As an entrepreneur you might be used to juggling multiple tasks in a day – replying to emails, handling day-to-day operations, reporting company’s accounts, managing company finances, staff and suppliers, while also managing your own life and family.
All this may seem easy in the beginning but as your business expands handling it all by yourself become tough. You’re conflicted, especially when it comes to finances – Should you DIY or outsource it to someone else? Experts suggest the latter because…
You’d be biting off more than you can chew
As an entrepreneur, you have 100 responsibilities, of which finances & accounting is a pretty important one. But handling money might not come naturally to you. So it’s best to hire an external accounting agency to do all the taxing (& boring) bits for your company while you focus on actually growing the business. And if you choose a tech-driven solution over a human one, it would not only ease your headache of managing that particular task but even cut down your costs.
You don’t always have to do everything
While every entrepreneur thinks they can multi-task, some tasks are better left off on others, especially tasks related to your personal finances. MM suggests going the digital route wherever possible. For instance, automating your utility bill payments through your bank’s auto-debit facility, using apps like CRED for making sure your credit card payments are made on time and investing digitally through platforms like DSP Mutual Funds to help you grow your money. If you can rely on tech for shopping and hailing taxis, why not for handling your money!
Sometimes an external opinion is needed
When you’ve got too much on your plate you’re prone to making human errors. Also, sometimes you might not see things critically and might be biased towards certain decisions. That’s why you need a third person guiding you to help you make the right decisions. Just how you’d consult a doctor for an illness or a mentor for guidance, a professional financial expert both for your company and yourself is needed to help you look at your finances objectively and achieve your goals spot on.
To stay ahead of the curve, you’ve to let go
Often laws, tax rules, compliance practices and industry trends change and it becomes difficult to keep track of them all. When you outsource certain tasks, you don’t have to worry about keeping track of these changes. Tasks that aren’t your forte are taken care of and you can sit back and focus on your work and life.
To avoid burning more money and time, we suggest outsourcing a few of your processes right away. Start with small tasks – Bill payments, tracking expenses, budgeting and move on to the bigger tasks business accounting, credit card payments, investing etc.
To meet some of these experts and understand how few organizations can help you manage your life and work better, attend The Money 101 workshop hosted by Work In Progress on 23rd August 2019. To register for the event, click right here.