beyond lost time:

• Late lodgements or missed deadlines (leading to penalties)

• Inaccurate reporting from miscategorised expenses

• Poor cash flow visibility due to delayed reconciliations

• Frustration and burnout from constant context switching

Plus, if you're not a trained bookkeeper, it’s likely you’re overcomplicating simple tasks—or missing time-saving processes and tools entirely.

4. When Is It Time to Hand Over the Books?

You don’t need to wait until your business is big to get help. Signs it’s time to delegate include:

• You're spending more than 5 hours/week on bookkeeping

• You're unsure about compliance (e.g. GST, PAYG)

• You’re making decisions without clear financial data

• You dread bookkeeping—and delay it constantly

A qualified bookkeeper will not only free your time but help you make smarter decisions, faster.

5. A Smarter Way to Manage Your Time and Finances

Outsourcing doesn’t mean losing control—it means gaining clarity. A good bookkeeper provides:

• Regular reports and reconciliations

• Accurate records for BAS and tax agents

• Time-saving automations and best-practice systems

• Accountability, insight, and peace of mind

The investment in bookkeeping should give you back time and better business outcomes.

Conclusion: Stop Losing Time, Start Gaining Insight

If you’re constantly asking yourself “where did the time go?”—your books might be the answer.

Assess how much time you’re spending and ask if that’s the best use of your week. Delegating your bookkeeping isn’t just about getting it off your plate—it’s about doing more with your business.

To explore how smart bookkeeping support can save you time and drive growth, reach out to Justwise Accounting today.