|When is it a good time to hire an outside professional? More often than you might think. You are probably really good at what you do in your career (or you should be doing something else). Even though you are an expert in your field, several things go on in any business outside your area of expertise.
|Since you’re reading this newsletter from Red Wing Software, I think it’s safe to assume you have some role that includes dealing with financial information. You might enter checks, record deposits, calculate payroll, or take a big-picture view of the business using reports to analyze where the business should go. And, in some cases, you may be responsible for all these things.
|Even if you have a firm grasp on all financial functions in your company, it always helps to get someone from outside the organization to review the information and give an opinion or even audit how things are being done. I’ve mentioned in several columns that if we think everything we do is done the right or only way, we probably won’t make needed changes and grow the business or our knowledge.
|I’ll share an example of how Red Wing Software employs outside professionals. Although we have been producing accounting and other financial management software for over 44 years and have many people with vast knowledge of accounting processes, employ our own in-house accountant, and have Certified Public Accountants on staff, every year, we have an outside accounting firm perform an audit of our records and give their opinion, and have them prepare our corporate tax returns.
|I heard a great saying on a recent webinar I attended, “You should do what you do best and hire others to do the rest.”