You’ve finally made it!
The startup that started in your parents’ garage is now on its way to become a formal company! The long wait has been agonizing but is that all there is to it?
Since you’re no longer handling small transactions and you’re not too familiar with the accounting services at your disposal, it’s more than likely you can ,could, and sadly eventually would make several mistakes. When a small or medium-sized business starts to earn considerable revenue, there are various added considerations the owner has to make to ensure smooth sailing.
One of those considerations is hiring an expert bookkeeper like Catherine Barrie Accounting Professionals like Catherine Barrie can help you with some of the operational functions and day to day needs that are vital to run your business. While you may or may not need a dedicated supply chain team for your business at the start, having a bookkeeper overlooking the accounting aspect of your business is essential!
The only other option you have is to become a bookkeeper yourself, but we know that’s not a realistic solution.
So to return to the solution we stated earlier, here are 6 reasons why your business must hire a professional like Catherine Barrie Accounting.
Focus On Core Business Operations
Like a child that always needs their mother, a startup consistently demands the attention of the founder. And with due cause! This undivided attention grows the business and makes its product or service offerings a lot more attractive. So if you’re the founder of a startup that is drenched in growth potential, take your eyes off the accounting books and focus more on business strategy! There are several facets of your business that will be complex at the start, like the marketing channels you choose to pursue or funding.
Focusing on accounting just won’t cut it!
Don’t Pay Attention to Things You Might Not Understand
There’s no need to be embarrassed about your lack of knowledge in finance. Just like you, several business owners didn’t know what accounting terms like “accounts payable or “accounts receivable” meant at the start, and that’s okay! It’s better you leave the professional aspects of accounting to an expert like Barrie accountant who has taken courses and has years of experience.
Solely in the accounting facet, they’ll know more about your business and with their help, it’ll be a lot less likely that you’ll make detrimental mistakes. These errors can cost your business time and money. Remember, missing an important bill or forgetting to pay for something important can drag you down to a bad credit score, or difficult relationships with your vendors and that’s something no business owner ever wants!
Having a Work-Life Balance
A startup that is starting to get off the ground and gearing up for the stars takes a lot more work than an average 9 to 5 job. While you put your attention towards important business processes and strategies that you need to tend to, you won’t have a lot of time left for your personal relationships.
Now factor in the careful considerations you’ll have to make if you don’t have an accountant helping you with your business.
There won’t be a work-life balance because you’ll always be working! To ensure you stay healthy and don’t burn out before your IPO (initial public offering) divide business processes and let the professionals take care of the rest!
Getting a Different Point of View
Even though you might believe that you know the most about your startup when it’s growing, it certainly won’t hurt to have another pair of eyes to look at it. Professionals like Catherine and her team have helped several businesses get their financial accounts in order. We can run different kinds of reports and give you an update of your business’ revenue stream every month, and they can even save you from some hefty taxes!
When you know where most of your funds are going, you can easily evaluate whether a product or service is worth keeping or not. In many cases, business owners aren’t able to notice a diminishing return on investment. Decreasing returns can usually mean an upcoming problem so it’s better to fix the problem beforehand or leave the industry altogether.
With an accountant’s help, you can easily foresee this problem before problems arise!
Get Rid of Processes that Don’t Excite You
To a marketer, an accountant’s job might seem boring because they mostly deal with numbers. On the other hand, the opposite might happen because marketers don’t have to deal with numbers as much as accountants. That is because we’re all built differently! You might have no passionate feelings about writing checks every day to pay bills.
That’s exactly where an accountant can help you! People like Catherine Barrie enjoy those aspects of your startup that might seem tedious to you. Because of this reason, it seems logical to hand over these areas of operation to them. Not only will we enjoy helping your business grow, but we’ll also do a good job!
Ensuring Everything is Paid for On Time
Between your consistent travelling, your hard work to keep your business moving forward, and putting out the daily conflicts that arise in your startup, it can be easy to miss out on a few essential payments. Not being able to make essential payments when you have to can make you pay for more than you have to.
Moreover, the credit score hit that comes with late payment can be aggravating too! To ensure your business isn’t impacted by forgotten payments, hire an accounting specialist like Catherine Barrie Accountant.
As you can see, having a professional bookkeeper overlooking the accounting aspects of your business is vital for your business’s success. Not everyone is a professional when it’s about doing the books for their own business, but that’s no cause for worry!
Cathy Barrie Accounting has helped several businesses and she can help take away the stress that comes with the tiresome processes of accounting. Spare yourself some free time and plan crucial business strategies for the future – Catherine Barrie Accounting will keep the accounting side covered!