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What is the one entity that stops many potential entrepreneurs from chasing their dreams? The definite answer is obviously MONEY. Not everyone can secure a business loan or wants to put his or her personal possessions on the line. And, the majority of start-ups never obtain a dime from Venture Capitalists (VCs). Visions die daily because of a lack of proper bookkeeping, resources, and funds. The sum of money that goes into start-ups has been on the rise in the last few years. In 2013, VCs financed nearly $11 billion in seed and early-stage companies, up more than 17 percent from 2012. While less than 1 percent of all start-ups formed each year strike a VC deal, funding is both an influential reserve for the businesses that receive it and an indicator of significant trends in technology.

For each phase of your company’s life, there may be financial necessities that need outside funding. The kinds of funding for the different stages are entitled:

Stage 1: Seed Capital

The descriptor “seed” is fitting here since it proposes money that will fuel a start-up’s growth down the road. The front-runners of a start-up may not have any commercially available merchandise yet and are, instead, most likely absorbed on convincing stockholders why their ideas are worthy of support. Seed funding rounds are classically smaller and are directed towards research and development of an initial product. The money may also be used for directing market research or expanding the team.

Stage 2: Start-up Capital

This phase is like the seed stage. With initial market analysis conducted and business policies in place, businesses look to begin publicizing and advertising the invention and attaining customers. Establishments at this phase likely have at least a tester product available. VC funding may be diverted to getting more management personnel, fine-tuning the product/service, or conducting additional research.

Stage 3: Early/First/Second Stage Capital

Sometimes called “the first stage,” this phase only arises after the seed and start-up stages, in most circumstances. Funding expected at this stage will often go toward engineering and production facilities, sales, and more advertising.

The sum capitalized here may be considerably higher than during the prior stages. At this point, the business may also be moving towards cost-effectiveness as it pushes its products and advertisements to a broader audience.

Stage 4: Expansion/Second/Third Stage Capital

Growth is often exponential by this phase. Therefore, VC funding aids as more fuel for the fire, enabling development to additional markets (e.g., other cities or countries) and diversification and differentiation of product lines. With a commercially available artifact, a start-up at this stage should be taking in ample income, if not profit. Many businesses that get extension funding have been in business for two to three years.

Stage 5: Mezzanine/Bridge/Pre-Public Stage

After reaching this stage, the business may be looking to go public, given that its products and services have found suitable traction. Assets received here can be used for activities such as:

1.    Mergers and attainments

2.    Price diminutions/Other measures to drive out opponents

3.    Financing the steps toward an initial public proposing

If all goes well, stockholders may sell their shares and end their engagement with the company, having made a healthy return.  These 5 stages are the most important; the other 5 stages needed for startup include each and everything starting from systematic bookkeeping to maintenance of the business.

Final Note

Make sure you allow enough money for the true expenditures associated with running your business for the first year of operation. Make sure you’ve planned for more workforces, production increases, more stuff for that new personnel, etc. One of the top causes many new businesses fail is because they don’t get enough start-up capital. Convincingly estimate your financial needs and leave room for the unexpected or you may unpredictably be out of business. So, now you know about different financing for different phases of the corporation growth and maybe have an idea of how much investment you need.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

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It is exciting to initiate a start-up business. Nonetheless, your business adventure can turn into a scary reality if you lack the creative wisdom to read the market and manage your small business finances well. Developing a unique business strategy and dealing with all of the admin involved is surely an intimidating task. For entrepreneurs who are good at numbers and have expertise in accounting, it may be easy to manage and maintain their financial books. However, most entrepreneurs may be good at conceiving a creative idea for a start-up business but lack accounting knowledge, skills, and experience which restricts them to manage their business’ books and finances accordingly.

The Success Lies In Accounting

Undoubtedly, accounting is the most crucial aspect of running a business. It doesn’t matter whether your start-up is of small scale or large, the core of business success lies in accounting. In the early stages of small business development, it is most essential to keep your start-up on track. You can only expect to give your start-up an ideal kick start if you have the know-how to track and manage your money effectively. Entrepreneurs usually lack money-management skills which pushes them to either outsource their accounting activities to a professional or automate their accounting systems using advanced bookkeeping and accounting tools and techniques.

A small business needs a lot of attention right from the very beginning, especially in the accounting and finance domains. For that, you need to come up with a comprehensive money-management plan or else your start-up will fail like the majority of start-ups usually do. The fate of the business solely relies on your efforts on the accounting side of the business  as well as epic judgment based on current and future accounting projections. Therefore, if you expect to get your start-up on track or put your small business on the road to success, you need to do following things.

Open a Bank Account

Manual recording and cash management of all accounting transactions will land you in a deep mess, if not now, then inevitably. It’s best to open a business bank account for the ideal management of money. Keeping your personal and business account separate will make tax season far less complicated. Moreover, it will give you a clear picture of your finances, i.e. the influx and outflow of cash, which is healthy for a small business in each and every sense.

Co-mingling your personal and business accounts will probably land you in deep trouble for mismanagement of finances, which may even lead you to a point where it would be better off to close the business rather than continuing it further. You need to play the right card (opening a bank account) in the initial phases of business development for getting your start-up on track.

Track and Monitor Your Expenses

Tracking your expenses for a defined accounting period is probably one of the most important steps in accounting. For a small business, tracking expenses is not an alien job. All that you need to do is record all business transactions right away for avoiding accounting discrepancies. A small business usually qualifies for unique tax breaks or deductions. If you expect to claim those tax deductions, it is the requirement of the IRS to keep records of everything you spend such as bank and credit card statements, bills and receipts, invoices and proof of payments, previous tax returns(if any), canceled checks and any documented evidence that support your claim expenses.

Establish a Bookkeeping System

In business terms, bookkeeping is the day to day process of recording transactions. For a small business setup, you likely have three options to manage your business transactions; you can do it yourself, you can hire in-house support or you can outsource this activity to an outside party. The bookkeeping decision usually depends on your business’s structure, size, and accounting needs.

Continue Refining Your Methods

By embracing strong accounting tools, techniques and practices, you can expect to turn your small business adventure into a big success. You need to modify your systems and methods in order to manage your accounting tasks effectively. For ensuring the long-term success of your business, you need to create a system and upgrade it constantly for helping you to maintain your profitability and improve your bottom line. Staying on top of your game will allow you to streamline your processes that will not only get your start-up on track but will also help you grow and expand your business operations.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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What Is Bookkeeping?

Bookkeeping is a subset of accounting in which financial transactions are recorded, analyzed, transmitted, and reviewed to make important business and financial decisions for a stipulated period of time. The transactions includes sales of goods, purchases of business machinery and equipment, vendor invoices, receipts, and payments by an individual or company.

The person who records, handles and performs day-to-day bookkeeping activities is generally known as a bookkeeper. All of the cash and credit transactions are recorded and ensured by a bookkeeper who is also responsible for keeping all business transactions in order.

Bookkeeping for Start-Ups

Most medium to large scale businesses have employees who manage the accounts payable and receivables, payroll, vendor invoices, bills, and other similar day-to-day transactions. They are often supervised by higher authorities or accounting professionals that can predict the fate of the company by making financial assumptions and projections.

Bookkeeping is one of the most critical aspects of every business. For start-ups, the need for a professional bookkeeper to run and manage the day-to-day operations becomes even more crucial. Start-ups, from the very beginning, need to record all business transactions in order to give their accountants an opportunity to sketch a clear picture of the business’s finances.

Why Do Most Start-Ups Fail?

Entrepreneurs who fail to administer their financial records, cash flow, and other important areas of their business create trouble that is hard to resolve. Start-ups that fail to task their employees with work, at the later stages, regret when they are out of the competitive race. Since making financial projections and assumptions is entirely dependent on how well you extract financial data out of your bookkeeping records, you need to hire competent employees who will take responsibility for maintaining and managing the business books, otherwise known as bookkeeping.

Bookkeeping for Start-Ups: Four Key Steps

1. Gather all records of financial transactions including deposits, vendor invoices, bank statements, purchases receipts and sales invoices.

2. Enter the data into journal ledgers or accounts.

3. Balance the accounts and remove discrepancies.

4. Close the books for the accounting period.


Key Bookkeeping Accounts

Cash Account

Small to medium sized businesses most often witness transactions in cash, which means business transactions will go through a cash account. The transactions will either be debited or credited to your account. At the end of the defined period of time, ideally a month, the bank account must be reconciled for any outstanding transactions or errors. It is important to note that it is ideal to close all discrepancies within the given month to prevent any confusion or stress later down the road.

Accounts Receivable

The money that is due from your customers must be tracked properly in order to receive and ensure timely payments. This can either be done manually by a bookkeeper or you can also incorporate bookkeeping software to know the current status of your transactions.

Inventory

Obviously, in order to know the status of your business’s inventory –  which could be raw goods, work-in-progress or ready-to-sell –  you must make sure that the actual inventory on hand agrees with your accounting records. Industry veterans recommend conducting physical counts of inventory to have a clear picture of your inventory records. Any discrepancies or variations found in the records can be a result of inaccurate tracking or, unfortunately, a result of employee fraud or theft.

Expenses Accounts

All of the expenses incurred by the business for a brief period of time, ideally a month, must be recorded properly in order to know the current expense status of your company. Some of the expenses may include rent, office expenses, petty expenses, insurance, marketing, cost of goods sold, etc.

Payroll Expenses

Undeniably, payroll expense is one of the biggest expenses for companies. This includes disbursement of salaries, bonuses, and other fringe benefits that fall under the payroll expense column in bookkeeping records.


Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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According to a study, over half of new businesses tend to go downhill during their first year of operations. A lack of funding options has been identified as one of the major reasons for that. Cash is vital to every business and is an indispensable to achieving business success. Business owners are always looking to find different ways to finance their businesses, either for expansion or even sustaining their current business model.

Businesses may require financing for many reasons. However, regardless of the need, you must be aware of the many different ways to get financing. Below are some of the options that are worth looking into.

Funding Options

Bootstrapping

Bootstrapping (or self-funding) is one of the most effective and recommended ways of funding a new business. It is tough for first-time entrepreneurs to acquire funding as they are new and may not have a financial history. Persuading someone to invest in your business is a tricky job. Therefore, the best plan of action is to use your own savings to fund your business in the beginning. You can also ask your family and friends to help you in this regard if they have the means. You can offer those who do invest shares in the business for their investments. Because these people are close to you and you most likely consider them trustworthy, they are the first ones you should contact when searching for potential funding options.

Bootstrapping also allows you to own your business from day one, as you have invested your own money into the venture. Later on, investors may view this as a positive aspect. However, this option is only suitable for businesses that do not require significant cash flows. Gathering and organizing all of your financial resources in your bookkeeping records is key to bootstrapping.

Crowd Funding

Crowdfunding is a new and popular way of raising finances for new business start-ups. It is basically a contribution by many people at the same time. You are required to set up a detailed description of your business on a crowd sourcing platform. The description should include every small detail about the business, its product offerings, goals, how it’s going to generate revenue and so on. People who visit these crowd sourcing platforms view the whole concept and invest in it if they are interested. All of these people are stakeholders in your business, depending on their investment.

Using crowd sourcing as a funding option is a great way to generate capital as well as market your business. More people know about your business, so it is like free marketing. You can also know in advance that your business is going to generate satisfactory interest among the audience. Basically, it offers you a broader perspective of your plan to be an entrepreneur. Crowdfunding, however, is quite competitive and you have to provide a solid business plan in order for people to take interest in your business idea.

Angel Investment

Angel investors are people with excess cash and a keen interest in investing in new start-ups. They usually operate in groups to screen out many potential investment options. These are experienced businesspersons and fall among the ideal funding options for any new business. Along with their capital, they can also offer mentorship and advice to new entrepreneurs which is of immense value at the start of your business.

Today, angel investors have helped start many successful businesses. They offer their capital and advice in return for a specific percentage of equity in the business. It is basically a win/win situation for both, making it one of the most lucrative funding options.

Venture Capital

Venture capitals are professionally managed funds interested in businesses that have solid potential. They invest in a business in return for equity. However, they tend to exit a business once an IPO (initial public offering) or acquisition of the business happens. They evaluate the business in a broader perspective and determine if it is going to sustain the test of time. 

Venture capital funding options are ideal for small businesses who are beyond the starting phase and already generating sustainable profits. You must have an exit strategy if you want to lure in a venture capital investment. One downside of venture capital investors is that they tend to attach high expectations from businesses. Therefore, if your business is under performing, they may not be very interested in you.

Conclusion

If you want to grow really fast, you definitely need outside funding options. If you bootstrap and remain without external funding for too long, you may be unable to gain market opportunities. While the surfeit of lending options may make it easier than ever to get started, responsible business owners should ask themselves how much financial assistance they actually require before making a final decision.

Check out America's Best Bookkeepers


About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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An accounting professional is the secret weapon for faster growth of any company. Sketching a clear picture of finances and cash flow is an intimidating task for most business owners as it requires vast accounting knowledge, skills, perseverance, and wisdom to manage your finances seamlessly. Moreover, a qualified individual will help you nurture your start-up with better decision making, minimizing your tax bills, and saving you a ton of time on administrative work. A professional accountant or bookkeeper has the capacity to change the entire dynamic of a business with better financial rulings and projections for the future.

Why Hire an Accountant or Bookkeeper for a Start-Up?

Hiring the right person for the job is always a challenging task for most organizations. In the beginning, entrepreneurs may feel reluctant in hiring professional accounting services as they consider them costly. However, hiring a top-notch accountant or bookkeeper can change the entire fate of a company in a very positive way. Time and time again, it always pays off in the course of a business’ journey. Since most entrepreneurs lack in depth financial knowledge and skills, it is ideal to hire professional services so that they can focus more on running their business and less on the accounting side of it.

Accounting Professional—The Need of the Hour!

According to studies, most start-ups fail to make their mark in their first year of business. When you examine the core of failure, you find accounting and financial inefficiencies along with poor financial management, planning, and forecasting cash flow and resources. Certain inabilities restrict organizations in managing their internal and external managerial affairs which further confines them in making an impact in the market. This indicates that cash, borrowing, and resource management have their own unique significance and must be managed professionally.

Entrepreneurs may lack the financial wisdom to tackle complicated issues such as debt and tax requirements, debt repayment, filing income tax returns, managing financial books, credit accounts, etc. However, that doesn’t mean that they cannot understand and comprehend the financial standing of their company with help from a professional.

Here are few of the reasons why all entrepreneurs and business adventurists should work with an accounting professional.

They Help You Find Work-Life Balance

Whether it’s a new business start-up or an established business, the need for finding the perfect work-life balance never dies. It is the job of a professional accountant to provide you with peace by taking on certain finance-related tasks that you are less than passionate about handling. Delegating some of the responsibilities to experienced and qualified accountants is ideal for ensuring faster growth and success.

They Help You Focus on Achieving Your Strategic Goals

Hiring a seasoned accounting professional is absolutely necessary for managing your business’s finances effectively. Entrepreneurs usually have a certain state of mind that keeps them passionate about their business, which means they will be more than excited to see their business grow at a significant rate at any cost. Businesses can only expect to grow at a massive speed if they share some of the responsibilities with specialized third-party service providers.

A Professional Reputation

Start-ups can only expect to grow if they keep all of their stakeholders, clients, employees, accountants, promoters, distributors, financiers,etc. happy. This indicates that building and retaining a strong relationship with your stakeholders can help you achieve success within no time. By maintaining integrity and upholding standards, an accounting professional will not only earn a name and positive rapport for themselves, but also represent your company in the best possible way.

They Understand Accounting Matters More

From developing a new financial perspective to providing you a safe method for saving more time and money, an accounting expert has become the need of the hour for handling core financial matter. Plus, they know the legal tricks to minimize your tax bills, which is huge in each and every sense. They help you make better financial decisions for your business which is vital to business success. An accounting professional is an ultimate game changer as they can put a business on the right track to succeed and grow.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Dollar Sign with arrow illustrating growing equity

Equality and equity are the two terms which generally speak about the egalitarianism but have their own distinct features intrinsically; equality refers to the state of equality where all resources, status and funds are distributed equally among the total population present, whereas equity refers to the state where the available resources, status and funds are distributed per the requirements of each individual of the total population present. Running a corporation smoothly as well as efficiently is not an easy task.  It requires smart strategies inclusive of systematic planning to lead a business in the direction to produce maximum profits that ultimately result in the welfare of business.  Equity is one of the most important tools used by enterprises in order to generate fruitful results per their desires. Equity, in terms of business management, refers to the achievement of a status under the shadow of prescribed motto of the business organization which tends to provide its desired status. In order to achieve or generate equity, the following steps can be implemented by an enterprise effectively:

  • Appointment of an Accurate Management Team:

A management team provides you with the managing of all tasks which are to be accomplished in a way to generate greater profits and welfare of a company. Each company tends to work for its status and for high income.  To attain that and achieve equity, a highly qualified and experienced management team must be hired to competitively work hard in order to generate the desired results in turn forcing the board of directors to invest more and ultimately gain more. Equity is the state of getting what is desired per your needs.  This can only be possible if one already knows the requirements and goals of an organization that must be achieved on time. These goals are made possible by hiring a competitive team who can manage all tasks and challenges confidently.

  • Budgeting and Bookkeeping:

Budgeting is a design which portrays the optimal distribution of all resources and funds available in order to generate a business efficiently. Bookkeeping itself is the art of keeping records of all transactions held in an organization.  But, the question is, how can it promote equity?

And the answer is simple: by providing accurate results of the transactions held in a business corporation. As bookkeeping portrays all transactions of a company, it tends to promote a track record of revenue generated as well as expenditures.  This further illustrates the truth of whether a business is running successfully or not. Cash flows in the records are also a tool to determine the state of equity in a business. Therefore, in case of loss, one can come up with the strategies to overcome it and conclusively reach the state of equity.

Final Note

Equity in a business corporation is necessary for its smooth running as well as successful proceedings. It must be achieved in a way where your organization gets advantages or benefits at low costs. Equity is the state where you achieve what you require or desire and it can only be done through thorough planning and management of a business.  Only then does it generate fruitful results.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

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Whether big or small, every company is constantly fretful about handling money. For new businesses, this is even more imperative, as managing start-up finances is crucial to enduring a capricious economy and competition. Particularly, entrepreneurial ventures need to exercise cautiousness with their financial decisions from their incubation. Every business desires a financial structure that engenders profit to maintain their credibility. Entrepreneurs must equip themselves with good money management skills to ensure the success of their venture.

Not all businesses, however, are adroit at controlling start-up finances. This doesn’t mean that you should do nothing about it. Here are a few useful steps that will offer you a good direction to start with.

Educate Yourself on Managing Start-Up Finances

Not every business owner has a firm understanding of basic financial concepts. Many are unaware of the basic bookkeeping rules and lack knowledge about various key aspects. Even if you are planning to hire an accountant, it is imperative to educate yourself on certain basic accounting principles. The long-term success of your business depends on your ability to understand the financial structure of your business because you will have to rely on it for making key business decisions.

Financial statements encompass 4 vital details – balance sheet, profit and loss statement, cash flow statement, and statement of shareholders’ equity. The cash flow statement scrutinizes operational undertakings, investments, and other start-up finances. The balance sheet delivers evidence related to the business assets, liabilities and shareholder’s equity. The profit and loss statement reveals the grossed revenue for a financial cycle. Shareholder’s equity signifies the quantity by which the business is funded through common and preferred shares.

Getting yourself acquainted with such information will be vital for your future endeavors as a business owner.

Plan for Growth

Failure to make a user-friendly product is one of the major reasons of failure for new start ups. However, as an entrepreneur, you are faced with numerous challenges that can be hazardous for your business. As a new business, your focus should be on the target market and every other aspect of the business should be aligned towards your customers. This is the only way you are going to sustain a business.

Your start-up finances should follow a specific plan designed for growth of your company. To secure your venture capital and be eligible for funds, you need to show fast-tracked growth. Otherwise, you will lag far behind in the race. New businesses can run out of funds if the growth stalls in no time as they are unable to sustain losses for a longer duration of time.

Watch the Cash Flow

Managing your start-up finances demands you to establish a financial control that provides your business with a solid foundation. Key internal controls include bookkeeping, auditing, damage control planning and cash flows. These controls are necessary to ensure that your business stays on course in developing SOP’s and manages its cash situation, even in tough times.

At all times you will need to vigorously monitor the cash situation and readjust your forecasts according to the current scenario. This requires setting up maximum purchase limits for everyone so that your business does not run out of cash at a critical time. You will need to oblige all expenses to be recorded on invoices to support audits as well as maintain positive cash flows. Start-up finances should also take inventory management into account, as your chosen method of recording it will have a significant impact on your taxes. If you are filing taxes for the first time, inventory and payroll taxes are two things you need to be concerned about the most.

Evaluate your Achievements

Key Performance Indicators (KPIs) are techniques to measure a company’s triumph in accomplishing business goals. You must create KPIs across multiple departments so that performance can be accurately measured individually.

You should ensure smart KPIs that are Precise, Assessable, Realistic, Pertinent and Well-timed. Goals that are too broad don’t usually have an end date and aren’t within your control. Thus, they are doomed to fail. Start-up finances should be used efficiently to align with the core objectives of your business and eventually help in long-term success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

 

 

 

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Partnering with outsourced services for the acquisition of the highest quality planning and strategy for a fraction of the cost is pivotal to success. Businesses–small or big–no longer prefer to hire in-house teams to manage certain tasks that can be outsourced to third-party service providers. The reason is obvious, they desire to seek specialized expertise from the gems of the industry. Moreover, start-ups and small businesses usually have scarce resources; time, labor, and money which restricts them to hire in-house accounting and bookkeeping professionals. It’s safe to say that time and cost-effectiveness are the major driving forces behind the motivation to hire business accounting and bookkeeping consultancy services for start-ups in today’s time.

The Evolving Needs of Start-ups and Small Businesses

From small business to a large company, every business establishment needs someone to promptly and effectively manage their financial accounts, pay bills, send out invoices, reconcile bank statements, and manage debtors. Maintaining separate finance departments to tackle financial matters is not only a hassle but also a huge expense. That is why most businesses outsource their financial matters. Looking at the bigger picture, most start-ups lack the wisdom to tackle difficult bookkeeping and accounting-related issues which means they cannot manage to look after their books and finances on their own. For them, hiring the professional expertise of an accountant and bookkeeper is more of a need than a desire.

Business Accounting Consultancy Services for Start-ups

Many success stories are the direct result of hard work, toiling, and commitment along with sincerity that guarantees a secure future.  An experienced and qualified accountant or bookkeeper can serve the right needs of a business with creative wisdom like no other, all the while making better financial decisions.  Beating your competitors with numbers is quite a different story which means you need to employ the right accounting tools and strategies to get ahead of others. Business accounting and bookkeeping consultancy services are the need of the hour as they provide you with valuable insights to help you improve your business’s financial health.

Whether you are starting a new business venture or acquiring an established business, the need for professional accountants and bookkeepers never dies. Many start-ups or established businesses used to feel reluctant to hire professional accounting or bookkeeping services with fear of the integrity of vital data that is highly prioritized by the business would be compromised, for example. Other concerns would be qualification or experience dilemmas that a client is not satisfied with.

What Business Accounting Consultancy Services Do On Your Behalf?

Most start-ups lack ideal cash management skills which is the biggest reason why they fail to make their mark and manage their business operations successfully. This kicks them out of the competitive race which creates room and gives a chance to others to capitalize on the vacant space. Therefore, businesses try to fill this vacuum and acquire the services of professional accounting consultants to help them understand various financial aspects for better decision making.

Accounting and bookkeeping professionals can help you in many of the following ways.

  • Financial forecasting and planning
  • Analyze financial statements on your behalf and recommend ways to overcome cash flow issues
  • Determine the profitability of your business
  • Monitor influx and outflow of cash and help you achieve the right strategic fit
  • Expand your business with critical financial insights and knowledge
  • Save a lot of time and money and help you focus on the core of the business
  • Tax reductions, debt repayments, and more

Putting the Right Business Accounting Consultancy Services and Practices in Place

Accounting and bookkeeping professionals certainly have better understanding and knowledge than most of us. They know the tricks of the trade and are masters of the game as they can solely change the entire fate of a company with better financial decision-making. When you task them with authority, they are expected to live up to expectations and carry out their duties in the best possible way to the best of their abilities.

Thus, if you are expecting to grow your business in a competitive business environment, you must have the best possible business accounting and bookkeeping consultancy services and practices in place to equip and enable your business for success.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Group of diverse people are waiting for a job interview
Undoubtedly, employees can change the fate of an entire company. They can turn a small business venture with a unique idea into a successful high-scale business. They are either the troubleshooters or the troublemakers. Top-quality employees are capable of bringing positive improvements to a business under the supervision and pro-active direction of the entrepreneur.

Due to an increased turnover percentage in recent times, recruiting and hiring top-quality employees for a new business has become challenging. Now, Human Resource departments have to work days and nights to hire competent employees to get things moving in the right direction. Bringing the right people into a new company is extremely important in today’s highly competitive business environment. As the resources are limited, companies cannot afford to spend money on retaining under-performing employees. Therefore, HR has become more conscious than ever to recruit and hire top-quality employees so that their company can achieve their strategic goals seamlessly.

There’s certainly no secret spell to recruiting and hiring quality employees. All that you can do is refine the existing recruiting and hiring strategies. Attracting a potential pool of candidates for final selections may seem hard at first. However, there are ways that you can encourage potential candidates to get connected with you for initial screenings. Since employment opportunities have significantly shrunk due to a severe wave of economic crises over the years, now you can access more suitable candidates who are ready to give your new business start-up an all new hike.

Here are four tips that can guide you in hiring top-quality employees for your new business start-up.

Develop an Accurate Job Description

Job descriptions help employees know their tasks and responsibilities on the job. It gives a clear picture of what employees need to do and their roles to get different tasks done. Therefore, as an HR manager, you are required to ensure that an effective job description for each position is drafted at the highest possible level. The job description should reflect the roles that each employee will play in the organization on a successful hire. Start-ups usually lack the skills to draft effective job descriptions. This activity can even be outsourced.

Hire the Right Person for the Job

We encourage you to develop profiles for hiring the ideal employees fit for the key positions in your business. Giving a  leadership level position to an inexperienced person is the biggest blunder you could possibly make. Before giving someone a key position, you must identify the skills and attributes of a person and make a wise judgment if you expect to achieve positive results. One thing that must always be kept in the mind is that you can never find a true match if you don’t match candidates against a specific profile.

Use Social Media and Digital Channels for Job Promotions

In order to develop a winning pool of candidates, you need to develop a marketing framework for job promotions. Social media channels, like LinkedIn, are the biggest and most effective platforms where you can find competitive employees working in key positions in different organizations. You can promote job openings for your start-up, perhaps with the specific job description and pay-scale limit, in order to entice competitive employees. Recruiting and hiring top-quality employees requires you to be competitive, capable, compatible, committed, cultured and, most importantly, flexible. If someone has all of these things, you shouldn’t miss out on hiring that person, even if you have to pay a little extra.

Screen by Phone and Select Suitable Candidates for Assessment

Initial screening is critical, especially if your business is a new start-up. This way, you get to know more about the applicants and who is best-qualified for the next phase. This will save a tremendous amount of time. Once you have screened the applicants by phone and chosen the ones qualified enough to move on, you can bring them in for a face-to-face interview. The applicants have to pass through all of the stages for a successful organic hire.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

Portrait of successful African-American businessman smiling during meeting with colleague at coffee break
Accountants and bookkeepers play a pivotal role in determining and defining the growth of your business. They can handle and tackle many more things than tax returns and payroll. Start-Ups looking to stay on top of their game from the very beginning need to hire a professional accountant to ensure smooth financial operations and maximize profitability. Do you need a specialized start-up accountant or bookkeeper for your business?

Hiring A Specialized Start-Up Accountant Gets You One Step Closer To Success

A specialized start-up accountant is the need of the hour to accomplish a startup’s short and long-term ambitions. Accounting is where the difference between success or failure is created. It helps your company grow and move forward in the right direction. Without a second thought, it is one of the most crucial aspects of keeping your company profitable. Making financial projections and assumptions requires you to have a clear picture of your company’s financial worth in the market. However, doing all of this alone is nearly an impossible task. It becomes mandatory for start-ups to hire the services of outside accounting/bookkeeping individuals and agencies to take the business venture one step closer to a successful endeavor.

A specialized start-up accountant makes things simpler for you in many ways such as managing payroll and making decisions regarding potential new expenditures and overhead. However, there is nothing worse than hiring an unprofessional or inexperienced accountant for your new business start-up. Since an accountant can make or break the game, you need to hire the right person for the right job to improve efficiency and performance. According to studies, accounting is the secret key that unlocks the doors to success. Hiring a specialized start-up accountant that is suitable to your business requirements and specifications makes your start-up profitable.

Knows the Art of the Game

A specialized start-up accountant can drive your business to profitability by sharing their accounting wisdom, skills, and expertise. A fragile accounting setup at the very beginning can kick your business out of the competitive race within just a year. Hire a trusted business advisor, accountant, or bookkeeper who can get your business on the right track.

A specialized start-up accountant plays a predominant role in the growth and evolution of your business. Their skills beyond accounting are where the real art lies and that’s where your trusted professional will work for you. A qualified and seasoned accountant can manage your finances, cash flow, income, and expenses as well as review your bookkeeping and financial records better than anyone else around. Experience, coupled with a wide variety of accounting skills to tackle complex situations, counts more than anything else when it comes to going beyond only accounting.

Understands Start-Up Culture and Space

The best thing about specialized accountants is that they understand the start-up culture and space as well as the growing needs of a business. Through their wealth of experience, they will give you their best informed advice for resolving complex business situations. The needs of every business largely differs from on to the next, making it clear that advice to resolve certain matters is imperative. From initiating a business venture and applying for loans to financial audits, a specialized start-up accountant can make your life much easier with each and every step.

Saves You Time

Entrepreneurs are largely known for conceiving a unique workable business idea. They may be good at the management side of business, but most of them lack skills in the accounting side of it. This indicates that a professional accountant or bookkeeper can help you save time, allowing you to focus more on what you have the potential to do best—your business. Find the right specialized start-up accountant who will help you save time and effort by giving guidance when required.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.