How to Grow Your Accounting Business? – Hire Your Teenager

It’s time to put your teenagers to work.

We don’t mean taking out the trash or mowing the lawns.  We mean putting them to work for you.  Adding them to your payroll and helping them make your accounting business more profitable.

Starting your own accounting business is not very difficult, especially if you are able to enlist the help of your family, especially your older children.  Training your teenagers to handle some of the simple tasks you don’t want to do yourself will not only give them an appreciation of what it takes to earn money to bring up your family, but it will also build into them good work ethics.

Bringing your teenagers into the business will help the family in 3 ways:

  1. It will increase your productivity and revenue without extending yourself by paying others.
  2. It will teach your teenager to be more responsible.
  3. It will contribute to solidity and maturity in your teenager’s future.

Increasing Capacity
Look at keeping the more complex accounting tasks for yourself while training your teenagers to handle the more basic duties required in your accounting practice. 

For example, data entry is something that your teenagers can do well, as most of them are now reasonably computer literate. 

They are generally faster at computers than you are, so this is a way for them to earn money for themselves while completing an important function in your office, which is generally monotonous and not the best use of your valuable time.

The work will also enable your teenagers to earn money for themselves, which is deductible to your business, while at the same time saving you the extra allowances and other payments most parents make for teenagers today. 

It frees up your time while making money for your teenagers. It also helps the business because you are able to leverage on the rate that you pay.

If you charge your clients $100 per hour and pay your teenager $20 per hour for the work being done, this will result in greater profit for the business.  As your teenager becomes more skilled in the work passed over to them, they will gradually be able to complete a greater proportion of the services your clients require from you.

The teenager will learn important skills to help them obtain a better paying job once they get through high school or university.  Education is such a costly part of life today that simply letting your teenager coast through school and university without contributing to the family finances hurts both your business and their future.

If you are in a position to involve your teenagers in the business in some way, this will give them one of the greatest opportunities to learn about finances and business in early adulthood.

Teaching Responsibility
Trusting your teenager to manage a portion of your business will present them with tremendous responsibility.  The teenagers will recognise the importance of that responsibility and start to behave in a more mature manner.  When you extend trust to your child, they won’t want to betray that trust.  It’s good for the teenagers to earn their own money, which they will learn to manage and with your guidance they will also learn how to be responsible in the investment of their funds. 

They will be able to afford to pay for their own clothing, entertainment and takeaways etc and they will feel the achievement of using their own hard-earned cash for these things.

More importantly, they will have the opportunity to learn how a business runs, as well as the expenses that are required to achieve a profit that contributes to the family finances.

When your teenagers have their own money to manage, they will also experience remorse when they “blow” that money.  This phenomenon is one that a teenager will not feel if the consequence of their action is paid for by someone else. 

What your child will learn working in your business may be the most important financial experience they will ever achieve in their young life.  Everywhere you look today it is easy to see businesses failing and bankruptcies growing.  The best way to protect your child’s financial future is to teach them responsibility at an early age and there is probably no better foundation than learning within the family accounting business.

Your Teenager’s Future
When you hire your teenager to manage some of your accounting practice’s requirements, you are, in fact, introducing them to the workplace a lot earlier than if you did not have the accounting practice. 

Many accountants’ children can remember the time when they handled basic transactions for their fathers at an early age.  They can recount the time spent working with their father in his accounting business and, in fact, acknowledge that those were some of the most enjoyable and “choice” times they had ever spent.

By hiring your teenager at 16 or 17 years of age you are exposing them to valuable skills that the local convenience store or the fast food restaurant around the corner would never be able to provide.

As you work closely with your teenagers you will be training them, correcting them and encouraging them, and the quality time spent together is worth far more than any paycheque your business can pay.

The conclusion therefore is this; hire your teenagers because it will grow your relationship with them as well as help their future and benefit your family accounting business.

Try it and see. You may be pleasantly surprised at the result.

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