When you started your Business, your focus goes into creating! Crunching numbers, calculating taxes and keeping your receipts are usually on the list of things you do not want to do.
In the book, “E-Myth Revisited: Why Most Small Businesses Don’t Work,” the Author Michael E. Gerber discusses the many phases of your Business. The Infancy Stage, the Adolescence Stage, the Pushing Beyond your Comfort Zone Stage and the Maturity Stage. The Book discusses how many Business Owners wear many hats (owner, manager, employee, etc) and when the Business grows, they still try to continue being all those many things to their Business even though they are strapped for time every single day. Entrepreneurship is all about creating a life you want. When I left my 8-5, the goal was to do something I love while also having time for my Husband and Kids.
This same scenario applies with the Accounting for your Business. In the beginning, everything may seem easy to do but as your business grows, so will the Accounting requirements for your business. I know there are certain things I am not good at or things that I know I would rather focus my time and energy on. If I had the means, I would much rather outsource these tasks to someone who works specifically in that field. Tax Law updates every year and Accountants must stay on top of the yearly requirements. There are also cost of living changes, estimated tax payments and payroll. The tons of hours you would spend researching trying to figure these things out, you could outsource it to a person who does only that and does it well.
If you feel that you don’t have the means to pay for an Accountant, there are many Tax Accountants that charge hourly where you can get the information you need or delegate a task or two to them throughout the year. No matter what option you choose, please understand that behind every great Business is a great Accountant. And by delegating what you can, you can focus more on what you love!
What have you learned about your Business as it has grown? What advice can you give to others about delegating tasks? What have you experienced that has shown that delegating tasks was the best or worse decision for your business?
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