With COVID-19 impacting almost every aspect of business, it’s more important than ever to get your finances in order. This is especially vital when your startup transitions from an idea to a viable company. Many startup owners feel they don’t want or need to hire an accountant. However, outsourcing your financial concerns to a bookkeeper frees you up to focus on your business. Here are five key benefits of hiring a bookkeeper.
#1 Concentrate on core business needs
As a founder, your attention should be spent on developing your product or service. This is the beauty of outsourcing finances to a bookkeeper. They will enable you to concentrate on marketing, strategy, promotions and other key operational tasks.
#2 You don’t need a finance background
Unless you’ve studied accounting, very few founders have a working knowledge of business finance. But you don’t have to worry. An experienced bookkeeper will bring their understanding of business finance matters, like: taxation, accounts payable and accounts receivable. This way, you’ll save money over the long term and be far less stressed.
#3 Create optimal work-life balance
We understand that the life of a startup founder can be very stressful. After all, you’re expected to stay on top of marketing, strategy, employees, finances, taxation and more. This leaves no time for yourself or your family. Bookkeeping services can help restore this balance by taking financial concerns out of your hands.
#4 Escape tedious aspects of business
Let’s face it – not every part of your business is going to be fun. This is especially true of accounting matters. However, your bookkeeper has a real passion for payroll services, bill payment, budgeting and more. To ensure these jobs are not just done but done well, we recommend handing them over to a professional.
#5 Gain a new perspective
You may have a grand vision for your startup during the development phase. However, this is precisely where many founders fall short. They may see long-term outcomes, rather than the small steps it will take to get there. As a fresh pair of eyes, your bookkeeper can create comprehensive financial reports, detailing:
• Monthly progress
• Where funds are being spent
• Whether they’re used effectively
• How your business is progressing
• Areas that need improvement
We believe you should focus on what you do best. To outsource your startup’s financial concerns, simply call or email our friendly team today.