As you grow from a small idea around a kitchen table to a robust business there are thousands of elements to handle in order to ensure the business doesn’t go bust.
You have to have a great idea and raise the capital, scale the business appropriately, and make good decisions about how to allocate time, money, and resources.
It’s at a point like this that it is good to turn to outside help. A bookkeeper can prevent a human error that might waste time and money. Here’s why you need one.
- Your Time is Spent on Your Ideas: As a new business owner you have a lot going on and the behind the scenes tasks like bank account reconciliation, bill pay, and financial monitoring can take up a lot of time that should otherwise be spent on the big picture of growing a profitable startup (or maintaining good work/life balance).
- Accurate Numbers for Better Decision Making: Decisions about how to grow, where to put your money, how to reach out to new clients, etc. come at you fast. We like to say that if you don’t have accurate and reliable numbers you’re “flying blind” when it comes to decision-making because good managerial accounting decisions come from a base of facts, not feelings. If a qualified and trained bookkeeping team is handling your finances you are far more likely to have accurate numbers to base important make-or-break decisions on.
- Avoid Fees and Monitor Cash Flow: Try as you might if you are not trained in bookkeeping it is easy to fall behind on bill pay, sales tax payments, and to run into cash-flow problems. Taking on a good bookkeeping team can reduce those risks and save you money where it doesn’t need to be spent.
- Another Eye on Advisory: It is always a good idea to get a second opinion on business decisions. From one perspective it is near impossible to see the whole picture and a bookkeeping team, one that really gets to know your business, can help with providing a qualified second opinion.
- Ease the Stress of End-of-Year Tax Preparation: Bookkeepers work directly with your CPA to ensure your taxes are filed correctly and the fees stay down. They make your CPAs life easier and life can get a little bit easier on your wallet, too!
Don’t believe us? Business Insider tends to agree that hiring a bookkeeper is essential for any startup hoping to grow and stay profitable.
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