5 Reasons to Hire a Professional Bookkeeper For Your Startup

Your start-up business’s financial records need to be well-handled and kept. Accountability of business expenditures and revenues are important in ensuring you don’t lose money or misappropriate funds.

Whether you run an established business or a start-up, you need the services of a financial expert. A reputable bookkeeping company Cain & Beer, believes that the following are some of the reasons a bookkeeper is relevant to your start-up business.

1- Keep Your Focus on Other Business Needs

As the business owner, you are always focused on duties like forming business expansion strategies, marketing campaigns, and finding funding sources. You barely have time to manage daily business operations.

A bookkeeper can ensure your business finances operate smoothly on a daily basis. Every activity will be well accounted for, and a report will always be presented to you. Even in your absence, your business will be able serve clients knowing the bills are paid.

2- You Are Not an Expert

Most business founders don’t have financial management skills. Lack of knowledge on managing accounts payable accounts receivable and taxes could dearly cost your business. A certified bookkeeper who studied accountancy can precisely handle these duties.

That means activities such as revenue collection, payment of bills and taxes will be well carried out. Timely payment of bills and taxes boosts your credit score that eventually increases your borrowing power from lenders.

While you might believe that you have a perfect idea regarding the overall state of your company or business during the development phase, it would be more helpful to have an extra pair of eyes on this issue.

A professional bookkeeper can help you put all your financial details in the right order. He or she can also help run reports that show how you are performing each month, determine how your funds are flowing, and probably how your efforts are paying off.

Armed with such details, you will be able to understand what needs to be improved. The bookkeeper can also help you get the big picture by helping you crunch the numbers.

3- Bookkeepers Are Relevant in Business Planning

Bookkeepers manage your business operations, record your business’s financial details and write a full report at the end of every month. Monthly reports can reveal where your money is going and how your business is paying off. 

Through the data captured, you will be able to know what needs to be done for your business to move forward. Bookkeepers can give you factual professional advice that can aid in proper business planning.  

4- Don’t Do the Tedious Work Yourself

Writing cheques to pay bills, recording the number of hours each employee has worked, filling tax forms and recording all business revenue and expenditures are some of the roles of a bookkeeper. All these records are kept on specific documents that have different formalities.

Such activities could be confusing, daunting and time consuming to you. Bookkeepers love doing such activities and can perfectly perform them to ensure all records are put where they belong. By hiring a bookkeeper, you prevent errors and save a lot of time.

5- Maintain Your Company’s Cash Flow

You are a business owner, and the chances are that you are very busy. That means you might not realise there are some outstanding payments from your customers. Keep in mind that late payment might infringe upon your company’s cash flow. You need this cash flow to keep your business humming along.

Having the right bookkeeper in your organisation means that you can stay on top of all payments and probably send out reminders to ensure that your company’s cash flow stays optimal.