Accounting for Your Trade Business – Do It Yourself or Outsource?
Feeling stuck about the accounting for your trade business? Here’s how working with financial experts can help alleviate the stress.
We have been working with small business owners in the trades for over 15 years. Over the years, we have seen clients choose one of 3 options related to their accounting and bookkeeping.
- The DIY approach,
- Hire an in-house bookkeeper
- Or an Outsourced bookkeeping option.
While the DIY – Do It Yourself mentality works in many functions of a small business, there are a few instances where it makes the most sense to outsource and allow a professional to step in to manage a major function of your business.
1. There are almost always inaccuracies and inefficiencies in the DIY approach-
While you may think this is the most cost effective option. Most small business owners do not have an accounting degree or bookkeeping certification. Ultimately, you will waste time and create an inefficient accounting system for your business if you do not work with an accounting professional.
2. Your time is spread pretty thin as it is –
As a trade business owner you are wearing 10 different hats and you’re just trying to make it through the day. Once you think you’re finished for the day, your back office job starts. You need to pay your bills, invoice customers, and keep track of your deposits. You can save a tremendous amount of time by outsourcing the bookkeeping and accounting for your trade business. This will allow you to get back to working on your business vs. working in it. Whether you are looking to grow a seven figure business or become big enough to pay for yourself and take care of your family comfortably, your time is your greatest asset. You should be spending it working on the projects that will create the biggest impact. We are assuming that is not your bookkeeping and accounting.
3. Strength in Numbers –
The term “knowing your numbers” is real and empowering. Imagine you worked all week and knew exactly how much money in sales you closed for the week and what your expenses were? You do not have to live wondering how your business is performing. You can actually take control of the financial aspects of your business and know exactly where you stand to make all of the correct decisions you need to make! Such as, should you buy that piece of equipment next month or wait until summer? Should you hire that service technician or not? When can you pay yourself for all your hard work?
Overall, the accounting and financial side of your business needs to be humming along, running smoothly.
Don’t you want to make important decisions with speed and confidence? Why would you not seek out help for one of the most important areas of your business? We sure wouldn’t attempt to lay our own home foundation – that’s what we would call you for!
When your bookkeeping is outsourced, you can focus on the important aspects of being a small business owner. Making important decisions daily with accurate information in real time. So, what route are you going to go ?
Stratlign offers stress free and customizable outsourced bookkeeping.
Our bookkeepers are QBO Pro advisors making sure your books are done right and accurately! There is no 800 number or a robot you must go through to speak to someone over here. You just give us a call and get connected with your assigned bookkeeper to answer any questions that come up for you!
To learn more about our bookkeeping services contact us today at 508-563-2218 or fill out a “Let’s Talk” form and a team member will reach out to you!