Starting a business

How Outsourcing Will Reduce the Stress of Starting a Business

Are you feeling the thrill of starting a business? Whether you are working in the basement or setting up a local startup, there are a few things that you need to consider to reduce your stress during this experience. Putting the right systems in place will streamline your systems going forward, making it easy to grow the company when demand increases.

At Easier Accounting, we’ve worked with small businesses in all stages. As we’ve managed the books for growing companies, it is easy to see the trends that impact the success and potential growth. Our goal is to help you reach higher levels of success with your business efforts. So, we want to pass this information onto you, helping you avoid some of the common issues that are faced by startups and entrepreneurs.

One of the most important things that you can do is evaluate the way that outsourcing can be incorporated into your business plan. Here are a few thoughts so that you can see the value of offloading some of the responsibilities that you are carrying.

Don’t Be a Jack-of-All-Trades

Even though you are bootstrapping with your business efforts, it doesn’t mean that you need to carry all of the responsibilities by yourself. There is a term that is commonly used: Jack-of-All-Trades. This phrase refers to someone who tries to complete many different responsibilities. But, when the efforts are spread thin, it has a negative impact on the quality of the work that is completed.

For example, if you are starting a company in the tech industry, don’t assume that you need to single-handedly manage the website design, branding efforts, coding, app development, marketing and more. Instead of juggling so many responsibilities at the same time, it is better to identify your strengths and then offload the other tasks to specialists in the industry.

Not only will your stress go down, but your daily activities will be more productive when you aren’t searching the internet trying to solve problems that could be easily addressed by an expert. It is worth spending the money to bring in an experienced contractor so that you don’t have to waste your time trying to reinvent the wheel.

Tap into Various Skillsets

You can build a team that will support your business goals by tapping into the various skillsets that are available in the industry. It is amazing to see the synergy that is possible when you hire people who are offering their best skills. You can’t be skilled at everything that will be needed to run your company, so it makes sense that you should bring in an experienced team to oversee all of the details that need to be addressed.

As you are assembling this team, you have the option to hire employees if needed. But, it is important to understand the overhead costs that will be carried. You will need to pay the cost of the salary, as well as overhead expenses for office space, equipment, benefits and more. A cheaper solution is to find outsourced services that you don’t need to maintain the monthly burden of an employee.

A contractor is available to complete the work as needed. If you require five hours a week of services, then it is nice to pay for those services without the requirement to find tasks to fill the other hours that would be required for a full-time employee. For example, hiring an outsourced accounting team when you are starting a business means that you don’t need to bring on a full-time employee to manage the books and financial transactions. Most startups don’t have enough work to keep an employee busy throughout the week. So, it doesn’t make sense to pay an expensive salary if there isn’t enough work available for that person.

Get a Different Perspective for Your Business Efforts

Another reason why outsourcing can be beneficial is to tap into the experience and perspective that comes from someone who has worked on other similar projects. For example, our team has many years of experience supporting small businesses with their accounting and bookkeeping needs. As we’ve offered these services to various companies, we’ve optimized the system to ensure the best results for every customer.

This process increases the satisfaction for our clients. At the same time, we’ve improved our skillset and gained confidence in the services that are offered. If you hire us for the outsourced accounting services that are required, then you won’t be starting from scratch. We will implement the proven systems that can be used for your financial tracking, giving you the peace of mind to know that we’ve already worked through the potential problems.

In addition to the foundational services that are provided, it can also be helpful to see a bigger perspective. If you are a homebased freelancer bringing in $50,000 a year, then it can be valuable to tap into the advice that might help you double or triple your receivables in just a few years. When you are working with a team that understands the best processes for business growth, so that you can speed up your results and reach higher levels of success.

What Should You Outsource?

How do you choose the services that should be outsourced? When new tasks and responsibilities come online, you have three options:

  1. Maintain responsibility so that you handle the task
  2. Assign the responsibility to an employee
  3. Hire an outsourcing company to handle the responsibility

As a business owner, there are certain things that you should maintain control over. For example, you aren’t going to hand off hiring decisions or business development tasks to an entry-level employee. At the same time, there are other tasks that should always be off-loaded to an employee or outsourced service. You should be working on the bigger-picture decisions instead of spending your day sorting through paperwork.

Here are some of the tasks that should always be outsourced if you want your business to be successful:

  • Accounting and Bookkeeping: Don’t waste your time with payroll processing or invoicing. These are easy tasks that can be handed off to an experienced team. Not only will you rest assured to know that the finances are handled by a pro, but you don’t need to be stressed by the number crunching.
  • Marketing: A quick search on Google will make your head spin if you are trying to learn more about online marketing. While the internet is a powerful resource to connect with potential customers, it can be impossible to keep up with the trends in the industry. The internet changes fast, which is why you should hire a company that specializes in results-based marketing.
  • Payroll: One of the fastest ways to put a damper on employee satisfaction is by making mistakes on their paychecks. Payroll processing can be complicated because you need to keep up with details such as overtime pay, federal and state tax rates, benefits calculations, and more. When these mistakes happen, it could cost your company a lot of money in fines from the IRS. Avoid these costs by outsourcing payroll services.
  • Administrative Activities: How many small tasks eat up your time each day? If you have a hard time keeping up with your calendar or reaching out to business contacts, then a secretary or administrative assistant can be a valuable asset. Hiring a virtual assistant is a great way to handle various repetitive tasks, such as email management and appointment setting.
  • Tax Calculations and Filing: Many business owners agree that stress levels go up when tax time rolls around. It can be complicated to navigate the ever-changing tax laws, especially when you own a business. Instead of facing the challenge of tax calculations (and potential fines and penalties for mistakes), it is better to let an accounting professional manage the paperwork each year. Not only can you tap into services for the annual filing, but an accounting team can help with quarterly payments and other ongoing tax responsibilities.

There are other things that you might outsource as well, depending on your business needs and the industry. If you have a local store, then it is nice to hire a custodial company to take care of the office cleaning every day. Or, you might find a landscaping company that can handle the snow removal if you live in a cold climate.

When you are starting a business, it is a valuable lesson to learn about the importance of outsourcing. These strategies will set you up for future success because you aren’t trying to manage all of the responsibilities without support.

If you would like more information, then you can talk to our experienced team at Easier Accounting. We offer a variety of outsourced accounting services that can be catered to match the needs of your company. These packages are more than general accounting services, because we focus on the accounting requirements of small businesses and entrepreneurs. Call today to see how we can help with your business efforts: (888) 620-0770

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