Funding a new business, embarking on a period of expansion or simply looking after the day-to-day finances are all parts of dealing with money matters when you work for yourself. Although some people might be able to have an in-house team, with such matters being dealt with by someone in a dedicated position, for most small business or sole traders looking after the finances means a DIY approach is needed.
Getting to grips with everything involved in the money side of running a business can be a steep learning curve, and one extremely important lesson can be finding out that there are some aspects that you really do need help in dealing with.
Time management
For some types of work, the amount of time involved in dealing with financial matters can be a problem in itself. Any business that generates a large number of invoices or turns around a large volume of stock can quickly become bogged down with paperwork, even if much of it is electronic and digital these days. This can be a problem for anyone who isn’t confident in his or her own abilities to keep track of all the details, but it can also draw you away from core activities that actually make the business money on the bottom line.
Outsourcing
By outsourcing aspects of your financial workload you can free yourself up to get on with the task at hand and know that someone else is looking after things on your behalf. This can be as simple as employing a bookkeeper to make sure all your records are fully up to date and compliant with any HMRC or VAT regulations. Taking this approach needn’t be expensive either, as many accountants who are training for their full qualifications are quite capable of doing basic work, are happy to gain the experience and will come a lot cheaper than using a chartered accountant professional.
More responsibly
However, if you need something more than the very basics or are concerned about letting an inexperienced person help you with what are extremely important business issues, there are other cost effective options that can provide the perfect solution.
Third party contractor accountants offer a wide range of services that cover every aspect of the needs of a small business. From looking after invoicing, payroll and taxation issues through to giving advice on sourcing funding and more general commercial business matters, these specialist firms are both experienced and easy to use.
Pride before a fall
The old saying that there is ‘pride before a fall’ can really apply to anyone in business that doesn’t seek outside help and advice when they need it. Knowing your own limits is an important part of running a business. Although at the beginning you might need to wear many different work hats, once things are up and running you must delegate at some point. This is why using outside help for financial matters always makes good business sense when the time is right.
