Most entrepreneurs start out doing everything themselves, earning their “Chief Cook & Bottlewasher” title by generating all the income, handling all the office paperwork and emptying the trash cans, too. At some point, you’ll realize that one person can only do so much. Particularly if your background wasn’t in business accounting, one of the first functions you should consider outsourcing is your bookkeeping.
Does this sound like you?
- You frequently feel overwhelmed by your bookkeeping, invoicing or tracking vendor payments.
- You’ve begun to get “love letters” from the bank, such as late fees, bounced check notices or even tax penalties.
- You’ve lost touch with where your money is going and whether you could trim expenses.
- Cash flow? What cash flow? I just keep my fingers crossed that a payment will come in!
It’s hard to let go and trust someone else with your books. And you shouldn’t divorce yourself from the process completely, either. But by letting someone else stay on top of bill due dates, invoicing and collecting client payments, you can focus on your billable hours, business development and the client relationships that made you a successful entrepreneur to begin with!
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.