50. Should I DIY or Outsource?
August 23, 2019
This episode is brought to you by my bookkeeping strategy sessions.
When it comes to your bookkeeping, you’re probably in one of three areas. Doing it yourself, outsourcing some or all of your bookkeeping to a professional or understanding what the reports mean and making better business decisions from that information.
Each of these stages comes with different struggles and questions. I can help with all three. Bring your questions, and I’ll bring some solutions.
To book one of these sessions, email me at email@example.com. Now, on with the show.
Three questions to ask yourself if you’re deciding if you should DIY or Outsource.
- Do I have at least $300 a month to outsource this?
- Do I have complicated things like payroll, sales tax or want to be on accrual?
- Do I have time to do this?
Do I have at least $300 a month to outsource this?
If you don’t have the funds to even pay a bookkeeper then it’s a no go. Obviously.
If you’re thinking ‘in the time it will save me to outsource my bookkeeping, I can work and earn more money.’ Then that’s awesome! I would say have a few months worth of bookkeeping funds saved up and hire someone short term to do this. See if you can sign a three month contract with someone or just go month to month with them.
Beware that sometimes bookkeepers will charge a few fees up front since they don’t always know what they’re getting themselves into, but generally they should be able to tell you how much it will cost. Decide that for three or four months you’re going to outsource this and then use that time you’re spending to create enough money to more than cover those costs.
Do I have complicated things like payroll, sales tax or want to be on an accrual basis?
If you said yes to any of those and have no idea what you’re doing, then yeah, I’d encourage you to hire someone who does. Not because those tasks are particularly difficult besides the accrual accounting, but because it’s a learning curve and if you can outsource, then it’s best to do so.
3. Do I have time to do this?
Do you have time to do your bookkeeping? Well, just because you can doesn’t mean you should. And just because you have time doesn’t mean you should either.
You want to spend as much time as you can working on things that move your business forward and if you’re already maxed out just working on that, then outsourcing your bookkeeping is a great option to get something off of your plate. Even if you spend that time relaxing instead. I know. Not working, just taking a mental break. In the long run, that will make your more productive than holding onto a little bit of money each month just because you can do something.
I’d be honored to work with you. To get started, email me at firstname.lastname@example.org with the problem you’re having and we can discuss the best way to get to a solution.
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I would love to connect with you. You can find me on Instagram @lydia.miller.mba and always by email email@example.com.
So until next time, go, make it happen.