Delegating Financial Tasks Effectively: Boost Efficiency & Free Up Time

Running a small business often means wearing many hats— technician, manager, marketer, and even accountant. 

Trust me, as a business owner myself, I get it. I think we’ve all been there at some point in our journey.

However, trying to handle every aspect of your business can quickly become overwhelming and lead to burnout, especially when it comes to managing complex financial tasks. This area of your business not only drains your time and energy but also increases the risk of errors that can be costly in the long run.

Imagine what your business could achieve if you didn’t have to spend hours every week reconciling bank statements, processing payroll, or preparing tax returns. By effectively delegating these financial responsibilities, you free up valuable time to focus on strategic planning and growth. Plus, you can tap into specialised expertise that ensures your financial operations run smoothly and accurately.

But the key to successful delegation is knowing which tasks to offload, who to trust with them, and how to establish clear expectations for quality and efficiency — this here my friend, is where most of the problem is.

That’s why, in this blog post, we’ll explore the types of financial tasks you should delegate, how to choose the right person or service for the job, and best practices for setting up a seamless delegation process. Implementing these strategies will not only reduce your workload but also boost your business’s productivity and profitability.

Ready to dive in? Let’s go then!

Financial Tasks to Delegate for Small Business Efficiency

For most small business owners, financial management is often a balancing act between day-to-day operations and long-term strategic planning. By offloading specific tasks, you can focus more on growing your business and less on the routine, repetitive work. 

But which financial tasks are the most suitable for delegation? Let’s explore some of the key areas where delegating can make the biggest impact:

1. Bookkeeping and Data Entry

Bookkeeping is a fundamental task for any business, but it’s also highly repetitive and time-consuming. It involves recording every financial transaction, categorising expenses, and maintaining accurate records. Delegating bookkeeping not only frees up your time but also ensures that your financial records are kept up-to-date by someone with dedicated expertise.

Example Tools: Using platforms like QuickBooks or Xero can streamline your bookkeeping. These tools automate much of the data entry process and integrate with various bank accounts to track transactions in real time.

2. Payroll Processing

Managing payroll involves calculating salaries, taxes, National Insurance Contributions, and pension contributions—tasks that must be done accurately and on time. Errors in payroll can not only upset employees but also attract penalties from HMRC. Delegating payroll to a specialist or using automated payroll software ensures compliance and accuracy.

Example Tools: Software like BrightPay, Sage Payroll, or Gusto can automate payroll processing, generate payslips, and file tax returns to HMRC. They’re designed specifically for UK businesses, ensuring compliance with local tax regulations.

3. Tax Preparation and Compliance

Tax regulations can be complex and frequently change, making it easy to overlook deductions or fall out of compliance. Delegating tax preparation to a qualified accountant or tax advisor can save you time and help optimise your tax position.

Example Services: Consider using a professional tax service like H&R Block or TaxAssist Accountants, which specialises in small business tax compliance. Alternatively, tools like Taxfyle can connect you with qualified accountants to handle your tax returns online.

Tax Preparation and Compliance
Tax Preparation and Compliance

4. Financial Reporting and Analysis

Preparing monthly or quarterly financial reports requires not just number-crunching skills but also an understanding of financial strategy. Delegating this task allows you to receive expert insights into your financial health without having to delve into the details yourself.

Example Tools: Tools like Fathom, Spotlight Reporting, and Float can automate financial reporting and forecasting, providing you with detailed insights and dashboards to inform your business decisions.

5. Accounts Receivable and Payable Management

Chasing unpaid invoices and managing vendor payments can be frustrating and time-consuming. Delegating this responsibility to an external service or using automated tools can improve cash flow and ensure that your business maintains good relationships with both customers and suppliers.

Example Tools: Consider using GoCardless for automating Direct Debit payments or Chaser for sending polite, automated follow-up reminders for unpaid invoices.

How to Choose the Right Person or Service for Financial Tasks

Once you’ve identified which financial tasks to delegate, the next step is selecting the right person or service to handle them. Choosing the right support can make all the difference in the success of your delegation efforts. 

Here’s what to consider when finding the right fit:

1. Determine the Type of Support You Need

First, decide whether you need to hire an internal team member, outsource to an external provider, or engage a specialist freelance professional. Each option has its pros and cons, depending on your budget, the complexity of the tasks, and your preference for control and oversight.

  • Internal Team Member: Hiring an in-house bookkeeper or accountant may be ideal if you need regular, ongoing support. This option provides you with direct access and control but can be costly in terms of salary and benefits.
  • Outsourced Service: An outsourced bookkeeping or payroll service is a great option for small businesses that want professional support without the overhead costs of a full-time employee. These services typically charge a monthly fee and have teams of specialists.
  • Freelance Professionals: Hiring a freelance accountant or virtual assistant offers flexibility and cost-effectiveness for one-off or periodic tasks. You can find qualified freelancers on platforms like Upwork or PeoplePerHour.

Check out our outsourced services here that will help you run your business smoothly and free up your time.

2. Assess Experience and Credentials

When outsourcing financial tasks, it’s essential to look for professionals with relevant qualifications and experience. For accounting and tax tasks, ensure they are certified by a recognised body, such as the Association of Chartered Certified Accountants (ACCA) or the Chartered Institute of Management Accountants (CIMA). For bookkeeping, look for certifications from platforms like Xero or QuickBooks.

Pro Tip: Always ask for references or testimonials from previous clients to gauge their reliability and expertise.

3. Consider the Scope and Level of Support Needed

Different financial professionals offer varying levels of service, from basic bookkeeping to in-depth financial analysis. Clearly define your expectations and the scope of work before hiring. For example, do you need someone to handle day-to-day bookkeeping, or do you also need strategic advice and tax planning?

Example: If you need advanced financial analysis, look for a consultant with experience in forecasting and budgeting. For routine bookkeeping, a junior-level bookkeeper or a virtual assistant may suffice.

4. Evaluate Communication and Compatibility

Effective communication is key to successful delegation. Choose someone who is responsive, understands your business needs, and is willing to provide regular updates. Establish clear communication channels and agree on a schedule for reporting and check-ins.

Tip: Use project management tools like Slack or Asana to maintain transparent communication and task tracking with your chosen service provider.

5. Start with a Trial Period

If you’re unsure about a candidate’s fit, consider starting with a trial project. This allows you to evaluate their performance, reliability, and compatibility with your business without committing to a long-term contract. If they meet your expectations, you can expand the scope of work.

By carefully selecting the right person or service for your financial tasks, you ensure that the work is completed accurately and efficiently, giving you peace of mind and more time to focus on growing your business.

Setting Expectations for Delegating Financial Tasks

Effective delegation doesn’t stop at assigning tasks—it begins with setting clear expectations. 

When you delegate financial tasks, it’s essential to communicate your expectations upfront to ensure that the work is completed to your standards and aligns with your business’s financial goals. Setting expectations provides clarity, reduces misunderstandings, and helps maintain accountability. 

Here’s how to set the stage for a successful delegation:

Define the Scope of Work Clearly

Before handing over any financial task, outline the scope of work in detail. This includes specifying exactly what needs to be done, the processes to be followed, and the expected outcomes. For instance, if you’re delegating bookkeeping, define whether the task includes just recording transactions or if it extends to generating financial statements and producing reports.

Example: If you hire a bookkeeper, specify that they need to reconcile bank statements weekly, categorise expenses accurately, and prepare a monthly cash flow report. This clarity ensures they understand the full range of responsibilities.

Providing a written scope of work document can be beneficial, especially for complex tasks. This serves as a reference point and reduces the risk of scope creep.

Delegating Financial Tasks
Delegating Financial Tasks

Establish Deadlines and Milestones

Deadlines are a critical part of any delegated task, particularly for financial operations that need to adhere to strict timelines (e.g., payroll or VAT submissions). Be specific about when each deliverable is due and create milestones for larger tasks to track progress.

Tip: Use project management tools like Asana or Trello to set up deadlines and milestones. Assign due dates for each task, making it easy for both you and the person handling the task to stay on top of timelines.

Set Quality Standards and Review Points

It’s important to communicate what “good work” looks like for each task. This could include accuracy standards (e.g., 100% accuracy for payroll calculations), reporting format, or the use of specific tools and software. Setting clear standards prevents you from needing to micromanage and provides a basis for evaluating the work later.

Schedule regular review points, especially at the beginning of the delegation process, to provide feedback and make necessary adjustments.

Example: For a delegated tax preparation task, outline the format you expect for final tax summaries, how complex transactions should be documented, and which tax reliefs should be explored.

Clarify Communication Preferences

Clearly define how you expect to communicate throughout the process. Establish whether you prefer weekly check-ins, updates via email, or instant communication through Slack or Microsoft Teams. Setting this up in advance ensures that you remain in the loop without needing to chase updates.

By setting clear expectations, you create a foundation for successful delegation, ensuring that tasks are completed to your satisfaction and align with your overall business objectives.

Best Tools for Delegating Financial Tasks in Small Businesses

Having the right tools in place can make delegating financial tasks much more efficient and effective. 

These tools not only help you assign and track tasks but also facilitate communication, provide real-time updates, and ensure that everyone is aligned. 

Below are some of the best tools currently used by many small businesses in the UK to streamline financial task delegation:

1. Xero: For Accounting and Bookkeeping

Description: Xero is a popular cloud-based accounting software that’s ideal for small businesses looking to automate their bookkeeping and accounting processes. With features like automated bank reconciliation, invoicing, and real-time reporting, Xero allows you to delegate bookkeeping tasks confidently while maintaining full visibility over your finances.

  • Best For: Delegating bookkeeping and financial reporting tasks.
  • Key Features: Automated bank feeds, expense tracking, payroll integration, and VAT compliance.
  • Price: Starts at £12 per month.
  • Why Use It?: Xero’s ability to integrate with other software like GoCardless and Dext makes it a central hub for managing your financial tasks.

2. BrightPay: For Payroll Management

Description: BrightPay is designed specifically for UK businesses and is known for its compliance with HMRC regulations. It handles payroll processing, automates payslip generation, and ensures that your Real Time Information (RTI) submissions are filed accurately.

  • Best For: Delegating payroll tasks and managing auto-enrolment for pensions.
  • Key Features: Automatic RTI submission, payslip generation, and pension integration.
  • Price: Starts at £199 per year.
  • Why Use It?: BrightPay is highly intuitive and ensures compliance with UK payroll regulations, making it a trusted tool for small businesses.

3. Receipt Bank (Dext): For Expense Management

Description: Dext (formerly Receipt Bank) simplifies expense management by allowing you to capture and digitise receipts and invoices on the go. It automatically categorises expenses and syncs with your accounting software.

  • Best For: Delegating expense management and tracking.
  • Key Features: Receipt capture, expense categorisation, and integration with Xero, QuickBooks, and Sage.
  • Price: Plans start from £10 per month.
  • Why Use It?: Dext eliminates the need for manual data entry, reducing the risk of errors and saving time on expense management.

4. Asana: For Project and Task Management

Description: Asana is a project management tool that allows you to assign, track, and manage financial tasks. With its timeline feature and task dependencies, it’s easy to delegate tasks and monitor their progress.

  • Best For: Managing complex financial projects with multiple contributors.
  • Key Features: Task assignment, project timelines, and integration with financial tools like Xero and Slack.
  • Price: Free for basic features; premium plans start at £10.99 per user/month.
  • Why Use It?: Asana’s project tracking capabilities ensure that all tasks stay on schedule and that nothing falls through the cracks.

Using the right tools helps streamline delegation, maintain oversight, and ensure that every task is completed on time and to your standards. 

Don’t have the time to set this all up yourself? Let’s help you find out which one works best for your business and set it up for you.

How to Monitor and Review Delegated Financial Tasks Effectively

Delegating a financial task doesn’t mean you should take a hands-off approach. Monitoring and reviewing delegated tasks is essential to ensure that work is being completed as expected, problems are addressed early, and goals are being met. 

Here’s how to stay in control without micromanaging:

  1. Establish Regular Check-Ins

Set up regular check-ins to review progress, discuss any challenges, and make necessary adjustments. These meetings can be weekly or bi-weekly, depending on the complexity and frequency of the tasks being delegated.

Pro Tip: Use video conferencing tools like Zoom or Microsoft Teams to conduct virtual meetings, especially if you’re working with remote teams or external providers.

  1. Use Task Management Software for Transparency

Tools like Trello or Monday.com allow you to see who is responsible for each task, track progress, and get real-time updates. This ensures you maintain visibility over what’s happening without needing constant email updates.

Example: Set up a shared dashboard for your financial tasks with milestones and deadlines. This helps everyone involved to stay aligned and provides a clear record of what’s been completed.

  1. Review Performance Regularly

Schedule regular performance reviews to evaluate the quality of the work being done. For ongoing tasks like bookkeeping or payroll, a monthly review might be sufficient. For one-off tasks, conduct a review at the end of the project.

What to Look For: Check for accuracy, timeliness, and adherence to the initial scope of work. If you notice repeated errors or delays, it may be time to revisit the expectations you set earlier or provide additional support.

  1. Provide Constructive Feedback

Provide feedback regularly, especially at the beginning of the delegation process. If the person handling the task is meeting expectations, let them know. If improvements are needed, offer constructive guidance and make your expectations clear for future work.

By establishing a robust monitoring and review system, you ensure that the financial tasks you’ve delegated are handled efficiently and meet your business’s standards. This approach helps maintain quality control while empowering your team to take ownership of their responsibilities.

Conclusion

Delegating financial tasks effectively can be a transformative step for your business. 

It will allow you to offload time-consuming responsibilities, tap into specialised expertise, and focus on strategic growth—all while maintaining control and oversight. By identifying which tasks to delegate, choosing the right professionals or services, setting clear expectations, and leveraging the best tools available, you can streamline your financial operations and eliminate unnecessary stress.

Also, just keep in mind that delegation isn’t about losing control—it’s about empowering your business to run more efficiently. With the strategies and tips discussed in this post, you now have the knowledge to delegate with confidence, knowing that your financial tasks will be handled accurately and professionally. 

Take the first step today— start small, delegate strategically, and watch as your business gains momentum. 

Thanks for reading!

Meet Mo

Mo is experienced in dealing with clients from start-ups and expanding businesses for UK property investors in the retail and hospitality sector. He also brings his extensive experience in setting up and managing hotels, cafes, restaurants and rental properties across the UK to help clients achieve their business goals and succeed.

He regularly shares his knowledge and best advice here on his blog and on other channels such as LinkedIn.

Book a call today to learn more about what Mo and Monarc Finance can do for you.

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