The 6 Essential Reasons to Hire a Bookkeeper for your Startup

 

It's no secret that starting a business is tough. Bookkeeping can be one of the most time-consuming tasks for entrepreneurs because it must be done on top of all other responsibilities. Bookkeepers are often very expensive and don't come with many benefits, such as payroll and super cost. This blog will give you five reasons why every startup should hire a great virtual bookkeeper to help them manage their finances!

Here are our top 6 reasons why each startup needs a good bookkeeper.

 

Reason # 1 Bookkeepers are Easier to Hire

One of the first things a startup should do when starting their business is set up an accounting system. Bookkeeping can take quite a bit of training before you get it right and make sure that your numbers are accurate. Bookkeepers have experience with distinct types of bookkeeping software, tallying accounts receivable and payroll systems. They are also aware of the compliances and best accounting practices. This makes it easier to hire a good bookkeeper since they will know what you need.

Reason # 2 Bookkeepers are More Affordable

Bookkeeping services are typically paid at an hourly rate or a monthly retainer fee. This is highly customisable and perfect for a startup as there is less work in the early days of operation. Bookkeepers can be hired as part-time or full-time staff, making them more affordable than most accountants who require higher financial commitments.

Bookkeepers are experienced in working with startup businesses and they can easily identify the problems that need to be addressed. Bookkeeping services help startups by providing a full accounting service, which would otherwise require large financial investments for an internal staff.

Reason #3 Bookkeepers Can Prevent Financial Losses

Bookkeepers make sure all your business transactions are recorded accurately. Bookkeepers take multiple courses to hone their craft. While you may feel as though you are balancing everything correctly at first, there are going to be small areas you do not understand. Over time, those small areas could lead to big mistakes that cost you a lot of money later. Certain errors, such as missing a bill payment, can even affect your business's credit rating. Bookkeepers will make sure you have accurate records and can avoid these errors.

Reason #4 Bookkeeping help meeting tax deadlines

If you are a startup owner, then chances are good that tax season is not your favorite time of the year. Bookkeepers can make this time slightly more bearable, as they will be able to prepare your taxes accurately and on time. Bookkeepers can also make a schedule for you so that this process does not interfere with other parts of running the business.

Reason #5 Bookkeeping help refocus your energy

Startup operations require a lot of energy and patience. A good bookkeeper can help you with the day-to-day details so that you can focus your energy on other parts of running a startup. Bookkeepers are trained to help business owners' priorities their time and eliminate nonessential tasks to free up more time for important decisions or growth opportunities.

Reason #6 Bookkeeping services keep everyone accountable

Running a startup is challenging enough, but when there is no one keeping track of finances things can go south very quickly without anyone noticing it until it is too late. Bookkeepers will make sure everything gets done according to plan not just in tax season - they will also do regular audits throughout the year so that nothing falls through the cracks. Your bookkeeper should be able to manage all these high jobs while being friendly and approaching.

If you are ready to maximise your business's revenue and balance its finances, it is time to hire a great bookkeeper for your startup. Bookkeepers are the best business partners for any entrepreneur, which is why it is important to find a great one who will add value to your company by keeping everything in order.

If you are ready for an amazing team player partner who will help you super charge your startup, speak with one of our startup experts at iKeep Bookkeeping. Let us create something amazing together.

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