When Should You Outsource Your Bookkeeping And Accounting ?
Immediately you leave your comfort zone and launch your business, it might feel like the engine of your brand-new car is running faster than you can control. It is always up to you the driver to apply the brakes to control the speed. Likewise, as a business owner, it is your responsibility to regulate the flow of your business. In the last article, we discussed why business owners should outsource their bookkeeping and accounting services. For today, let’s look at when it is suitable or appropriate to do so.
Every entrepreneur wants to look back in the future at his or her business and boldly say, indeed this is a business that has endured the test of time, will continue to live and bring laughter on any day. Usually, the huddles at the initial stages of the business are enormous. When then should the need to outsource your accounting and bookkeeping arise?
How can I cut down cost in my business?
Employing a full-time accountant or Accounts Officer(s) has almost always been the option for most business owner where they don’t have the knowledge or time to handle that part of the business. However, this also has its associated costs such as paying monthly salaries, social security costs and other allowances that may be required to meet the labor law requirements and motivate such employees. These are extra costs which could have been cut short if you outsourced that part of your business to an accounting service provider. By, outsourcing, you only pay for what you require or request for.
“I hate numbers, they give me headache”.
When you’re the owner or CEO of a company, you’re taking on several roles like, ensuring there is enough resources and putting smiles on the faces of your clients. It’s easy to get stressed out more often, especially when you have difficulty in handling and working with financial information. And for those who hate working with numbers, bookkeeping and accounting becomes even more difficult. Outsourcing this role is one of the best ways to create a breathing space and give yourself the opportunity to critically assess the business holistically. You can now focus your energy on doing what you do best.
Now, the business is growing so what should I look out for?
As you begin to accelerate from zero, it feels so good when you are overtaking other moving vehicles and still in control. But, when you begin to go between the speed of 60 mph and 120 mph you must keep in mind that, immediately you lose control everything will come to an end. Likewise, growing your business can be very fun, yet very stressful if the growth is rapid. At that moment, you begin to think deeply about where exactly to focus your energy to keep moving and give out the best. Thinking about the opportunity cost, breaking through always come first. It can also be a challenging time to keep records, track and properly manage your financial information if proper structures are not in place. But bear in mind, what needs to be under control is your business’s finances.
If you are interested in getting the best accounting service provider to take away the hassle of keeping your books and managing your finances, then contact Built Accounting Services via email (hello@builtghcom) or give us a call 0303974832. We will always give you the best so you can live long, love what you do and smile always.