If you’ve considered hiring an accounting service for your small business, there are some things you need to consider before committing. First of all, take a look at how much time you or any of your employees spend on accounting tasks. If you as a business owner are spending more than a few hours a week doing accounting tasks, you need to either learn to delegate that to someone else or look into an accounting service.
One of the things that holds small businesses back from growing into larger businesses is that the owners can’t let go of those small tasks. It’s natural to want to handle those things but delegation is the key to growth. You have better things to do than worry about payroll for your small business. You can either delegate to someone whom you employ or look into outsourcing accounting tasks.
To help you decide which of those is best, consider the jobs that your employees already do. Is there someone who typically handles money and figures who could just incorporate the accounting tasks you do into his or her job? Will you be overworking them and overloading them with menial tasks when their time could be better spent doing something that actually builds the business?
If you have to take someone away from things like sales or product and service development to do payroll, you’re wasting their time. They need to focus on things that bring money into the business. Let someone else handle the accounting tasks like an accounting service that’s dedicated to that type of work. You’ll be paying them to do it which is an extra expense but when you consider that the employee whose time is freed up is still being paid the same but is now bringing business and income in, it’s easy to see where an accounting service is cost-effective. You also have the benefit of knowing that the accounting service is an expert service that knows what they’re doing and often guarantees things like correct tax amounts and can even handle filing for you.