There is so much you can get from Excel spreadsheets, and no more! Don’t get me wrong, Microsoft’s Excel has its many purposes one of which is capturing information and making calculations including statistics with useful bars and graphs resulting in eye-catching, aesthetic presentations; however, it does not have the capacity to convert information from one report type to another, reconcile entries, or provide real-time bookkeeping and
Bookkeeping requires knowledge, skills, and technical know-how; if you do not possess these traits, you cannot keep accurate books. In addition to embodying the training and experience necessary to carrying out this task effectively, a bookkeeper must also be quick-witted, focused, and detail-oriented. Bookkeepers spend a great deal of their time confined to bookkeeping tasks and if you are not someone who can stay in one position for a great deal of time, you will find it very difficult to maintain an accurate, up-to-date bookkeeping system which is fundamental to your business’ overall success. Do not scream. Do not pull your hair out. Just delegate!
Bookkeeping is one of the many tasks that can, and should be delegated or outsourced. Unless bookkeeping or accounting is one of your specialties, chances are you are not very competent in it. Yet, it is a vital part of your business that carries responsibilities not only to provide you with information on which to make good business decisions, but also to report with accuracy to the relevant tax agencies and remain compliant. Thus, with delegating your bookkeeping you can ensure: accuracy, timeliness, and compliance.
“Delegating a task is not a sign of weakness but a sign of true strength.” It is the acknowledgement that you have too much on your hands, and entrusting it to someone who is knowledgeable and capable, will produce better results. Of course you should agree on some form of checking in method, but be careful not to micro manage. Micro managing someone with a delegated task is very time-consuming and purpose-defeating. It could also delay the process, and may cause the delegate to lose confidence in his or her ability to carry out the task on hand. As Melinda Emerson, Small Biz Lady at Succeed As Your Own Boss says, “Don’t just completely turn over the keys to staff, do spot checks on things periodically to make sure your quality is not suffering in any way. This will help you focus on what you do best, which should be cultivating prospects and keeping clients.” In other words, delegate, but use common sense!
Delegating is not just giving someone a task, but also the authority to do it. Therefore, delegating tasks require careful consideration; consideration as to what should be delegated and to whom. You want to ensure you are entrusting the right person with specific tasks that you know will be completed on time and in the correct manner. Some tasks cannot be delegated, such as decision-making tasks that affect your bottom line, but tasks such as IT and bookkeeping can be delegated providing you can identify the appropriate target with like attitude to get it done right. There is also the option of outsourcing particular tasks that you are unable to find competent individuals in your firm to fill. Not only will you ensure you get them done on time and accurately, but you will also save by cutting cost, as outsourced services are usually considerably less.
Essentially, delegating or outsourcing gives you lots of flexibility and options to spread your wings and take your business to the next level. As Chaitanya Sagar at Small Biz Trend wrote, “If you want your business to grow, you should not become the bottleneck. You must learn to delegate and outsource.”