Many small business owners tend to keep accounts management in-house in a bid to cut costs, retain control and ensure compliance. However, the time that a small business owner spends on accounts could be better-utilised focused on business development and sales. Even if you hold an accounting qualification, do you have the time to ensure to keep up with legislative changes and best practices?
Did you know that very few accountants do their own accounting? The first reason for this is that they're aware of the value of having some external oversight (your familiarity with your own business may lead you to not question something when you should).
Think about how much time you spend going over the accounts. Now think about whether you feel that is time well spent. If the answer is negative, then you really ought to consider outsourcing the job. Just in case that line wasn't persuasive enough, here are seven reasons why:
Take a moment to think about what kind of business you are in. If it is anything other than payroll, then you should be outsourcing payroll. Does that sound confusing? It's actually quite a simple concept. Any task performed by your employees that has nothing to do with the business you are in should be outsourced.
When faced with the prospect of redundancy, it can be a challenging and frustrating time. This can be especially so if you do not understand how redundancy works and therefore are unsure of the next steps to take and how it will impact your life.