Business owners have been urged to outsource their accounting, after a new survey revealed that time is their most coveted asset.
A new poll published on freshbusinessthinking.com has indicated that more than a third of bosses value time more than their hardware, their website or their shop.
Exactly half of the survey’s respondents said they don’t have time to get everything done, with four out of ten stating that accounting is the least favourite part of their job.
Laurence Collins, who is managing director of small business accountancy Magic Accounts, believes that business owners should consider relieving themselves of this task altogether.
“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.”
Those signing a franchise agreement may often have to take care of this side of their business. Many will see the benefit in outsourcing certain parts of their business which they are not familiar with, not only in terms of freeing up time, but also allowing them to focus on the tasks that they are familiar with.
According to bps.org.uk, this survey was released just a few days before UK Work-Life Week, which kicks off in September 23rd – pertinent considering that outsourcing tasks like accounting could perhaps even boost work-life balance.