Tag: outsourcing | The Common Cents

Do Less/Play More…Outsourcing Like A Boss – EP 021

The 2 Cents Business Podcast

The 2 Cents Business Podcast with Joyce M. Washington, CPA:

Money isn’t the easiest topic to talk about, especially when there’s misinformation and a bunch of jargon to contend with.

That’s why I created the 2 Cents Business Podcast to bust money myths and cover business money topics like budgeting, business planning, business growth, cloud bookkeeping, team building and profitability without all of the bookkeeping and accounting jargon.

Join me every Monday to dive into the money & metrics matters for business owners & entrepreneurs.

Outsourcing doesn’t have to be a chore… it’s actually one of my go to when it comes to growing and scaling my business. The step that I recommend taking before hiring a more permanent team (aka employees).

But before you go on a team building spree, you have to know the 3 tests that defines an independent contractor relationship…and pass them.

Once you’ve passed the test…all systems are a go. Go forth and team build to grow. Get back into your zone of genius, your core activities… by doing less (yourself) so that you can play more.

Highlights of this episode:

1:12 timed highlights
00:45 What is outsourcing? What’s the difference between an employee and an independent contractor?
01:30 What are some tax implications you should consider when outsourcing
03:09 What are the tax guidelines for defining an independent contractor relationship
08:49 Advantages of Outsourcing
11:09 Disadvantages of Outsourcing
13:03 Examples of general tasks to outsource
13:45 Examples of accounting tasks (note: not every accountant does all of these tasks and this isn’t an exhaustive list)
14:50 Who should outsource their accounting
15:34 Why you should outsource your accounting
16:00 How to outsource your accounting
16:29 Three steps to a smooth transition
21:00 How to work with us

RESOURCES

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Resources List

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Want to chat and hangout with me, Joyce? You can find me onFacebook,Instagram orTwitter…as @thecommoncents.

You can find all the links and additional show notes at: https://www.thecommoncents.com/podcast

021 – Do Less/Play More…Outsourcing Like A Boss

Outsourcing doesn’t have to be a chore… it’s actually one of my go to when it comes to growing and scaling my business. The step that I recommend taking before hiring a more permanent team (aka employees).

But before you go on a team building spree, you have to know the 3 tests that defines an independent contractor relationship…and pass them.

Once you’ve passed the test…all systems are go. Go forth and team build to grow. Get back into your zone of genius, your core activities… by doing less (yourself) so that you can play more.

Mentioned in today’s episode:

What is outsourcing? What’s the difference between an employee and an independent contractor?
Advantages of Outsourcing
Disadvantages of outsourcing
Examples of general tasks
Examples of accounting tasks (note: not every accountant does all of these tasks and this isn’t an exhaustive list).
Who should outsource their accounting
Why you should outsource your accounting
How to outsource your accounting
How to work with us

Additional resources:

Attorneys That Can Help With Service Agreements for Independent Contractors:

If you’re hanging out on social media, you can find me on Facebook, Instagram or Twitter…as @thecommoncents.

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WITHOUT cutting corners when it comes to quality.

A lot of times when we are making an effort to simplify our lives and build our team… we can’t seem to think of the things that our team members can do.

This can be especially hard when we are so used to doing everything ourselves.

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Ever look at someone else that’s doing the same thing that you’re doing (business wise) and wonder to yourself how did they get to where they are and how is that you’re still where you are?

No? Just me? Well then work with me a second and pretend that you’re just like me and you’ve wondered to yourself how you can get out of your own way and get growing in your business “like everybody else”…

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But that’s not always feasible. To be successful, we simply have to get stuff done… and that won’t happen if we take too many days off to read books. 🙂

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