Here on the blog, we’ve discussed who to hire first, what jobs to outsource, and how to pay for it. We never shy away from talking finances, because it’s something we all deal with and can be really daunting for a new business owner in any field.
As a creative business owner, I need time and focus to do my job. My time literally equals money. Because of that, doing things like bookkeeping and other administrative tasks keep me from being as efficient as possible and prevent me from doing the work I truly enjoy and get paid for.
I recently started using Bench Accounting, and I have been so stunned at what a difference it has made in my daily schedule and in the overall productivity of my business. Bench has made me feel empowered, not judged. Their system is super intuitive + works the way that my brain works. When they need something from me, they shoot me a text and I can respond with a one-word answer. So simple.
Today, I’m sharing some reasons I decided to outsource bookkeeping and why I think you should, too.
As I mentioned above, for me, handling the minutia of contractor invoices, bills, and taxes is a real time-suck. Does it cost me money to outsource bookkeeping? Of course, but I truly think that it saves money in the long-term as I can take on more work without finances taking over my daily schedule and brain space.
I believe in full transparency, so to give you a working understanding of the investment working with a company like Bench vs. a private accountant. IDCO pays $400/month for book keeping which includes tax prep. Quotes from private accountants ranged between $200-$500/month plus the cost of tax prep. If you’d like to try Bench, you can use this link for 20% off.
On the subject of time, I don’t have an abundance. If you’re a small business owner, I’m sure you don’t either. It’s easy to forget to bill for work, pay invoices, or follow up when you’re rushing to finish the next task on your list. Now, everything gets done in a timely manner while I handle the hands-on aspects of my business.
Right now, everyone feels a Even if you are in prime financial health, dealing with money can put a real damper on your day. Outsourcing won’t take away all the strain of managing your business’s expenses, but it does mean that you won’t be immersed in it constantly.
FACT: I hate accounting and it makes me physically sick from stress. It is so nice having someone in your corner who knows what they’re doing. Outsourcing to an expert means you have access to the latest tools and resources. You’re also less likely to have mistakes that lead to trouble down the road. When tax season rolls around, you can be confident that your finances are in good shape and you’re ready.
You could obviously hire an employee to handle your finances, but outsourcing to a company is great for a growing business. They can tailor your experience (and your investment) based on the size of your firm. As your business grows, you can expand your relationship with them. Outsourcing an element of your business like book keeping is far more cost effective than having a full, or even part-time employee.
Interior Design: Jill Egan Interiors
I know that, now especially, everyone is looking to take on as much as they can in favor of saving money, but you should never do that at the expense of your best asset—your time and value as a designer. Outsourcing administrative tasks that are out of your wheelhouse might cost you a little on the front end, but the payoff is less stress, more productivity, and a healthier business. And don’t forget, it’s a 100% tax write off.
For more tips for elevating your interior design business, check out these posts:
IDCO Studio is a full-service creative studio for interior designers and boutique lifestyle brands. Offering bespoke branding, web design and social media content creation, we help brands built around beautiful living elevate their digital presence to represent the physical spaces they design. Our recently launched limited-release website templates are the perfect way for interior designers to get a luxury website on a budget. These templates allow designers to maintain control of their content. Want to work together? Shoot us an inquiry here.