Are you one of today’s fortunate and hard-working individuals who created a lucrative business from a great idea? Your sales are doing well and you’re considering what you can do to boost your company to the next level. Generating revenue and acquiring customers are the two main focuses of most startup owners. However, your finances are also important aspects to the success of your business.
With that in mind, we are going to take a look at a number of bookkeeping best practices for startups. Later, we’ll introduce you to one of the best ways to get any questions you have about bookkeeping answered. Additionally, this source is perfect for suggestions, advice, tips of the trade, etc.
The Importance of Bookkeeping And Accounting
Why is it so important for startups to execute accounting and bookkeeping duties accurately and responsibly? An accounting system is implemented to maintain accurate financial records. Bookkeeping is included here. As this side of your business becomes more complex on an increased level, accurate bookkeeping allows you to better organize financial transactions.
Bookkeeping Best Practices For Startups
There are several key pieces of advice to keep in mind when it comes to bookkeeping for startups. These are as follows:
- Your startup’s accounting should be handled by a third party.
- If you can, automate your bookkeeping.
- For extended periods of time, don’t allow invoices to go unpaid.
- No matter how insignificant or small they may seem, keep track of every expense.
- If you can, it’s a good idea to have a savings account for your business. This helps you to plan ahead for major expenses – be they expected or unexpected.
- No one wants to spend a lot of time catching up on bookkeeping. With that in mind, so that you don’t open yourself up to error, record transactions as they occur.
Do You Need an Accountant?
No two businesses are alike when it comes to startup accounting. However, as soon as your business is viable and making money, an accountant should be hired. Early on, you may not have all that much financial activity. But where your startup is concerned, the guidance of an experienced and knowledgeable accountant can still be of assistance for making sound financial decisions.
Turn to Fourlane for Bookkeeping Services
Do you have questions about bookkeeping? Could you use a little advice, some tips of the trade, etc.? There’s no better place to turn than to the experts at Fourlane.
We tailor our bookkeeping services to your specific industry and business. Through the use of QuickBooks, the advanced expertise of our Fourlane’s team can help take your bookkeeping to the next level.
Here’s a sample of what Fourlane’s bookkeeping features:
- The use of QuickBooks products and QuickBooks expertise
- Advanced technology
- Internal process manual creation
- 1096 and 1099 filing
- Integrated and streamlined financial systems
- Payroll tax and sales tax reporting
- US-based account team and manager
- For tax return preparation and tax planning, work with our CPA
- Tailored to your specific industry, chart of accounts
- Outsourced CFO meeting and review
- Neatly organized year-end financials
- Quarterly and monthly financials
- Proven, consistent internal controls and bookkeeping practices
- For more accurate, timely reporting… proven and improved processes
- Processing of payroll
- Month-end close
- Connection of accounts to online banking
- Account reconciliations
- Accounts receivable and payable
Contact us today if you like to find out how we can be of assistance.