Keep your focus on core business needs
As that founder, your time should be devoted to strategy, marketing, funding and other key areas that require your focus over the daily operational tasks of a business.
Stay out of what you don’t really know or understand (Finances)
It’s better that a professional who took courses and was certified in these areas handle those aspects of the business. Mistakes will be less likely, as well as issues that could cost you more money.
Calibrate a work-life balance
If you are doing everything for your business, you might be doing nothing with yoru family. Create a work life balance.
Get a different perspective on the business
Although you may believe you have a good idea about the state of your startup during the development phase, it helps to have another pair of eyes on this. I will give you that "big picture" through the numbers being crunched.
Escape the tedious aspects of business
It’s hard to imagine that the financial aspects of your business make you excited. You likely have no passionate feelings about tallying up payroll or writing checks to pay the bills. I, as your bookkeeper may enjoy those tasks.
Make sure everything is paid on time
Between traveling, keeping the startup moving forward, putting out the daily fires that pop up and staying balanced, something most likely gets left out along the way. And that often ends up being the bills that need to get paid. You don’t want your credit impacted by late or forgotten payments, so put a bookkeeper in charge to give you the confidence that everything has been handled on time.
Ensure correct tax filings
The last thing you want is to get audited or have the taxman after you just because you forgot those quarterly or annual tax filings. Depending on the type of business structure you’ve created for your startup, you will have various tax requirements, including estimated tax payments, corporate tax payments, 1099s for contractors or freelancers and other filings.
Maintain cash flow
Because you are so busy, you may not realize that there are outstanding payments from your client base. Any late payments here could infringe upon the cash flow you need to keep your startup humming along that bookkeeper working for you, he or she can stay on top of this and send out reminders to make sure your cash flow remains optimal. This will also look good when it’s time to seek another round of funding because you can show positive cash flow you might not have been able to show without that assistance.
Resolve conflicts of interest with any business partners
With more than one founding partner, issues could arise where each partner has some idea of how the money should be spent and how to easily access it. Otherwise, conflict could arise that could impede the progress of your startup. That's why a bookkeeper should be the gatekeeper of the money, creating the necessary approval processes that stop partners from just withdrawing money.
Reduce the cost of financial obligations
Although you may think you save money by doing everything yourself, the fact is that a professional bookkeeper actually saves you more. That’s because there is a reduced level of risk for human error, lack of knowledge, missed payments and tax obligation due dates and delayed accounts receivable. Plus, your time is money that you could be using toward getting your new business running and bringing in the revenue to move to the next level. From the time and money savings, to the focus on expertise and greater cash flow, a bookkeeper makes good business sense for your startup. So, go start the hiring process today.
Small business
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Entry of up to 500 transactions
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Reconciliation of up to 2 checking, 1 savings and 1 payroll account
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Reconciliation of up to 2 credit card accounts
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Process vendor payments utilizing online banking
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Client invoice creation
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Prepare monthly client statements, if needed
Entrepreenur
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Entry of up to 250 transactions
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Reconciliation of up to 2 checking, 1 savings and 1 PayPal account
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Reconciliation of up to 2 credit card accounts
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Process vendor payments utilizing online banking
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Client invoice creation
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Prepare monthly balance sheet, profit & loss and accounts receivable reports
Solopreneur
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Entry of up to 100 transactions
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Reconciliation of up to 1 checking and 1 saving accounts
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Reconciliation of 1 credit card account
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Prepare monthly balance sheet and profit and loss statement
Pizza Box
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Setting up on QuickBooks or Waveapps
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Customization of Chart of Accounts
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Sorting and matching receipts with credit card or bank statements
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Entry of all transactions to the appropriate categories
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Reconciliation of all checking and credit card accounts
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Budget preparation
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Expense report preparation and submission
One Hour of Bookkeeping
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Receive one hour of bookkeeping on Quickbooks or Waveapps.
The Accounting Office
Learn about accounting and cash flow management in bite size minutes.
