Startups are launched by a novel idea, your bootstraps, and a passionate team. But there is a reason that 90% of all startups fail, and financial missteps are some of the culprits.
Even the smallest startup needs to make getting their finances in order a focus - it’s not unusual for even the savviest entrepreneur to use the same credit card or bank account for personal and business expenses early on, which they regret come tax season. Having an efficient financial setup early on will save your startup plenty of time and money, both of which are crucial to your early success.
You don’t need to hire an accountant when you’re very early in your lifecycle, but by preparing a solid startup finance foundation, you’ll be in a better position when you’re ready to grow.
In terms of your growth cycle, you should look to bring in an accountant when your business model and revenue model are more complex and require more than merely classifying your credit card transactions and banking transactions. If your business has revenue and requires an interpretation of the US GAAP accounting rules, then you may want to expand your scope of accounting partners.
A joint survey by CPA.com and Bill.com asked 1,700 entrepreneurs who employ client accounting services on how they benefit their business. The results showcase the potential of transformative impact for companies of any size:
Saves Time: 80% of the respondents say that outsourced accounting services provide them more time to focus on their business.
Easier Accounting: 68% said implementing best practices from their outsourced accounting firm made their accounting easier.
Increased Profits: 28% report that following advice from their outsourced accountants resulted in increased profits.
If your startup is ready for the next stage please contact us below and see how our services can befit your business.
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