There are few things in this life that are more exciting than seeing your startup business get off the ground. It’s exhilarating to see your vision ripen to fruition. But as the volume of business increases, it becomes something of a juggling act, doesn’t it? I mean, you’re probably already pushing your resources (both capital and human) as far as you can, and feeling stretched out rather thin. Ultimately, you’re going to need to transition from the DIY mindset, and start delegating some of your responsibilities to other people, if you ever have hope of sleeping or eating again.
The really challenging decision that emerges is to determine what business functions to continue to manage on your own, and which to delegate. The common wisdom these days says to outsource whatever functions are outside of your core competencies, and focus your energies on those core processes. One of the most common aspects of the business to be outsourced is accounting, which makes a lot of sense, if your core business is, well, anything other than accounting. However, many of us are hesitant to let go of managing our books, as it seems to imply giving up some degree of control. Here are some signs that indicate that it is, indeed, time to get some professional accounting help for your business.
Accounting Is Eating Up Too Much Of Your Time
If you’ve gotten to the point that you’re spending more time on your books than you are on critical activities like business development and managing relationships with your clients, it’s probably time to think about getting professional accounting help. Sure, there’s a price for accounting services. But if you sacrifice even one new sale, or lose a client because you overlooked some important follow-up when you were knee-deep in bookkeeping, you need to get your accounting work off of your plate, and free up your valuable time for more important work.
You Weren’t Trained To Be An Accountant
It doesn’t really matter whether your business is house painting, jewelry, or dentistry. If it’s not accounting, and that’s not where your training lies, you would do well to consider getting that work into the hands of professionals. There’s just too much at risk in this regard. Even a small error in accounting can have catastrophic effects on your business’ finances. Instead of googling for the information you need, or signing up for a QuickBooks bootcamp to ramp up quickly (but probably not thoroughly), please talk to a professional accounting.
The Taxman Is Calling
Sooner or later, every business is going to have to answer to the IRS and/or your state and local taxing authorities. I hope I don’t offend our dear Uncle Sam but saying that he’s not known for having a sense of humor about mistakes in your tax filings or missed deadlines. The consequences of a mistake in this area are too great to take a chance on. When it’s time to file your tax returns, or if (perish the thought!) you’ve received notification that you’re being audited, it’s time to get professional accounting help.