Should I Do My Accounting or Outsource?  | The #ASKBOLD Show 02

Should I Do My Accounting or Outsource? | The #ASKBOLD Show 02



hi guys welcome to another episode of the asphalt show and today I want to talk about a question that I often see in the forums which is when do I know when to keep doing my accounting or outsource my accounting so I want to answer this question for you guys now while it may seem like it's a hard question it's actually pretty simple if you write it down on paper so please do my favor and take out a piece of paper on the top row I want you to write this how many hours do you spend on a monthly basis updating your books so write an hour a month at our amount for the month now on the next line write down how much do you value your time on an hourly rate now you're going to multiply those two numbers and you're going to come out to an amount so now hold off with hold off with that amount now let's go to the third question and that question is if you spent that time that you spent on a monthly basis updating your books on finding one more deal and you closed on that deal how much on average would that profit be so that should come up with a profit amount and once you have your number then now you're ready to make the comparison which will help you determine whether you outsource or you keep doing it yourself now if the profit amount is greater than the cost saving of you doing your accounting then you should outsource your account if the cost savings is greater than the profit that you will get from the deal then you should continue doing your accounting you know I hope this these little simple guide or this little simple math formula you don't help you determine whether you want to outsource your accounting or keep it in-house thank you very much

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