The majority of small businesses immediately dismiss hiring an accountant because they fear it will cost too much money. Cost is always a big factor when a business is just starting up. Funds are limited, but that doesn’t mean you have to take on every little task yourself. Outsourcing is actually the better option, eve if it ends up costing you a few extra dollars in the short term. Here are just three basic reasons why it is necessary for small businesses to outsource their accounting:
More Free Time
As the owner of a small business you have enough things on your plate as it is without having to add the additional burden of accounting. The time which would have spent on that excruciatingly mundane task can be better spent elsewhere anyways. Although you should always make it a habit to double check one or two items your accountant did to ensure accuracy, you probably don’t have the time nor the skills to manage it yourself. Here are just a few ideas of what you could do during the time outsourcing your accounting saves you:
- Formulate better marketing strategies
- Check the storefront to ensure things are running smoothly
- Get to know your customers on a better level
- Research new marketing techniques
- Take an online seminar or read material relevant to your business niche and goals
- Pursue new clients and contracts
- Have a lunch break!
Less Chance of A Mistake Being Made
When outsourcing you are hiring a trained professional who is much less likely to make mistakes than you- who is not an accounting expert. Less mistakes being made means you are less likely to be audited. Just the mere mention of an audit can make a business owners skin crawl so it’s best to not take any chances. Plus you can reap even more benefits with less mistakes being made. Here are just a few:
- You may find you are able to receive more deductions during tax season
- You are less likely to make a mistake which will tip the budget into the negative
- You will be more informed and thus more able to make purchasing decisions with confidence
- You will have an expert to ask if you have any questions
- You will have a little less stress in your life
It’s Not As Expensive As You Think
While it does cost a little extra money it is not nearly as expensive as you think. There are plenty of affordable accounting companies or freelance accounting experts which would be more than happy to work for you. Think about it like this: would you rather do the accounts yourself, save money short term, and then make a huge mistake costing thousands of dollars? Or would you rather outsource your account, spend a little extra money short term, and save thousands long term? The answer is pretty obvious, and that is why it is necessary to outsource your accounting.
