021 - Do Less/Play More...Outsourcing Like A Boss

The 2 Cents Business Podcast

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