5 reasons why you should hire a bookkeeper for your start-up
So you’ve taken the big step of turning an idea that’s been drawn on the back of a napkin or discussed round a table and turned it into a formal business reality. Now that you’ve successfully opened your business, you now need to decide how you’re going to contend with the day to day operational responsibilities. Do you already have experience in certain aspects of managing your business finances or will outside expertise save you precious time?
However, when it comes to the financial element of running a business, you may not have the skills or experience to manage certain financial responsibilities and keep a watchful eye over your numbers. So now the idea of hiring a bookkeeper to your team is starting to look like a good investment. Here are the top five reasons for why you should hire a bookkeeper:
1. Maintain your focus on core business needs
With the business in its start-up stage, it’s crucial that as the business owner, you devote as much time and energy into growing and developing your concept into a usable product or service offering. This may require you to apply more time to other specific areas of the business, which may cause you to inadvertently miss other important responsibilities or deadlines. With a bookkeeper onboard, you’ll be safe in the knowledge that your financial operations are being monitored and taken care of by an experienced professional.
2. Get an outsiders perspective of your business
As the business is your brainchild and you’ve poured your ideas and efforts into its development as a start-up, but have you really covered all the bases? It may be valuable to have a fresh pair of eyes to take a look at your company from all angles to ensure there are no hidden dangers or pitfalls that could threaten your business before it’s even begun. By hiring a bookkeeper, even on a part time basis, detailed reports can be produced each month to show how your company is performing financially. The bookkeeper can show you where the money is going, how your efforts are paying off and if there are any areas that may need improvement and more attention.
3. Stay out of what you don’t really know or understand
In an ideal world, a business owner would be able to run their start-up single handedly and know about every single area of business management, but in reality, not all company founders will have the experience or background in specific areas like marketing, human resources and finance. With an experienced and professionally accredited finance member on your team, you won’t have to handle the tasks that you don’t understand or have training to complete. This way, mistakes will less likely be made and you can avoid potential issues that may end up costing you more in the long run e.g. forgetting to make an important payment that will undoubtedly affect your business credit and reputation.
4. Ensure payments are met & made on time
The business is still in the start-up stage so as the business owner; you will be focused on building up your company’s profile and creating awareness as well as, hiring individuals to gradually build your team, working on your product and/or service offering and of course travelling to meet potential clients to keep the business moving forward. This won’t leave you a lot of time to meet deadlines and ensure that important payments are kept up to date and made successfully. Don’t let neglect affect your credit by missing or forgetting payments. With a bookkeeper on the team, the responsibility would be taken away and replaced with the confidence that every financial task has been handled professionally and on time.
5. Implementing & maintaining business systems
When starting up the company, ideas may clash around how funding in the business should be spent and who should be in charge of accessing the funds. Without a sensible process in place, arguments around spending will inevitably lead to disruptions and delay the development progress of the start-up. By having a bookkeeper onboard, there would be a responsible gatekeeper to the company’s accounting systems, who can then create a monitored procedure to ensure that you’re going through the right channels, spending accordingly and fulfilling your duties as a company director.
If you’re interested in hearing more around our experienced bookkeepers to help manage your company’s financials, get in touch today. Email or call the De Novo team on 01223 750600.