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Posted on Admin Army

Mastering The Art Of Financial Delegation

When you first get into business for yourself, it often makes perfect sense to juggle every business task single-handedly.

However, as your business takes root and begins to grow, wearing all the hats starts to become a less than ideal endeavour.

If you are consistently trying to do all the things it can leave you feeling overwhelmed, unproductive and burnt out. That is where a spot of delegation can save your sanity and allow your business to grow.

The first – and most important – tasks that you should consider delegating are the financial jobs. Accurate record-keeping and up to date data is essential for success, but unless this is your area of expertise, your time is better spent doing the things you excel at.

Read on to find out why you should master the art of financial delegation. We’ve even thrown in some tips on how to do it well.

Mastering The Art Of Financial Delegation

When Should You Delegate Financial Tasks?

The simple answer to the question of when you should start delegating your financial tasks is… when they fall outside your wheelhouse.

As a business owner, you have some very high-ranking skills – although they don’t necessarily involve financial management. Focusing your time on those high-value tasks that you are great at gives you more bang for the buck.

Sure, maybe you could spend time figuring out how to do a reasonable job of bookkeeping or accounting, but is that really the best use of your time? More likely than not, you won’t have the time to learn everything you need to know to equal the expertise and knowledge of someone who manages finances for a living.

A professional accountant or bookkeeper knows the industry inside out, and are required to stay up to date with the latest practices and processes. They also know how to leverage the software to make the best use of it. They can also probably get the job done in a fraction of the time of someone less experienced.

Which Financial Tasks Should You Delegate?

This depends on you, your experience, your resources, and the size and scope of your business. If you are a relatively small business, it might be feasible to handle the bookkeeping yourself. You can use your accountant once or twice a year. But only if that’s the most appropriate use of your time!

Remember, a bookkeeper is likely able to smash out the jobs that take you four hours every week in an hour. If your time is worth $100 per hour and you spend four hours every week managing your financial records, it’s well worth paying someone else for an hour or two of their time! That then frees you up to focus on growing your business.

Plus, it removes the stress and hassle of having to find four hours every week to complete the work. Especially when that work doesn’t create direct earnings! You know the work will be done and that it will be done well when outsourcing to a professional.

How To Delegate Financial Tasks

While it can be daunting to let go of something that’s so essential to your business, remember that you are still in total control of the finances.

Cloud accounting software enables you to look at the figures and reports in real-time whenever you like.

When choosing who to delegate to, spend time researching first. If outsourcing, it may help for you to read reviews about the freelancer or company, and reach out and have a chat with them about how it all works.

Finding someone you feel comfortable communicating with makes the whole process much more manageable. Then, keep clear lines of communication open between both parties so that everyone understands expectations, responsibilities and workload.

You can simply start by handing on the tasks that are too complicated for you to handle yourself. Or, go the whole shebang and hand everything over to clear space in your head and your schedule.

For many business owners, choosing to delegate their financial tasks takes a weight off their shoulders. They find that bringing the right expertise into their business gives them the peace of mind needed to focus on other things, confident that the essentials are being taken care of.

 

If you would like the weight lifted off your shoulders, then get in touch with the expert team of bookkeepers here at Admin Army. We will take care of those financial tasks so that you can focus on what you do best.

Struggling to keep on top of your bookkeeping?