Business owners have to wear many hats: sales, marketing, human resources, inventory management, strategic planning... and for many equine business professionals, this may even include the role of therapist for your clients! Being a business owner can feel a bit like being a jack of all trades. It's likely you didn't start your own business because you love these administrative tasks. You wanted to train horses, start a boarding facility, or teach lessons.
One area many business owners dread the most is their accounting. It's time consuming, confusing, and intimidating for many business owners (you're not alone!). Luckily, accounting is one area of the business that can be successfully outsourced with hugely positive results. But should you?
Here are my top 3 reasons why outsourcing your equine accounting needs can be right for you:
1) Save Time and Make MORE Money
Perhaps the number one reason why you might want to consider outsourcing your accounting is to reduce the amount of time you spend in the office. Accounting may be a necessary evil but, unfortunately, is not an income-producing activity for your business. Outsourcing can allow you to spend less time on accounting and more time building your business and serving your clients.
For example, if you charge $50 per hour to teach horseback riding lessons, and you spend 10 hours per week on accounting, you are essentially "spending" $500 per week to get your accounting work done based on your hourly rates. If it costs $50 per hour to hire an accountant, and they perform the same work in just 5 hours per week (because they have the expertise to get it done faster), you have now spent only $250 per week, plus gained the ability to earn an additional $500 in income from freeing up your 10 hours per week for teaching lessons.
2) Avoid Costly Errors
If accounting is not your area of expertise, you may be recording transactions inappropriately. Many business owners think they can handle their accounting needs on their own, only to find out they have no idea why their accounting software is showing a negative cash balance when there is money in the bank! In the long run, it can cost more time and money to hire a professional to fix errors in your accounting system. Fixing errors can cost several times over what it would cost to hire a professional to maintain your books in the first place.
3) Peace of Mind
Knowing the exact financial status of your company can give you piece of mind and the confidence to make better decisions for growing your business. It is a well-known fact that most business fail because there is a lack of understanding of the business' financial status. Beat the status quo by outsourcing your accounting to a professional that can speak your language and help you understand your company's financials.
Learn more about how NLD Business Solutions can help you outsource your accounting needs at www.nldbusinesssolutions.com.
Nicole L Dlugosz is a certified public accountant in Illinois. She has over 7 years experience working at a large international public accounting firm for clients of all sizes. NLD Business Solutions was created in 2017 when Nicole branched out on her own to help small businesses with an emphasis on her passion of equine-related businesses. An avid equestrian herself, Nicole has the equine industry knowledge that is lacking in accounting and bookeeping services. If you're looking for an accountant who speaks your language, give NLD Business Solutions a call!