Many small business owners struggle when it comes to bookkeeping, accounting or invoicing. Some decide not to use the services of professionals and others tend to pay accounts at the moment they launch their business.
There are situations when business owners decide they will use professional accounting or invoicing only part time like when they need to create a business plan or company formation, to fill in the loan application or create government audit.
In all cases when starting a business you need to focus on the growth of the company and eliminate all time spending tasks. Because if it takes you 10 hours to do your invoicing, and your time is worth $100 an hour. That’s a cost of $1000 to do your invoicing yourself.
So if you are thinking of doing your invoicing yourself or hiring a professional here are some tips you can take under consideration:
- An accountant can do a complete analysis of your financial situation and offer strategic advice. It’s always good to have a professional take a look at your business finances and give you a clear picture of the whole situation. Even if it just an audit.
- Outsource if you can afford in-house. Many small business owners stick to outsourcing accounting or bookkeeping services for quite some time and in some cases, they outsource them for part-time as they don’t need a full-time person for that type of task.
- If you decide to hire an accountant do that when you are ready to delegate – some business owners need to control everything in order to run their businesses but the moment you let go of some of this control you can focus on your part and that is managing your business and employees. That moment is perfect to hire an in-house accountant.
- Hire an accountant when you need to deal with government or audits – these are serious matters where you need to have a professional on board. Have this in mind when you need to fill government paperwork, you are being audited or even in a situation when you need apply for a business loan or overdraft.
- Calculate and plan – if you are a small business or you are just starting you can start doing you invoicing or account at first, as there are a lot of tips, tools, and software that will guide you on how to do it best without taking too much time from your core business
Whatever option you choose is up to you and what you think is best for your business.