Are you wearing too many hats?
Are you wearing too many hats? As a small business owner you may be wearing the marketing hat, customer service hat, accounting hat, manager hat, payroll hat, and the list goes on. As you position yourself for growth this year, you may want to consider outsourcing some tasks. Bookkeeping and payroll are some hats you might want to pass on to experts. Consider some of these factors to make sure outsourcing is the right strategy for your business.
When is outsourcing a good idea?
- A small business doesn’t need a full-time bookkeeper, but requires more skills than the receptionist or office manager can provide.
- An organization of any size that can’t find a full-time person with the appropriate skills at a cost they can afford.
- There have been multiple failures trying to hire a good full-time bookkeeper.
- When temporary help is needed — e.g, if the bookkeeper is on maternity leave, or if there will be a vacancy of several months.
When is outsourcing not the right choice?
- Cash flow challenges require day-to-day decisions about what to pay and what to hold.
- Your financial system is complicated and unique.
- You want your finance staff to be part of your management team.
If outsourcing is the right option for you consider hiring a contracted bookkeeper. This person could writes checks, reconcile the bank statements, post transactions into bookkeeping software, and prepare monthly financial statements. This might be the perfect move for your business in 2018.