Turning back in your diary you see your notes around getting your Bookkeeping and Taxes in order. As a tax deadline draws near or worse, you receive a letter from SARS, this becomes more critical.
This might be your starting point, but you should consider financial management as a way to improve your business. As a business owner, you have a legal obligation to run a well-organised business with due diligence and compliance. You also want to know how your business is performing.
You start feeling anxious and overwhelmed by the sheer magnitude of the task ahead. It seems like an insurmountable obstacle, and you don’t know if you have the energy and emotional resources to get through.
First question –
Maybe I can do it myself?
Then,
But what has prevented me from completing this task in the past months?
You know it is possible to do a large portion of this work yourself, but do consider these questions before you make the final decision:
- What is the reason you have not yet updated your accounts?
- Do you know what you must do? Or are you still looking for free training on the internet?
- Have your eyes glazed over every time you start the work? It may be because of boredom or lack of accounting structure. No judgement. That’s why there are Accountants in the world.
- Do you have the time? Do you really have the time to keep up to date and stay compliant?
- Are you aware of the compliance laws ?
- Do you know which business expenses you are able to claim?
If you are answering No to the above questions, consider using a remote Accountant or Tax Professional to help.
You might even be concerned to show the professional how many months you need done. You don’t know what to ask for and you feel alone dealing with your books. This is not true, there are many business owners in the same place as you right now. One of the reasons I chose this career is to help you create order out of chaos. Don’t worry about the state of your current accounts or the lack thereof. We can start where you are right now.
Some of the reasons to use an outsourced Bookkeeper or Accountant on a monthly or quarterly basis, is they –
- Keeping your accounts up to date,
- Give you financial reports in time to make profitable business decisions.
- Help you to interpret your financial reports.
- Submitting tax returns efficiently
- And most importantly, their big focus – making your business more profitable.
It is always daunting to start in any area that is not your speciality, so consider outsourcing to an expert as they have the skills, resources, knowledge built up over time and working in other businesses to do the work efficiently and correctly.
This will free up your time to focus on your primary purpose – to make money and make your business a success!
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