8 questions quiz for yoga teachers Does your business need a bookkeeper? Find out by answering 8 simple questions! Do you know enough to do your own yoga studio's bookkeeping? Deselect Answer Yes! I know what double entry accounting is, what FIFO stands for and why accrual basis accounting is important. Maybe? I know what I need to get by, but I worry that I am doing it correctly. Nope. What's accrual basis? None Are you tech savvy enough to resolve bookkeeping issues? Deselect Answer Yes! I have a degree in IT and accounting, so that I can solve any problem. OR My yoga studio is a well oiled machine that never has any issues. Maybe? I know how to google. Nope. I don't have time to waste figuring out every problem and I'd rather be dedicating that time to my yogis. None Can you do everything that a bookkeeper can do? Deselect Answer Yes! They just record numbers. Maybe? I'm organized enough to keep an accurate record but I worry that I'm missing something. Nope. I didn't know that a bookkeeper could use my historical sales data to help me make sound business decisions. I could use some help to determine what classes, offerings, and inventory sales I should focus on to maximize future sales efforts. None Do you have the time to dedicate to maintaining your own books? Deselect Answer Yes! I enjoy doing it and it doesn't take my time away from my classes, marketing efforts, or customers. Maybe? I don't want to do it, but I squeeze in time between classes to do it because I have to. Nope. The amount of time I spend on my bookkeeping is keeping me from focusing on meeting new yogis, expanding my class offerings, and retaining my current customers. None Can you file your income taxes by yourself? Deselect Answer Yes! I have experience in tax preparation and have the time to keep up with the changing tax regulations. Maybe? I can answer questions on Turbo Tax (or similar platform). Nope. I constantly get robbed by the IRS because I don't know what expenses are deductible or how to record it properly. None Does your small business have problems with the government? Deselect Answer Yes! I need a Certified Public Accountant because I need someone that knows the auditing process. No. The person who currently handles my bookkeeping has all of that under control. I have complete faith that they know what they are doing. Maybe? I do my best to keep everything accurate and in compliance, but I'm nervous that if the IRS were to audit me that I could face some hefty fines. None What do you think will happen if you don't hire a bookkeeper now? Deselect Answer Nothing. I continue on as I am and I'm perfectly content with that. I don't have plans to grow my business and/or my current system works well for me. Maybe I could use some help. I should look into bookkeeping solutions a little more. Disaster and Chaos. I have big dreams, goals and plans for my yoga studio and I know that outsourcing by bookkeeping is one of the first and most affordable steps in getting results. None What kind of bookkeeping do you think you can afford? Deselect Answer For $174 per HOUR I can hire Certified Public Accountant. That high level accounting is what I need for everyday business activities and I have the money to spare. For about $3520 per MONTH, I can hire an in-house bookkeeper full time, pay them benefits, and train them in how I want things done. For $450-2500 per MONTH, I can outsource my bookkeeping to a virtual firm. This is largely determined by the size of my practice and what add on services I want. None Time's up
