When you run your own business, there’s no end of things calling on your time at any moment of any day. Even during the weekends you’ll find yourself either working flat out or doing things that have escaped you during the working week.
Any focused SME owner, will be committed to putting all their energy into the things that offer the most direct route to making a profit for your business. But then there’s the activities that keep your pipeline topped up and your t’s crossed and your i’s dotted, like marketing, accounting and bookkeeping. This can become a real challenge if you’re on your own or only have a small team.
So what are the options?
The options pretty simple really: you can recruit, you can embrace technology to a greater degree or you can outsource. Recruiting someone to do the jobs you simply donâ€™t have time for isn’t an option for most SMEs because the real cost of employing someone is so high these days. Not only do you need to allow for the cost of National Insurance Contributions, you also need to take into account the cost of holiday and sickness pay, as well as making alternative arrangements for when your employee isn’t around. It’s for these reasons (and a whole lot more) that more and more people are choosing to use technology to the max or are outsourcing their way to freedom from the tasks that keep them awake at night.
To illustrate this point, taking your accounting and bookkeeping as an example, you can choose to use the right technology or you can choose to outsource. Or even better, you can do both. The likes of the Xero accounting software will make your life a whole lot easier than trying to battle on alone with excel spreadsheets or an outdated system. Xero is the perfect accounting and bookkeeping for SMEs because it’s easy to use; it has the capacity to grow as your business grows and works on a fixed cost per month basis. As well as this, Xero will allow you to work across all your mobile devices and share information with your selected colleagues and your accountant. With a whole host of awards under its belt as well as a really top-notch customer service support, it’s easy to see why more and more businesses are choosing to go this route.
It’s clear that by using the best tools to do the job, like Xero, your life will be made easier. However, you can go one step further and choose to wash your hands pretty much completely of your accountancy, bookkeeping and payroll by outsourcing the tasks and passing the responsibility to an expert. There are a whole host of outsourced payroll services to be utilised such as the one provided by the Payroll Services Centre who provide a team that’s completely committed to getting to know their clients’ businesses inside out as well as speaking a language that’s understandable (which isn’t true of every payroll expert unfortunately!).
If you choose the right outsourced bookkeeping provider you’ll be appointed a member of staff who will work on your accountancy, bookkeeping or payroll in exactly the same way as you would on a face-to-face basis. However, you’ll find that the cost of working at a distance is much more affordable because of the efficiencies that working this way brings. In a nutshell, these teams work remotely, they don’t waste time traveling from pillar to post and benefit from the efficiencies offered by sharing resources amongst many, many clients. At the end of the day, the savings they make are passed on to you, making this task not only efficient, but highly cost effective too.
When you work this way, you’ll be able to scan and send or post all your bookkeeping documents to the person you work with and they’ll take responsibility from there on. This means that you can get on with running your business without fear of facing penalties because you’ve missed a deadline.