5 reasons to outsource your bookkeeping
Updated: Oct 12, 2020
As a business owner, you have a lot to think about and plenty to do.
How do you keep up with everything and grow the business at the same time?
The mistake many business owners make is that they believe that they have to do everything, or at least be involved in every aspect of the business.
This is perhaps one of the hardest ways to run a successful company.
If you are feeling a little bit stressed and perhaps overwhelmed with the amount of work you need to get done each day, this guide will hopefully help you.
We will discuss where your focus should be as a business owner and the benefits of outsourcing:
Focus on what you are good at and what you enjoy.
Most of us are experts in one or two areas, alongside this we usually love doing the things we are good at and, similarly, despise doing the things that we are not so good at.
So, start by making a list of the things that you enjoy doing in your business. This should be no more than 3 things.
Hopefully your list will include the following:
- Providing your service or product, most business owners are in business because they are passionate about what they do, so hopefully this is top of your list. If it isn’t you may want to re-evaluate why you are in business at all.
- Helping People: People are customers, without them you don’t have a business. Helping people by solving a problem they have is what your service or product should do - what problem does your service or product solve?
Now that you have your list and the reason that your business exists, that should give you some clarity and focus.
Everything else that helps your business to function should be outsourced as soon as possible. This includes your bookkeeping and accounting, admin tasks and marketing.
Here are 4 reasons to outsource:
1. Save time, save money:
Many small businesses believe they are saving money by doing everything themselves, this is not always true. The time that time you are spending doing things you are not very good at is time that you should be spending getting more sales or providing customer service, 2 things that will actually grow your business and cover the cost of any outsourcing.
2. Being on your own is lonesome:
Having a team is one of the most crucial factors to the success of a business. It gives you someone to talk to and can bring fresh perspectives and ideas. For example, a good accountant or bookkeeper can do more than track your finances. Here at Sigma Chartered Accountancy we help you make more informed decisions and help you keep your long term business goals in sight.
3. Bring in the experts:
Each part of your business should be run by an expert. Outsourcing allows you to hire experts at a fraction of the cost of hiring full time staff.
4. Its easier to hire and fire:
Taking on full time staff is expensive financially and also takes a lot of time. Time spent on staff appraisals and employee motivation, and then, if things don't work out, disciplining and firing employees can be a stressful procedure. With outsourcing these problems are minimised and easier to deal with.
5. Room to breathe:
Outsourcing your bookkeeping and your marketing gives you the space and time you need to grow yourself and your business. Use the time that you've outsourced to make more sales calls and also to work on your business skills. Network with like minded people and start hanging out where your clients are, for example conferences, talks, events etc. You will find that having an outsourced team gives you a sense of confidence and lower stress levels allows you to be the best version of yourself.
We hope this guide has helped you to identify and understand the benefits of outsourcing and how you can apply it to your business.
If you are looking to outsource your bookkeeping or need a certified accountant to look over your annual reports, please do get in touch.