Nudge accounting, online accountants, small business, xero, outsource accounting

A client sent me an interesting link the other day. It was about outsourcing and the tasks that startup CEO’s should outsource. And one of the key points was to outsource accounting.

I love it how they have talked about the things to outsource including HR, office decorations etc. But that part about outsourcing accounting made it for me so I have reproduced the section below:

“In fact, spending time on financial anxieties or exhilarations brings along huge opportunity costs, especially for a skilled CEO, whose time is infinitely valuable to their startup’s success. If you’re tempted to tinker – or even if you aren’t – limit yourself to P&L check-ins. Your one big goal is growth, right? Feed it one big metric to match.

For all the rest, find yourself a good accountant or bookkeeper through Xero. Tell them of your self-imposed check-in limits, and keep yourself honest. It’s a matter of self control, focus, and time well spent.”

So what are some tips for startup CEO’s when thinking to outsource accounting:

  • Focus on what will drive value in your business and run with it.
  • Having numbers that are up to date and make sense is one of the most important things you can do to support. Use these numbers to allocate resources and grow your business effectively
  • Use Xero or other cloud based software to help you out. They are easy to use and give you the information you need on the go.

You can read more of the article here.