Outsourcing involves paying another company, or freelancer to do a task for you. Usually, tasks that take up valuable time or simply ones you have no expertise in, or in my case bring me no joy! Outsourcing can be much cheaper than hiring a full-time employee as you can use companies/freelancers on an adhoc basis as and when you need them.
For me, jobs that take me too long and bring me little or no joy include washing up the dishes and my accounts. To solve this issue I had a dishwasher installed and as part of my degree back in 2016, I did a unit in accountancy, sadly the accountancy unit was a flop and I still hate accounts!
Using The 4D’s Technique To Tackle Your Small Business Accounts:
The dishwasher is going great, however, accountancy is not my thing meaning it’s time to look at the 4D’s :
- Do It: Trying and failing because numbers are not fun!
- Delete It: Not sure HMRC wouldn’t be too chuffed!
- Defer It: Unfortunately, there’s the matter of the Tax return deadline and well quite frankly your business needs to be aware of its financial standing on a regular (not yearly basis).
- Which leaves delegating it.
Small Business Accounting How To Outsource Yours Today:
Accounts can be a big issue as we are not all maths people! But did you know that there are individuals out there that love maths? Using a small business accountancy package can be the quickest and easiest way to save you time and probably money in the long run. Outsourcing your accounting can help grow your small business, by having a proactive, all-encompassing accounting service from bookkeeping, VAT advice, and payroll your small business can tap into a wider range of financial resources and they will see things before you get to that point in your business, stopping nasty surprises in the long run.
What do you need in an accountant? Well apart from the obvious love of numbers and grasp of T-accounts, what exactly do you need from an accountant? Remember not all companies offer a bookkeeping service, for example, some expect you to do that yourself. If you are rubbish at even keeping your basics in order you will need someone to help with this. I personally think small business owners, especially entrepreneurs struggle to delegate tasks as they hate handing over control and worry that outsiders don’t have that vested interest we do. Delegating tasks enables you to balance the needs of the business with the needs of the individuals involved. Why do everything you do if it is not improving your life? An accountancy firm can help look at things from a different perspective.
So what would your perfect accountant look like? Mine would be interested in my business as a whole. Being able to help grow my business and not just report what happened last year. That extra set of eyes to say we spend a lot of money here could we look at changing suppliers? Someone who sets up systems that work for my business instead of expecting me to slot into one of their ready built systems.
I want to work with an accountancy firm that is knowledgeable about other areas that may impact my business outside of just tax, such as marketing, growth, and investment. Someone who is able to plan and help execute if necessary an exit strategy for my retirement. I don’t want to outsource to anyone who isn’t as dedicated to my business as I am. I’m also interested in working with people who have a diverse set of skills, not just accountancy and tax, you need someone who can put them in the context of my business. A one size approach doesn’t fit all. You also need someone who is qualified and able to take care of basic tax compliance and keep you on top of changes to legislation.
The most important when it comes to outsourcing is to do your research and meet and discuss with people in your business to make sure they are the right fit. Also, seek recommendations from previous or current clients. Have you outsourced your accounts? I’d love to hear how you found the process as someone who is desperate for help but finds it incredibly hard to let go!
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