Starting a Small Business

Starting a Business: So Many Hats, So Little Time

Starting a Business: So Many Hats, So Little Time

If you are starting up or running a business, you know just how many tasks you have to be on top of – and how many hats you need to wear. From marketing director to CFO, webmaster to the guy or girl who answers the phones, an entrepreneur must fill a variety of roles when a business is just getting off the ground. While handling these tasks in the beginning will save you money (and if your startup is strapped for cash, you may have no choice), eventually you'll need to either hire additional help or outsource key responsibilities, simply because of the sheer amount of time involved. 

The Time Management Crunch

While your startup may be benefiting from your expertise and all the things you do, if your many hats are taking you away from the key role you need to play in managing your business, then it may be time to get some extra help.

If you find that your business is suffering because you are constantly working on paperwork, coming up with new marketing strategies, or coping with managing your taxes and income, outsourcing can free up your time and improve your focus.

Is It Time to Hire a Pro?

Accounting and bookkeeping are two key areas that can be handed off to another professional; an experienced pro will be able to complete these tasks more quickly and with greater expertise, freeing you up to focus on what you do best. How can you tell if it is time to get help? 

  • If you are spending more than a few hours a week on accounting and bookkeeping
  • If you are avoiding bookkeeping tasks and have a huge backlog of paperwork, sales data and receipts to go through
  • If you spend so much time learning what you need to do to operate or feel as if you could run a more efficient, more productive business, but do not know how

Since accounting and bookkeeping are so highly specific and require you to navigate a complex field of deductions and methods, outsourcing this responsibility will have a positive effect, not only on your available time and stress levels, but on your bottom line as well. 

Pass the Accounting Hat to a Professional

Most business owners understand the benefits of hiring a pro – but are stymied by the expense of onboarding a full-time employee. Thanks to the gig economy and cloud computing, the bookkeeper or accountant you hire does not have to be a regular staff member; you can use a variety of ways to incorporate big ticket skills without the big business price tag.

From hiring a freelancer to outsourcing and using a professional service to handle your accounting, you can access the skills of a top-level pro without having to come up with the salary and benefits a full-timer can command.

If you are wearing too many hats, struggling to find time to actually run your business and function as a CEO, then outsourcing one of the tasks that most non-accountants struggle with can help.

From freeing up your time to reducing the stress and hassle of worrying about taxes and revenues to giving you the peace of mind that comes with knowing your business is in good hands, a professional accountant can help your new business thrive.

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Frank Jenkins Jr

Frank Jenkins Jr

Frank Jenkins Jr. is the managing partner of Adams, Jenkins & Cheatham, a CPA practice based in Midlothian, VA. Frank specializes in Consulting services, tax planning, accounting, audit & assurances. "I genuinely care about our clients because I have a personal connection with them. This job requires me to multi-task and work under tight deadlines. I get great professional satisfaction from balancing firm and client commitments while building a strong team here at AJC."

ADAMS, JENKINS & CHEATHAM
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