4. Tell me about removing one of the many “hats” I wear, and what is the benefit of doing this?

The most common hat to take off first is bookkeeping. You are not a bookkeeper or accountant, and I am sure you did not start your own business to become one! And, I would bet that you still do not understand how to use QuickBooks! I can help you find another tool or help you to outsource this responsibility cost-effectively.  Here, I will explain why outsourcing a responsibility (or hat) to another local business might be appropriate – it saves time and money!

Time: Let’s say it takes the 9 hours a week for you to update the books. A bookkeeper is very knowledgeable of software bookkeeping tools and accounting principles – thus it only takes 3 hours for the bookkeeper to update the books with the same information it took you to do.

Money: Let’s say your billable time is worth $100 per hour, and the cost of using a bookkeeper is $35-$50 per hour. Here we can estimate that you are losing $50-65 per hour because you weren’t working on billable work while you were updating the books.

Conclusion: This is our time is money analysis. Where you could have earned $900, you could have spent only $150-$195 for a bookkeeper to input information into the books accurately. You also would have gained 9 hours back into your weekly schedule to drive the business forward. Are you actually saving money by continuing to wear all of the hats?