Do you remember why you ventured into the world of running your own business? It could be a multitude of reasons; wanting a better work life balance, realising you could earn more money working for yourself than someone else, a desire to spend your working day doing what you love/choose, rather than what others asked you to do? Whatever the reason, you took that big step and decided to make a go of it yourself.
Most people who choose to set up a business for themselves opt for an industry where their skills and passions lie and that’s a big part of what makes a business succeed. Well, that together with a lot of hard work and some good customer service, sales & marketing.
How often do you sit and reflect on your choice to go in to business yourself? Despite the hard work, are you happier where you are now? Is your work life balance better? Are you spending more time doing what you choose?
As a new business owner, it is common to find yourself undertaking many tasks that you factor in, such as; sales, marketing and probably bookkeeping because well; taking on another member of staff just might not be feasible. Do you find yourself regularly spending your evenings doing your bookkeeping? Or do you allocate some of your working week to do it?
Have you thought about why you are spending your time doing the bookkeeping? If you are allocating time every week to get on top of your receipts and invoices, how much time does it take you? Have to calculated that for the year? If you added it all together and calculated the cost based on your hourly rate, it will probably work out at more than you think… Why not give it a try?
Obviously the amount of bookkeeping required in each business will differ depending on the industry and size. A consultant providing professional services is likely to have much fewer transactions than a restaurant owner, but whatever your industry you should be keeping on top of your income and outgoings on a regular basis to help manage your business finances and cash flow.
Many new business owners will do the bookkeeping themselves to save money and keep staff costs down, but doing it yourself can be a false economy, for every hour you spend on your bookkeeping, could you be achieving something more valuable with your time?
The benefit of outsourcing your bookkeeping is that, you get the bookkeeping done by someone who’s priority and talent is bookkeeping, leaving you to focus your efforts on your own priority and talent. Allocating work to the best person for the job is better all round for every business.
When you outsource, you only pay for what you get, you do not have to worry about an employee and filling their time to make it cost effective and with a bookkeeper you pay bookkeeping rates not accounting rates.
So maybe the question isn’t ‘Why should I outsource my bookkeeping’, maybe it’s why am I doing the bookkeeping myself?
If you would like to chat about how Rosemary Bookkeeping can help you sort out your books and assess your business finances during these difficult times, contact your local Rosemary Bookkeeper today.