As a business owner, you have so many different things on your plate. One of these things is the day to day running of your business, and it’s hard to manage anything else on top of that. But, we know that there are some owners who seem to think that they can handle the responsibility of the finances on top of their other tasks! This might be a solution for the short-term, but it’s definitely not something that can be sustained in the long-term.
In this article, we’re going to be looking at some of the reasons that this is the case, and advocating for you to hire a professional throughout. If you’re interested in what we have to say, then read on to find out more!
Slipping Through The Cracks
It’s important to understand that we’re not saying this to be mean, and we’re not trying to say that you’re not doing your best. In fact, we’re sure that you are doing your best, but this doesn’t mean that you are necessarily doing a good enough job to see success. It’s just a simple fact that if you’re not trained to do this and your mind on other things, then you’re more likely to make mistakes, miss things, and let things slip through the cracks.
The more often this happens, the worse off that your business is going to be. Your finances can quickly turn into a mess, as there are only a few moves between doing well and failing. You don’t want to chance yourself being the reason that this happens, so don’t take that risk.
New And Improved Software
We also want to say that you likely don’t understand the new and improved software and solutions that are being released on the market all the time. It’s true that nobody really does until they have had time to learn, but there are people out there who will grasp this quicker. Don’t forget that you have other things you need to do, whereas if you hired a financial professional, they would be solely focused on this.
An example of what we’re talking about would be understanding how to sync Stripe to QuickBooks. Do you know how to do this? Even if you Google search it, are you confident enough to try it? It could be the solution that you need to bring more efficiency to your business, but as you’re not a trained professional, there’s no guarantee you would get it right.
Cost Saving Measures
Part of the job of a financial professional in a business is to suggest and explain cost saving measures that can be taken to get a business back on the right track. Don’t know how to do this? Do you know how to look for every other possible solution before having to resort to extreme ones? Do you know different places that you can look to find solutions that might not have been immediately evident to someone untrained?
If the answer to any of these is no, then you might miss some cost saving measures that could save your business a lot of money. It might cost you more to hire a professional, but it’s definitely better in the long run.
Blind To The Problems
The last thing that we want to say is that you may well become blind to the problems if you continue trying to take on both roles. If you’re running the business and you’re also running all of the finances, eventually something will come up that you skip over thinking it’s normal, even if it’s not. Or, you might not see a blindly obvious problem in front of you whereas another person who hasn’t worked in the finances of your business before, who has a fresh perspective, will.
There are times that all it takes is someone who is not involved to point out what’s sitting right in front of you. This will be a great start to hiring a professional, and they can continue to prove their usefulness over time.
At the end of the day, the main two reasons why you can’t take on the responsibility of the accounting side of your business on top of everything else are because you are more likely to make mistakes, but also because you will burn yourself out. The more you push yourself, especially with something that you’re not qualified to handle properly, the higher chance there is that you’re going to burn yourself out. Just hire an accountant or a financial professional, you will thank yourself for it.
