You’re an entrepreneur looking to expand your business and turn your passion into your livelihood, and ideally profit. Delegating and outsourcing are probably keywords in your vocabulary, giving you more time for the big adventure of delivering stellar customer satisfaction.
Surprisingly, some entrepreneurs still neglect the accounting, intentionally or not, risking the very life of the business. Some reasons we have heard are:
- Lack of organization or plan
- Lack of financial understanding
- Lack of time
- Lack of funds or believe they cannot afford
- Lack of trust sharing financial information
Fortunately, there are easy answers to all these reasons. Every entrepreneur who is thinking about, or who is a new or existing business owner has resources in their local area to tackle reasons 1 and 2 above:
- SCORE – https://www.score.org/ – Unlimited no cost mentoring, tools, and low-cost business workshops
- The SBA – https://www.sba.gov/business-guide/10-steps-start-your-business/ – Including funding programs, and other local assistance groups
For those who may align with reasons 3 and 4, the key lies in setting your up your books correctly from the start, a professional bookkeeper can do it in about an hour. Software/banking automation is the second key to eliminating the time excuse.
As to affordability, if the business has completed the setup and automation, you may only need a professional monthly review of 1-3 hours on average, based on the volume and complexity of your business. If you prefer a professional do the bookkeeping, and the books have been set up as above, 20-25 hours a month may be just fine. Alternatively, a hybrid situation where you split the duties with a professional, could save you money as well.
Finally, we understand that sharing financial information is personal, not to be taken lightly. Make a list of what is important to you, such as communication, accessibility, skill, insurance, and, is there an Engagement/Non-Disclosure Agreement. Interview several professionals in order to find the best match.