Written by the OneBooks Team
When starting a business, you’ll need to take on a wide array of tasks to successfully launch it. At this stage, most business owners have a finite amount of resources at their disposal. They must prioritize the company’s needs to prevent costly mistakes.
One thing that all business owners should prioritize from the very beginning is bookkeeping. It is the backbone of every company, and any errors made can have substantial negative impacts on the future of your business. So, not only is hiring a bookkeeper important but it’s also a huge timesaver. It takes time to track each expense — time that is better spent by the owner trying to grow the business, especially when starting out! That’s why business owners will often hire an experienced, skilled bookkeeper who can remain fully dedicated to the task, allowing you to focus on your growing company’s other needs.
Benefits of Hiring a Bookkeeper for Your Startup
There are many benefits to working with a bookkeeper when starting a business; however, the most significant benefit is that it allows you to use your resources effectively. Startups often face strict limitations in terms of resources, including capital, time, and even employees. These small businesses often consist of the owner and a few key members of the team, and there’s little room for much else. This team takes on all the responsibilities of running and growing the business, and the brunt of those responsibilities falls on you, as the business owner.
When you only have so much at your disposal, deciding how to allocate your resources is crucial. Business owners who opt to hire a bookkeeper to manage their finances give themselves a greater chance at success by finding a cost-effective way to take care of that particular task. Bookkeeping can be incredibly time-consuming without the right experience, knowledge, and tools. Payments need to be made consistently and within strict deadlines to prevent any negative impacts regarding your business’s credit.
Even if you have an extensive background in bookkeeping, spending time tackling this yourself directly prevents you from engaging in other activities. Consider this: You can outsource your bookkeeping, but you can’t do the same to critical meetings with potential partners or to making key decisions relating to your marketing strategy. By letting the bookkeeper do what they do best, you can focus instead on perfecting your product and branding.
It’s also important to fully understand the kind of skills a bookkeeper can offer. Bookkeepers do much more than verify that your accounts are properly balanced for the IRS. They can also provide you with valuable financial insights. Because your bookkeeper keeps track of all the ways money moves through your company, they are uniquely qualified to make observations and suggestions about managing your current expenses and preparing for future ones.
Finally, they can provide you with the valuable data necessary to apply for funding or appeal to your stakeholders. At such meetings, you will likely be called upon to give an accurate representation of the financial status of your company. Being armed with the most relevant information will ensure that you appear well informed and confident, making you appear more trustworthy in the process.
Give Your Startup a Bright Future With One Books
Our team of skilled, dedicated bookkeepers is standing by to assist with all the bookkeeping needs of your small business. And because we are a virtual bookkeeping company we can work with start-ups anywhere in the USA. By hiring a bookkeeping service from the inception of your business, you can maximize the benefits and increase your chances of future success and growth.