By Daniel Hunter
What is the most valuable asset for a modern-day small to medium-sized enterprise (SME) owner? Is it their gleaming office or shop floor? Their behind-the-scenes technology and computer systems? Their ability to negotiate with other businesses and clients?
A survey has shown that the most valuable asset is none of these things. It turns out that time the asset that most business owners covet, with 38% of those surveyed by eVoice stating it is more important than computers, their website or their shop.
46% of the same business owners stated that they were used to filling around 3-4 employee roles as part of the everyday operation of their business, and exactly half of those who were surveyed said that they did not have time to get everything done.
Interestingly, four in ten small business owners said that accounting was the task they least looked forward to. Laurence Collins, Managing Director of Magic Accounts, a leading accountancy service for small businesses, believes that businesses should outsource their accounting and remove this burden from their shoulders.
“Business owners are short of time for many reasons; they take on multiple roles within the business, they try to juggle everything themselves, and on top of that, they appoint themselves as accountants for their own firm," he said.
"Good business accounting takes more than one person rushing through a box of receipts every few months because they have so many other tasks to get done. Mistakes can be made, and they could be making the best of their most valuable asset — time — elsewhere in the business.”
Appointing a qualified part-time accountant to take over these duties is the sensible approach to SME accounting. Having someone else look over the books, provide detailed reports, help to manage cash flow and plan for the future takes a huge load off the business owner’s mind, and frees up all-important time for business owners to focus on other tasks. Need to make more sales? Need to spend some time staying ahead of the competition? Want to research new services or offer a wider range of products? The time saved from outsourcing accounting and bookkeeping can help business owners accomplish all of these goals.
Time is an asset which must be utilised wisely in order for a business to succeed. Rather than using up precious time trying to fill a role that can easily be outsourced to a qualified expert, businesses owners are advised to outsource to online accountants and see how much time they could then dedicate to furthering their business.
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