When to Hire a Finance Pro

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Let’s talk about when to hire a finance pro (like me, or frankly, ANY professional). This isn’t going to be a long rant about hiring an accountant, bookkeeper, CPA, or some combination of above the.second.you.start.your.business. Yes, in an ideal world, that would be great, and I highly recommend it if you have a bit of start-up money. But, the majority of business owners I work with have started a side business out of desperation, necessity, passion, or some combination of the three and have been bootstrapping more than just their financial management (or lack thereof), the whole time they’ve been in business. Sound familiar?

So, there comes a time where DIY’ing your books isn’t the best option for you any longer. Maybe you feel stressed about impending taxes, you’re not sure what you may have missed, your business has grown, you don’t feel confident in your ability to continue as-is, you’re not confident growing your business further without professional help, you may just not want to spend your valuable time and creative energy doing the books, and any manner of countless other reasons.

Firstly, take a deep breath. You’ve done the best you can with what knowledge and resources you’ve had available to you, and kudos for recognizing you need or want help. When it comes to actually hiring, I like to think of my hourly rate and how much time the company or individual I’m contracting with will save me. For example, my hourly rate for retainer projects breaks down to about $175. So if I hire a VA that can handle a ton of administrative tasks - like posting this blog! And they charge less than my average rate, and frankly, do a way better job than I do, why would I not hire those tasks out?

This becomes especially important with your finances, because not only can I take a bunch of tasks off your plate that I excel at, I can do them more efficiently, AND I can save you money. In a lot of cases, THOUSANDS of dollars a year. So hiring out a finance professional could be costing you a lot more than you think it’s saving you. Just in the past week, I’ve saved two separate clients over $7,000 on their taxes for 2018! That’s more than either of them paid me for the year, so they’re WAY further ahead than some potential clients that may not have felt ready to take the leap yet.

This is true when hiring a lawyer, a graphic designer, a VA, an OBM, or any team member that can help free up your time, your creative space, and your money. Identify areas where you may be holding onto control because you’re stuck in a scarcity or lack mentality, think doing it yourself will save you more money, or are embarrassed about your disorganization, financial state, or anything else. I promise, I’ve seen it all, and I’m not perfect - I talk about having debt, living a life filled with gratitude, and that we’re all human. Never have I shamed a client for past or even present transgressions. We simply take stock, evaluate what’s important to them, and course correct as needed. Because I care about them, I care about you, and I want to help steer your business and your money in a direction that supports the life YOU want!

Now, let’s go get it!

If you're a freelancer, there will always come a point in your business when it no longer makes sense to handle the bookkeeping yourself. Why? Because your time is more valuable than that. But more than that, you need to think about these key things - click to learn more!
If you're having trouble keeping track of your business finances, it might be time to hire a bookkeeper or finance pro. Here are the other important things tot think about!
Even if your freelance business isn't your full time career, there is a certain amount of financial planning you need to do in order to have your ducks in a row come tax time. Here are the signs you're at the point where you need to hire a pro.
Katelyn Stanton