{"id":1117,"date":"2016-08-03T08:37:43","date_gmt":"2016-08-03T08:37:43","guid":{"rendered":"http:\/\/hwbookkeeping.com\/?p=138"},"modified":"2019-11-22T02:16:38","modified_gmt":"2019-11-22T02:16:38","slug":"personal-debt-or-company-debt-we-explore-your-options","status":"publish","type":"post","link":"https:\/\/hwbookkeeping.com\/?p=1117","title":{"rendered":"10 Reasons You Should Hire a Bookkeeper for Your Startup"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling fusion-equal-height-columns\"  style='background-color: rgba(255,255,255,0);background-position: left top;background-repeat: no-repeat;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;border-top-width:0px;border-bottom-width:0px;border-color:#eae9e9;border-top-style:solid;border-bottom-style:solid;'><div class=\"fusion-builder-row fusion-row \"><div  data-animationType=fadeInUp data-animationDuration=1.0 data-animationOffset=100% class=\"fusion-layout-column fusion_builder_column fusion_builder_column_1_3 fusion-builder-column-1 fusion-one-third fusion-column-first fusion-no-small-visibility fusion-animated 1_3\"  style='margin-top:0px;margin-bottom:20px;width:30.6666%; margin-right: 4%;'>\n\t\t\t\t\t<div class=\"fusion-column-wrapper\" style=\"padding: 0px 0px 0px 0px;background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;\"   data-bg-url=\"\">\n\t\t\t\t\t\t<div class=\"fusion-column-content-centered\"><div class=\"fusion-column-content\"><div class=\"fusion-fa-align-center\"><i class=\"fontawesome-icon fa fa-quote-left circle-yes fusion-animated\" style=\"border-color:#e2e7ed;background-color:#ffffff;font-size:26.4px;line-height:52.8px;height:52.8px;width:52.8px;color:#9aa2ac;\" data-animationType=\"fadeInDown\" data-animationDuration=\"0.8\" data-animationOffset=\"100%\"><\/i><\/div><div class=\"fusion-testimonials clean fusion-testimonials-1\" data-random=\"0\" data-speed=\"4000\"><style type=\"text\/css\">#fusion-testimonials-1 a{border-color:#9aa2ac;}#fusion-testimonials-1 a:hover, #fusion-testimonials-1 .activeSlide{background-color: #9aa2ac;}.fusion-testimonials.clean.fusion-testimonials-1 .author:after{border-top-color:#ffffff !important;}<\/style><div class=\"reviews\"><div class=\"review no-avatar\"><blockquote style=\"background-color:#ffffff;\"><q style=\"background-color:#ffffff;color:#9aa2ac;\" class=\"fusion-clearfix\">\n<div class=\"art-deck\">A professional bookkeeper actually saves you money through less human error and the bills that get paid on time.<\/div>\n<div class=\"art-share\">\n<div id=\"share290854article-share\" class=\"socialsharebar\" data-ga-category=\"article-share-share\" data-ga-label=\"share-290854\" data-ga-action=\"display\" data-shareid=\"share290854article-share\" data-share-title=\"10 Reasons You Should Hire a Bookkeeper for Your Startup\" data-share-deck=\"A professional bookkeeper actually saves you money through less human error and the bills that get paid on time.\" data-author-handle=\"@peterdaisyme\" data-share-url=\"http:\/\/entm.ag\/aj6\"><\/div>\n<\/div>\n<\/q><\/blockquote><div class=\"author\" style=\"color:#9aa2ac;\"><span class=\"company-name\"><strong> Peter Daisyme VIP CONTRIBUTOR Co-founder of Hostt <\/strong><\/span><\/div><\/div><\/div><div class=\"testimonial-pagination\" id=\"fusion-testimonials-1\"><\/div><\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div><div  class=\"fusion-layout-column fusion_builder_column fusion_builder_column_2_3 fusion-builder-column-2 fusion-two-third fusion-column-last 2_3\"  style='margin-top:0px;margin-bottom:20px;width:65.3333%'>\n\t\t\t\t\t<div class=\"fusion-column-wrapper\" style=\"padding: 0px 0px 0px 0px;background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;\"   data-bg-url=\"\">\n\t\t\t\t\t\t<div class=\"fusion-text\"><h3 class=\"headline\">10 Reasons You Should Hire a Bookkeeper for Your Startup<\/h3>\n<\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator sep-single sep-solid\" style=\"border-color:#213d65;border-top-width:1px;margin-top:0px;margin-bottom:30px;width:100%;max-width:70px;\"><\/div><div class=\"fusion-text fusion-animated\" data-animationType=\"fadeInUp\" data-animationDuration=\"1.0\" data-animationOffset=\"100%\"><div class=\"fs-h grey-text ff-default\"><em><time datetime=\"2017-03-21 16:00:00\">March 21, 2017 &#8211; <\/time>5 min read<\/em><\/div>\n<div><\/div>\n<div class=\"fs-k grey-text light gutter-top\">Opinions expressed by\u00a0<em>Entrepreneur<\/em>\u00a0contributors are their own.<\/div>\n<p>Consider a scenario where your startup is on its way from idea to formal business. There are many, many things to think about and consider.<\/p>\n<p>And one of them may just\u00a0include\u00a0that all-important decision of when to bring in outside experts to assist you with some of the operational functions that go into running a business.<\/p>\n<p>Those functions almost certainly include the financial aspect of your business. While you may not need or want an accountant, you could at least consider a bookkeeper to help with the various financial aspects. Your only other alternative is to <a href=\"https:\/\/learntobeabookkeeper.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-mce-=\"\">become\u00a0a bookkeeper<\/a>\u00a0yourself so that you understand every aspect of your business! And that&#8217;s just not realistic.<\/p>\n<p>So, returning to the bookkeeper option, here are 10 reasons why you should definitely consider hiring one:<\/p>\n<h2><strong>1. Keep your focus on core business needs.\u00a0<\/strong><\/h2>\n<p>A startup needs the attention of its founder, including his or her attention to growing the idea into a viable product or service. That means that, as that founder, your time should be devoted to strategy, marketing, funding and other key areas that require your focus over the daily operational tasks of a business.<\/p>\n<h2><strong>2. Stay out of what you don\u2019t really know or understand.<\/strong><\/h2>\n<p>Not many founders have backgrounds in finance or even a working knowledge of accounts payable, accounts receivable\u00a0and taxes. It\u2019s better that a professional who took courses and was certified in these areas handle those aspects of the business.<\/p>\n<p>That way, \u00a0mistakes will be less likely, as well as issues that could cost you more money. Remember, if you miss a bill or forget to pay something important, this will\u00a0<a href=\"https:\/\/www.creditsesame.com\/blog\/credit\/guide-to-understanding-business-credit-scores\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-mce-=\"\">significantly impact your business credit<\/a>.<\/p>\n<h2><strong>3. Calibrate a work-life balance.\u00a0<\/strong><\/h2>\n<p>While you could focus on core business needs and handle everything else in your startup, the problem is you\u2019ll have no time left at the end of the day or week for yourself or your loved ones. Therefore, you\u2019ll be missing that balance every person needs in order to\u00a0<a href=\"https:\/\/www.entrepreneur.com\/article\/274790\" target=\"_blank\" rel=\"follow noopener noreferrer\" data-mce-rel=\"follow\">stay healthy and not burn out<\/a>\u00a0on what you are doing.<\/p>\n<h2><strong>4. Get a different perspective on the business.\u00a0<\/strong><\/h2>\n<p>Although you may believe you have a good idea about the state of your startup during the development phase, it helps to have another pair of eyes on this.<\/p>\n<p>Your bookkeeper can put the financials in order and run reports showing how you are doing each month, where the funds are going\u00a0and how your efforts are paying off (or might need improving upon). He or she will give you that &#8220;big picture&#8221; through the numbers being crunched.<\/p>\n<h2><strong>5. Escape the tedious aspects of business.\u00a0<\/strong><\/h2>\n<p>It\u2019s hard to imagine that the financial\u00a0aspects of your business make\u00a0you excited. You likely have no passionate feelings about tallying up payroll or writing checks to pay the bills.<\/p>\n<p>However, your bookkeeper may enjoy those tasks, so it makes sense to hand over these areas to someone who does them and does them well, because of that motivation.<\/p>\n<h2><strong>6. Make sure everything is paid on time.\u00a0<\/strong><\/h2>\n<p>Between travelling, keeping the startup moving forward, putting out the daily fires that pop up and staying balanced, something most likely gets left out along the way. And that often ends up being the bills that need to get paid.<\/p>\n<p>You don\u2019t want your credit impacted by late or forgotten payments, so put a bookkeeper in charge to give you the confidence that everything has been handled on time.<\/p>\n<h2><strong>7. Ensure correct tax filings.\u00a0<\/strong><\/h2>\n<p>The last thing you want is to get audited or have the taxman after you just because you forgot those quarterly or annual tax filings. Depending on the type of business structure you\u2019ve created for your startup, you will have various tax requirements, including estimated tax payments, corporate tax payments, 1099s for contractors or freelancers\u00a0and other filings.<\/p>\n<p>It\u2019s ideal to find a bookkeeper who can handle taxes a well as payroll and other financial issues.<\/p>\n<h2><strong>8. Maintain cash flow.\u00a0<\/strong><\/h2>\n<p>Because you are so busy, you may not realize that there are outstanding payments from your client base. Any late payments here could infringe\u00a0upon the cash flow you need to keep your startup humming along.<\/p>\n<p>With a bookkeeper working for you,he \u00a0or she can stay on top of this and send out reminders to make sure your cash flow remains\u00a0optimal. This will also look good when it\u2019s time to seek\u00a0another round of funding because you can show positive cash flow you might not have been able to show without that assistance.<\/p>\n<h2><strong>9. Resolve conflicts of interest with any business partners.\u00a0<\/strong><\/h2>\n<p>With more than one founding partner, issues could arise where each partner has some idea of how the money should be spent and how to easily access it. Otherwise, conflict could arise that could impede the progress of your startup.<\/p>\n<p>That&#8217;s why a bookkeeper should be the gatekeeper of the money, creating the necessary approval processes that stop \u00a0partners from just withdrawing money.<\/p>\n<h2><strong>10. Reduce the cost of financial obligations.\u00a0<\/strong><\/h2>\n<p>Although you may think you save money by doing everything yourself, the fact is that a professional bookkeeper actually saves you more. That\u2019s because there is a reduced level of risk for human error, lack of knowledge, missed payments and tax obligation due dates and delayed accounts receivable.<\/p>\n<p>Plus, your time\u00a0<em>is\u00a0<\/em>money that you could be using toward getting your new business running and bringing in the revenue to move to the next level.<\/p>\n<p>From the time and money savings, to the focus on expertise and greater cash flow, a bookkeeper makes good business sense for your startup. So, go start the hiring process today.<\/p>\n<\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep sep-none\" style=\"margin-left: auto;margin-right: auto;margin-top:30px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator sep-single sep-solid\" style=\"border-color:#213d65;border-top-width:1px;margin-top:0px;margin-bottom:30px;width:100%;max-width:70px;\"><\/div><div class=\"fusion-clearfix\"><\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi.<\/p>\n","protected":false},"author":1,"featured_media":1313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"_links":{"self":[{"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=\/wp\/v2\/posts\/1117"}],"collection":[{"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1117"}],"version-history":[{"count":9,"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=\/wp\/v2\/posts\/1117\/revisions"}],"predecessor-version":[{"id":1324,"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=\/wp\/v2\/posts\/1117\/revisions\/1324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=\/wp\/v2\/media\/1313"}],"wp:attachment":[{"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hwbookkeeping.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}