Importance of hiring a bookkeeper for your start-up

1
Importance of hiring a bookkeeper for your
start-up
2
Bookkeeping for start-ups

• An idea for a product or service may have
  occurred to you and you may have been able to
  invest enough to turn this idea into a start-up.
• It was perhaps only then that you realized that a
  start-up or its sustainability goes beyond that
  initial idea and investment.
• As your small business grows, the need for
  additions and expansion will arise, and
  bookkeeping services for your start-up will be
  one of them.
• If you are unsure about hiring one, these are
  seven reasons for you to do so.

3
The Reasons you should hire a bookkeeper for you
start - up

• Focus on what you do best
• Maintaining cash flow
• Correct tax filings
• Resolving conflict
• Different perspective
• Less room for making mistakes
• Work-life balance

4
Focus on what you do best
When you started your small business, you brought
to it a product, marketing skills, and a
knowledge of your target audience. Your business
partners may have brought in an investment or
initial clients. While these are what your team
is good at, you may be wasting your time and
energy on handling the company accounts. You may
also be trying to handle an area that you dont
really know or understand just because you
wouldnt think accounting companies offer
services to small businesses. However, many
accounting companies, for instance Flexi
Financial Solutions, offer great bookkeeping
services to start-ups.
5
Maintaining cash flow
One of the main difficulties faced by start-ups
is the failure to maintain cash flow. If you
dont keep track of the cash transferred in and
out of the company, you cant sustain it.
Bookkeeping services will take this burden off
your shoulders, and maintain cash
flow. Accounting companies like Flexi Financial
Solutions will make sure payments are made on
time and that cash is also collected on time.
6
Correct tax filings
Tax filings can be extremely confusing,
complicated, and time-consuming. Why waste hours
on taxation when you can let accounting companies
take care of it for you? By hiring bookkeeping
services for your start-up, you can ensure
correct tax filing. This also shifts the burden
of the tedious aspects of a business, no matter
how small, on to someone else in this case, a
company like Flexi Financial Solutions.
7
Resolving conflict
Investment for a start-up is rarely done by a
single person. You may have had the idea that
launched the start-up, but you may have other
business partners. When there are other people
involved, there is always space for conflict to
arise. Who decides on cost and expenditure? How
will decisions be made? Who will approve any
transfers of cash? These are questions that arise
in any business, and matters surrounding money
can even lead to the failure of a start-up. By
hiring bookkeeping services for your small
company, you can resolve such conflict easily. A
proper procedure for expenditure will be put in
place and this will reduce conflict among
business partners.
8
Different perspective
Hiring a bookkeeper doesnt limit the services
you get to balancing accounts or taxation. The
bookkeeping services will also act as a financial
adviser and give you the guidance you need when
it comes to the financial aspect of running a
start-up. Further, your bookkeeper will bring a
different perspective to the table, and more
often than not, especially with services like
Flexi Financial Solutions, these perspectives can
be of great use to you.
9
Less room for making mistakes
While the idea that you learn from your mistakes
is promoted and trial and error is an accepted
way of doing things, these have a cost to any
company. And when it comes to a start-up, there
is definitely a cost to the company. While many
would think hiring a bookkeeper is an additional
cost to a start-up, not doing so can be an extra
financial burden on the start-up. Accounting
companies have more knowledge and experience and
act as great financial advisers. As such, you
will have less room to make mistakes and errors,
which will reduce the cost, especially
financially, to your start-up.
10
Work-life balance
By hiring a bookkeeping service, you will no
longer be responsible for all aspects of your
start-up. You no longer need to spend all your
time and energy on handling the production,
marketing and financial aspects of your
start-up. With the burden of bookkeeping, cash
flow maintenance, and tax filing taken care of by
a bookkeeper, you can maintain work-life balance
and not focus all your time and energy on your
start-up.
11
Other benefits of hiring a bookkeeper for your
start - up

• Bookkeeping Helps You Budget
• Tax Preparation
• Organization
• Analysis
• Better Decision Making

• Planning Purposes
• Easy Reporting to Investors
• Financial Management
• Peace of Mind
• Track Profit and Growth

• Better Cash Flow
• Greater Focus on Strategy
• Provides a Snapshot of Your Business
• Easier IRS Audit
• Requirement Under Law

12
Thank You