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:
- You get your time back
If you spend an hour a day doing accounts and you're not an accountant, that's an hour of productive time you're losing. It's even worse if you do the work after the official end of your work day. Then you're robbing yourself of some of your quality of life.
- You can be more sure of accuracy
Some people find accountants really boring. Accountants are mostly OK with this. It's their meticulous attention to detail and their worn down calculator buttons that create this impression with people. That same attention to detail, however, is something you can rely on to make sure you're not losing money due to accounting errors.
- It will make the tax authorities happier about the way you conduct business
Tax authorities love it when business owners turn over their accounting functions to independent contractors because they then feel they can trust the resulting figures more.
- You get a tax deduction out of it
When you do your own accounting, you aren't compensated in any way for the time you lose doing it. When you outsource to a third party, whatever you spend on obtaining and retaining their services is tax deductible. The best part is you don't even have to know about that, because your accountant does, and will claim it for you automatically.
- When you outsource, the accountant is responsible
If you do your own accounting, then you are in fact accountable. That means should you make a mistake, all the liability for that mistake will fall on you. In the absolute worst-case scenario, you could even be facing prison time for it. On the other hand, if you hire an accountant to do your accounts, they will be liable if they screw up.
- Your accountant will do the accounts, no matter what
We've all been there. After an exhausting day at work dealing with difficult clients and racing around between meetings, the last thing you want to be doing is going over your accounts and keying in data. Your accountant isn't cut from the same cloth. He or she always wants to do your accounts, because that's their job. It's all they do, so it never seems to them like an extra chore, and a thankless one at that.
- You get to save some money
Instead of you having to fork out for all that fancy accounting software and the interminable upgrades that seem to always be lurking just around the corner, your accountant has to foot the bill for that themselves. That's a huge saving right there, and there are quite a few others besides.
So do yourself a good deed and fire yourself from the accounting role. Turn that job over to somebody who really wants to do it and is already awesome at it. Your business can only grow stronger as a result.