Learn why Outsourcing your Accounting is critical to your long term business success?
OUTSOURCE YOUR ACCOUNTING!.
I had grandmothers who were industrious, hardworking, innovative thinkers. They inspired me to think big about what I wanted for my life.
I started my career working for small businesses and in the corporate world, but I was always restless and unfulfilled. In 2003 I finally had an opportunity to strike out on my own and take mystab at the entrepreneurial life.
It was the hardest work I have ever done, but I loved it. I have never looked back, I found where I excel Is helping people with the business start-up process and accounting. I also discovered that many of the entrepreneurs I met had no idea how much money they were making and no idea of the tax consequences of their decisions! This weighed on my mind and I knew that one day I wanted to be in the position to help them. So, I went back to school and earned a Bachelor’s degree in Business Management and a Masters degree in Accounting.
I now spend my time helping entrepreneurs launch their ideas and business owners to get rid of their accounting headaches. It is the most fulfilling role of my career.
I have worked with many small businesses over my career. The number one complaint i hear consistently is “ My books are a mess”. Business Owners tell me that they don’t understand why their receptionist can’t get the books right? Or they tell me that accounting is easy, and they don’t need specialized help. I almost always follow up that statement with “How is that working out for you?”
The bottom line keeping your books accurate, up to date and relevant is the key to long term success.
THIS DOES NOT MEAN YOU HAVE TO BECOME AN ACCOUNTING EXPERT.
In the next few paragraphs I’m going to explain why every business owner should delegate the things they are weak at and focus on the things they are strong at!
1- Focus
The most important thing a business owner does is grow their business. They do this by providing excellent products and services, by great customer service, by networking and marketing, by developing a great team. All of these things take an enormous amount of time and energy. What never gets done? The accounting! Weeks and then months go by without reconciling accounts or entering important data.
The result is you have these uneasy thoughts in the back of your mind such as “Am I making money?” “will I be able to make payroll” “how will I get my tax return done” “Have I billed for all the work I have done”.
The result is you have these uneasy thoughts in the back of your mind such as “Am I making money?” “will I be able to make payroll” “how will I get my tax return done” “Have I billed for all the work I have done”. All of that to outsource your accounting.
2- ACCURACY
Any data entered incorrectly in your books means your numbers are inaccurate. This means the sales margins or profitability ratios you are relying on are no good! Accurate numbers are critical to decision making and the success of your business. Accurate numbers help you decide where to focus your efforts, when to hire or fire, and how to decrease tax liabilities.
They can also help you see trends that are vital to understanding your cash flow. Not controlling cash flow is the #1 reason businesses fail so you have to get this right. Do you really want to rely on your receptionist or office manager with this responsibility
It takes the average bookkeeper a 40 hour week to keep your books and still they are never quite right. it takes a trained accounting professional a fraction of that time and the results are very reliable to outsource your accounting.
3- LEVERAGE
Hiring and training a new employee is very costly and time consuming. In the chart below you can see that even a $15.00 an hour employee is much costlier than outsourcing your accounting.
We have all hired the wrong person and spent countless hours training them only to find out they really don’t have the aptitude to do the job. It is painful to have wasted this money and most importantly the time you could have spent working on things that worth it,
Or maybe they have the perfect skills for the position, but you find out too late that their personality is not a good fit with the team.
4- SCALABILITY
Everything changes in life and in business. As businesses change so do their accounting needs. Maybe you have a great opportunity to take on investors, but they require that you provide timely and accurate accounting.
If you don’t have a person in the accounting position with the expertise to meet these needs you now have to scramble. Perhaps you lose a big account and have to cut back quickly, now you face letting go of a valued member of your team.
When you outsource your accounting. just a phone call to your provider is all that is needed to increase or decrease their services and therefore your cost of accounting. Outsourcing your accounting now looks like the best decision you ever made!
5- B2B ADVANTAGE.
Accounting professionals often have a great network of ancillary business connections. Working with an accounting professional gives you easy access to:
- Tax preparers or CPA’s
- Financing options
- Insurance recommendations
- Accounting/business software add-ons
- State and Federal Agency connections
Having easy access to these resources can save you research time and help you grow your business. It’s like having your very own business needs concierge!
