Congratulations! Your business is growing after months or years of hard work developing a product or website. So why are you still doing your own accounting? No, I’m not talking about tax preparation – most business owners/executives know better. I’m talking about the bookkeeping, invoicing, bill pay, payroll, and other accounting tasks that you’ve been doing yourself. It’s time to outsource your accounting to get time back.
It’s OK to Let Go
One of the hardest things for executives to do is to let go. If you’ve been doing your own accounting, you may feel like outsourcing will give you a loss of visibility. In reality, accounting professionals can do what you have been doing with your limited time and go deeper into your finances.
You’re Not an Accountant
There may be a few business leaders who are accountants, but for the majority of you, accounting isn’t your background. You may be great with many of the tasks of accounting, but you’re probably a better engineer, marketer, salesperson, or operator. Put your energy where you have the most expertise.
Your Time is Better Spent
Proper accounting takes time and you know it. Ask yourself what you could have been doing with the time you’ve spent doing your own accounting: working on one more sale, digging into that product issue that’s causing you headaches, or collaborating with your team. You didn’t start a business to be a bookkeeper or accountant.
When your business is small and growing, there is a constant battle of resources with time being one of the most critical ones. Some signs that it is time to stop doing your own accounting are when your time is under greater demand, your financial needs are growing in complexity, and you know you need more from them. Outsource your accounting and get time back.