It’s hard when you start out as a small business owner to delegate tasks. Every penny counts. Initially, it seems to make sense to do it all yourself. Sometimes it does. Once you start recognizing time has a value too, though, it’s easier to see more efficient and effective options. Most small business owners delegate financial duties as their first outside contractor hire. But, when it comes to money matters for solopreneurs, most wait too long.
Some of the things you think you’re doing to save money might be costing you more than you realize. What’s your time worth on an hourly basis? That’s something you need to know to make good financial decisions. Outsourcing certain tasks that allow you to spend your time more efficiently while also relying on specialized and deep knowledge for growth advice can make a big difference on the speed and size of your success.
How are you handling bookkeeping, payroll and taxes?
Bookkeeping has become a lot more streamlined and specialized. Forward thinking companies are integrating AI software into the process to reduce errors and costs. Factor in what your time is worth and whether you have enough expertise for depreciation, tax, and investment decisions to determine if it makes sense to outsource this task. Consider too, if you’re paying for mistakes, late payments, cranky customers, and other issues that affect your bottom line. Here’s how AI assisted bookkeeping works.
Do you know if it makes sense to put yourself on payroll? The cost of doing so is generally less than $100 a month and rarely worth the time and hassle of trying to do it yourself. The IRS wants W-2 paperwork for business owners these days. Tax filers who don’t provide it have a higher risk of being audited.
Taxes are something many solopreneurs do themselves. Today, though, tax laws are changing so quickly it’s hard for even specialized tax professionals to keep up. Don’t expect that drive through budget tax preparer to know the latest rules. Many business owners find thousands of dollars of savings when they switch to a trained and skilled financial professional who stays up-to-date.
Money matters for solopreneurs. Don’t think you’re too small to get help to be smart about how you handle it. Set up your free 15-minute consultation to discover how.