Whatever you've bought, learn the corrections for it. By which I mean, take a known measuring device (tape measure, or the markings on your practice field) and go and check what the laser says that distance is. Ideally on both a black surface and a white surface.
Older Leupolds used to give amusingly different answers depending on whether they were ranging off black or white, and shade also caused variance. I've got a Nikon "Archer's Choice" which is good to 20m, then add 0.5m to 30m, 0.75m 30-40m, 1m 40-55m, and 1.75m beyond 55m. I've never bothered using it past 70m, I can only imagine it'll be much worse.
For those saying "well that's accurate enough" - uncorrected, no it's not. 1.75m at 55m, even with a relatively fast bow, is around 5" low. And that's before we get into the question of whether I've aimed at the right spot and whether I do a decent shot.
Nothing wrong with cheap kit, but make sure you've learned it's limitations and level of consistency before you actually rely on it.