After years of dreaming and planning and forecasting, you made it happen. You followed an inner drive and turned a passion into your own company. Starting a new business takes laser focus, organization, and stubborn tenacity; and that’s before you even raise the Grand Opening banner.
Keeping that momentum going after the doors open can be a tall order, especially as a sole proprietor or business owner with a very small staff. It’s easy to spread yourself too thin and get caught up in day-to-day minutiae that take you away from what you’re good at.
You need a bookkeeper. Keeping track of the books is generally not the “fun” part of running a business and you might think you can handle the chore but a mistake here and there could unravel everything you’ve worked for. Avoid the crash and partner with an expert.
Cash Flow Takes Planning
For the uninitiated, cash flow is far more than just making sure enough money comes in to pay the bills and make a profit. It’s important to consider future growth, potential changes in your company’s mission, or staff needs.
You also need to mind the little things; the current monthly bill for a building lease could be much higher in a few years or you might need to upgrade to new industry software.
A savvy bookkeeper can apply your financial history to plan for tomorrow and create a roadmap for a rewarding future.
Save Time for a Rainy Day
New business owners realize very quickly that there’s never enough time in the day. You want to keep an eye on every part of your company’s daily operations and foster growth at the same time but overextending affects quality and ultimately leads to failure.
Plan on spending at least ten hours every month slogging through financial detritus and with so much other work to do, bookwork inevitably ends up sliding down the priority list. Embrace the fact that the books are one of the most critical elements of a business and a bookkeeper can take the chore off of your to-do list, free up your time, and ease your mind.
Make Smart Decisions
To keep your business hitting on all cylinders you need to be smart every step of the way and make the right choices. Having up to date and accurate industry data is a big step forward, allowing you to keep abreast of trends, adapt operations at critical times, and be a proactive leader.
If you’re not in a position to bring on a full-time bookkeeper, consider outsourcing to start, or partner with a company to handle payroll or monthly expenses. You will quickly see how this strategy improves your company as a whole.
Stay Out of the Way and Let an Expert Take Care of It
Very few startup business owners have extensive financial backgrounds or enough knowledge of accounting and taxes to consistently run that part of their business. Instead of taking on another challenge and likely making mistakes that will come back to haunt you, hire a professional with the chops to handle bookkeeping tasks.
You probably don’t get excited about accounting spreadsheets or sifting through payroll hours but bookkeepers love that stuff. Hand over the bookkeeping reins to someone who can steer that ship. Best of all, it frees you up to address core business activity and still have time with your family at the end of the day.
The Taxman Cometh
After pouring your soul into a new business venture, you don’t want to see an audit letter from the IRS. Tax requirements vary depending on the nature of the business and location but all companies will file quarterly statements and payments and you better not miss them. You might also have contractor payments, estimated taxes, or temporary employee taxes.
Be smart and hire a numbers-savvy professional adept at addressing taxes, payroll, and other business operations requirements.
Doing it Yourself Won’t Save Money
Handling a company’s complicated financial elements to save a buck isn’t like choosing the self-service car wash over the automatic one. The risk for error in attempting to do it all is great and while hiring a professional requires additional cost, it will save money and a great deal of stress in the long run.
Congratulations on your new business and when you need expert assistance, call Cape Coral Accounting Service at (239) 542-2558. We’re here to help.