26 Jul Is My Start-Up Missing This Critical Step?
Starting a business can be a daunting task, especially if this is your first start-up or perhaps even your first step into the world of business. Luckily, the internet is full of checklists to guide you through the process. Most lists mention performing market research, creating a business plan, determining business structure and raising capital. Most of these lists downplay the importance of bookkeeping, placing it too far down on the list or not recommending it at all. Overlooking this critical step can create many problems later down the road, but with the help of accounting software, bookkeeping can be easy.
BusinessDictionary.com describes bookkeeping as the “systematic recording of financial aspects of business transactions in appropriate books of account.” Proper bookkeeping allows businesses to make financial and managerial decisions, manage cash flow, monitor money due to vendors and due from customers, as well as streamline tax preparation. All these are crucial to any business, but especially to start-ups. Incorporating bookkeeping from day one ensures that you capture all transactions related to the creation of your business, ensuring proper accounting, analysis and decision making moving forward.
At Opus, we advise and help clients on a range of issues regarding their financial management and operations decision making. This includes management of accounting software, from selection to customized reporting and financial projections. If your business needs help with its accounting practices or you want to takes its performance to the next level, contact Opus. We will provide a free initial consultation and explore how we can help ensure the best results for you and your business.