If you are a small business owner who is also doubling as a bookkeeper - you are doing too much! Read on to find out why this could be costing you money instead of saving it.
Time Is Money
24% of small business owners work 7 days a week. If this sounds like you, how much of that time would be spent sorting out the bookkeeping and other administrative tasks? Now, imagine if that time was now yours to spend as you wish because you outsourced your bookkeeping. You could spend more time looking after the other aspects of your business, you could take up a new hobby or spend more time with your family, or you could simply have a sleep-in on the weekends!
It’s Actually Cost-Effective
You might think that DIYing your books is saving you money but that’s not actually the case. It could take you a few days or weeks to find the time to process your monthly bank transactions or it could take a bookkeeper just a few hours. Outsourcing your bookkeeping means you’re paying for what you need, rather than paying a regular wage to an employee or using your precious time to sort it out.
Everything Will Be Right
Do you have a qualification in bookkeeping or accounting? Chances are, you don’t - so you can’t be 100% confident that you’re doing it correctly and that could mean big trouble for your business. Not only do you want to make sure your business is compliant, but you also want your reports to be accurate so they can help you make business decisions. Outsource your bookkeeping and your worries are over.
Trying to Do It All Is A Common Reason Businesses Fail
You might want to do it all yourself - after all, it is your business and you want things done right. But that is exactly why you should focus on your strengths and outsource the things that aren’t your specialty. As Facebook’s Chief Operating Officer, Sheryl Sandberg famously said, ‘trying to do it all and expecting it can be done exactly right is a recipe for disappointment’.