We embrace scrappy startup founders. We enjoy working with them and appreciate the struggles they face getting funded. One of the most common challenges is identifying when it’s appropriate to outsource bookkeeping. On one hand, founders don’t want to hire a bookkeeper until they have an established revenue stream. On the other hand, they’re curious if a bookkeeper can establish the necessary financial infrastructure needed to make their startup scalable. Regardless of where you are in your business' lifecycle, it's important to understand outsourced bookkeeping and accounting.
If you aren't quite ready to outsource bookkeeping and you want to tackle it for the time being, here are two bookkeeping tricks for startup founders:
Choose Smart Systems
Want to take that trip you’ve always dreamed about? Do it—and bring your business with you. There’s no reason one has to suffer for the other. Embracing cloud-based systems like QuickBooks Online and Xero allows you to run your business and live your life simultaneously. Log in to your account anytime from anywhere, and you’ll know where things stand in terms of A/R, A/P, cash flow, and payroll. Smart bookkeeping platforms don’t require you to be chained to a desk. So get out there and live your life—just be sure to take your business with you.
Choose the Right Systems
One of our favorite bookkeeping tricks for startup founders is that there’s no need to subscribe to—or purchase—systems that don’t serve your business. Don’t be swayed by flashy cloud-based platforms that promise the moon but in the end just complicate your bookkeeping process. A good example is Expensify, which is a powerful tool for tracking expenses, but if you don’t have employees needing to be reimbursed there’s no sense adding this to your accounting toolbox.
Feeling stressed? Confused? Overwhelmed? Don’t worry, we’re here to help. Accountfully is an outsourced accounting firm that performs day-to-day accounting and bookkeeping tasks while also serving as a strategic partner. If you’re wondering whether it’s time to outsource bookkeeping, or you want assistance getting set up without breaking the bank, let us know.
We work with founders of pre-funded startups as an outsourced CFO to support and help them at a pivotal time in their business’s lifecycle.