There’s often something incredibly dynamic about the early days of a startup. You’ve started small, with a close-knit team of like-minded people that complement each other wonderfully. You’re making great progress honing in on a product that really meets the needs of your target consumer base, or maybe you’ve already launched your flagship. All your focus is on improving your product, gaining brand name recognition, and taking the world by storm.
The Missing Piece
One of the last things on your mind is probably bookkeeping. Your disorganized record keeping might not look pretty, but you’ll have time later to bring it all into a resemblance of order. Right now, you have worlds to conquer!
But is skimping on bookkeeping really the best way to fast track success? Maybe not. It turns out that getting the books right up front will save significant time down the road. It’s no fun to undo everything done incorrectly and rebook it all, but that’s the road you’ll have to take if you put your finances on the back burner for too long.
When it comes down to it, an unorganized bookkeeping department is like a ticking time bomb. Someone will have to deal with it, sometime, and the longer you wait the worse the problem gets.
Early On, It’s Better to Outsource Rather than Hire
Hiring a bookkeeper who understands your business isn’t a viable option for many small businesses, but you’ve got other options. Outsourcing your bookkeeping needs is a great option for many startups. With an outsourced bookkeeper, you pay only for the hours you use. If you start early, you’ll be able to put in place a streamlined process that takes hardly any upkeep.
Get Rid of the Headache: Streamline Now for Long Term Savings
A bookkeeping process that is difficult to manage will drain time and energy from the business, but it doesn’t have to be that way. Ask your bookkeeper to help you set up an efficient process that is easy to use. Focus on automation and partners or software platforms that simplify your problems. With a good initial setup, you’ll be able to keep everything balanced with a minimum of time outlay.
Accurate Data is Your Competitive Advantage
It turns out that a thorough understanding of your numbers can be an invaluable aid to performance management, no matter how early you are in your startup journey. Quick, insightful decisions based on real data will improve your business operations, and you’ll be surprised by how much easier your day-to-day work seems when your books are in order. Not to mention taxes!
BASECAMP Specializes in Outsourced Bookkeeping
The longer you wait, the more decisions you’ll need to make in the dark without a clear understanding of your business and how to optimize profits and cash flow. If you’re ready to talk about bookkeeping for your business, or feel like you’ve just been putting this off, schedule time with us and we’ll walk through your options. We promise to do all the heavy lifting with minimal jargon, setting you free to focus on your own priorities. You’ll have that much more impetus for the road ahead when the chaos is cleared away!
Next up: Why is the Chart of Accounts (COA) Important?