Ceptrum
What is Accounting for startups?
Outsourced bookkeeping or Startups accounting services both provide startups an experienced accounting department that deal with all the accounting tasks of startups so that they can focus on their core competencies. Outsourced accounting firms can provide you various accounting services like accounts payable, accounts receivable, financial statement production and cash flow forecasting or even financial modeling that reduces the inhouse accounting team cost.
Benefits of Outsourcing Accounting and Bookkeeping services for Startups
By outsourcing your accounting and bookkeeping tasks startups can focus on their core competencies. Some of the main advantages startups businesses receive by hiring third party for accounting are:
1.Save Cost
Being a startup with limited resources it’s costly to hire an in-house team for accounting and bookkeeping. Outsourcing Accounting and bookkeeping safe’s money on salaries and office space.
2. Focus on Core Competencies:
By outsourcing your accounting and bookkeeping it saves your time and efforts on managing inhouse team. You’ll be able to focus on your company’s core activities.
3. Access to Specialized Team:
Outsourcing Accounting benefits startups to get access to a specialized team. Which means that you have access to a wealth of knowledge and financial advice without having to hire an in-house team.
When to Outsource Accounting for Startup:
Following things you should consider while Outsourcing Accounting for your Startup:
1. Lack of In-house Expertise:
If you and your team have a lack in knowledge of accounting, outsourcing ensures accuracy and compliance. When your startup’s finances become too complex for basic bookkeeping, a professional accountant can manage them more effectively.
2. Rapid Growth:
Growth of your startup also increases the financial transaction. Outsourcing can help manage this increased workload without the need to hire and train new staff.
3. Cost Efficiency:
For a startup with limited resources hiring an expert accountant is costly. So outsourcing offers access to professional services without the overhead.
4. Seasonal and Temporary Needs:
If your startup experiences seasonal spikes in business, you may only need extra accounting help during these times. So no need to hire an accountant permanently. For that seasonal spikes Outsourcing is the best option for any startup.
5. Planning your Future Growth:
Outsourced accountant for startup can provide strategic financial advice that helps you plan for future growth. Many outsourced accounting firms offer advanced software and tools that might be too expensive for a startup to purchase on its own.
What financial records should I keep for my startup?
Important documents to keep for your startup include:
- Receipts and memos for transactions greater than $75
- Invoices and bills paid for any purchased products
- Bank and credit card statements
- Previous tax returns
- W2 and 1099 forms
- 3 financial statements (income statement, balance sheet, cash flow statement) created by your bookkeeper
If you’re a startup company an looking for a reliable Accounting agency to outsource your bookkeeping, then don’t worry we got you. Business Owners trust Ceptrum for outsourcing accounting services to manage Bookkeeping, Tax, Marketing, and more. Get a Dedicated Accountant & Marketer who knows your business so you can spend your time doing the things that you are good at. Then what are you waiting for.
Contact: 201 801 4005 or email us now hello@ceptrum.net
Final Thoughts:
Outsourcing accounting and bookkeeping services can be a strategic move for startups, offering a cost-effective way to manage finances while focusing on core business activities. By choosing the right time to outsource and understanding the benefits it brings, founders can ensure their startup is financially sound and well-positioned for growth. Maintaining accurate financial records and leveraging the expertise of an outsourced team can provide the foundation needed for long-term success.
Read More:
Rise of Remote and Outsourced Accounting: How COVID-19 Changed the Way We Work
