5 Reasons To Stop Wasting Time on DIY Accounting
You have often heard a phrase “accounting is the language of business”. If this is so, then no business owner wants to mess it up with the accounts and finances of a company. There are many entrepreneurs who spend hours and hours a week on spreadsheets and doing outsource accounting service on their own. If you think you are the only one then you might be wrong in such case. You cannot manage all the things like where your company is heading towards. And how far it will make it down the road without it. You really need to stop wasting time on DIY Accounting and understand the fact that your business needs your more attention.
You shouldn’t be spending time on something outside of your expertise and that you really found boring and frustrating at the expense of making money. Just like you wouldn’t spend time repairing your car instead of calling a mechanic, Here are 5 reasons why small business owners should stop wasting time on DIY accounting :
Stop being an Expert
Maybe you are an expert on many subjects but maybe not on small business accounting. And if you were, you wouldn’t be reading this article. A roll-up-sleeves attitude is much needed for being an entrepreneur but sometimes it is better to understand that hiring a professional for a particular task will not cost you much.
Your business needs you more
Indulging in tangled and complicated tasks will pull you away from the more important things you need to do. The more time you spend on keeping your books, the less time you’re spending making your business a thriving success. Remember, your business needs you and until you start focusing on the things you need to, you will never come on the top list.
You cannot afford accounting mistakes especially as a small business
There is the cost of errors, aside from the cost of your time. Making mistake is no big deal but if you have to pay for those mistakes then its automatically becomes an issue. Being a small business, an accounting error can range from the small-and-frustrating (you can’t make both sides of your balance sheet equal) to the major-and-expensive (you didn’t know about payroll taxes and now the Feds want to know what’s up).
There are things which you may not aware of such as tax credits, deductions. Small business can’t afford such expenses, maybe the major one can.
Your time is worth more
Maybe you used to think that paying somebody to do what I could do for free was a waste of my money. But no one has free time and time isn’t actually free, and neither is yours. So, figure out an hourly rate for yourself. Hiring somebody to do your small business accounting for less than that, it would be economically irrational for you to continue doing it yourself.
You’re depriving yourself of expert advice
Having a team of experts who understand all the pitfalls and opportunities of small business accounting. It is something all the business owners needs. It is not that you are not efficient or cannot figure it out on your own. But what is better to have a team of dedicated experts who will help you in growing your business through thick and thin.
Impanix has an entire team dedicated to you. So if your point of contact doesn’t know an answer they’ll have someone on hand. Instead of wasting time on DIY accounting or hiring a personal accountant. You can get yourself an accounting software which will ultimately help you to maintain accounts and finances.