You start your day to the news that the development schedule for your new prototype is slipping, half of your development team is out sick and you really need a working demo for your Board and a new prospective investor.
It is also month-end which means the usual close process. Reconciling the bank accounts and credit card statements. Chasing down missing receipts. Managing receivables and paying your vendors. The preparing and reviewing the financial statements.
It seemed like a good idea to do your own bookkeeping when you started out. Pretty easy in fact. Feed things in from the bank. Set up a simple payroll process. Grab the credit cards and bank statements at the end of the month. And you were all set.
Now, as your business has grown, it’s become a hassle that creates a wedge between you and what you need to do to keep the business moving forward. And, you are in the middle of the process. You know where all the records are. You know how you want to track things. All of the statements and invoices come directly to you. So, it seems faster to just do it yourself. One. More. Time.
The reality of running a business, particularly a start-up business, is sometimes it is easier to do things yourself that are far below your role. It’s just easier. And doesn’t cost any money.
But there is a cost. And it can be quite large. The cost is your time and focus for the more important things that need your undivided attention and input. Everything requires attention and energy. Accounting functions are no exception. However, it is a different type of focus. But it is no less taxing then the focus required to think through your business strategy. Or deal with Board matters. Or motivate your team.
All of these take focus. All of them are important. But not all of them should take your time.
Consider outsourcing your accounting functions to a dedicated and qualified team. Learn more here how Edward Thomas Associates can help.