Bookkeeping for startups: Simplified
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Startup Bookkeeping
You have at a minimum a viable product that you think many people could benefit from, and you founded a startup built around building a solution for this problem.–excellent!
We’re sure that you know that being the founder of a startup is more than just making sure that you have an irresistible pitch deck. Founders also need to ensure that they keep track of their revenue and expenses as this is fundamental to the overall health and sustainability of the business. This is why efficient bookkeeping is essential to startup businesses, and our bookkeepers at miplly are here to help.
Bookkeeping is the process of tracking all your income and expense records. As your startup grows, well-kept financial records will help you get the funding that you will need.
Why is effective bookkeeping crucial for your startup success?
An effective bookkeeping process has a lot to do in ensuring that your startup thrives and not just survives. This involves efficient cash flow management, adjusting financial strategies when needed and updating your books frequently.
Determine Profitability
In order for a startup to upscale, founders need to compare their financial performance year over year, and effective bookkeeping can help achieve this task.
Also, when you have your records up to date, you are able to not only gauge your profits but also identify where you can cut costs, plan for major investments and develop strategies for growth.
Reporting to Investors
Investors want to know how your business is performing for them to quantify their investment in your startup. With sound bookkeeping, you’ll readily have up to date information that you can use to present to current stakeholders and also to investors so you can get the capital that you need.
Be Tax Time Ready
Every business is required to pay taxes; however, tax preparation isn’t that easy. And you know that this is especially true if you’re the founder of a startup.
With proper bookkeeping, through the help of a bookkeeper, you get the peace of mind that your startup is compliant so you’re not at risk of facing serious fines or an audit due to inaccurate documentation.
Is bookkeeping something startup founders can do?
Sure, updating your financial records is something you can handle if you’re just starting. However, as your day-to-day tasks increase and when there are other areas of the business that need your attention, bookkeeping could become a daunting task.
Before transactions pile up and you have a lot of bookkeeping tasks to catch up on, it might be worth considering having someone or a company handle your books.
Begin your startup right–have the right people take care of your bookkeeping needs.
What can miplly bookkeepers do for a startup?
Whether you’re an early-stage startup or already backed by a VC, engaging with a bookkeeper could bring tremendous benefits to your company.
Our experienced bookkeepers at miplly will take care of these vital tasks for your startup:
- Recordkeeping – It’s not unusual for startup entrepreneurs to lose receipts or forget about small expenses that seem insignificant. However, failing to keep a proper record of these expenses could cause you to face thousands of dollars in taxes or fines.
One of the basic tasks of a bookkeeper is to ensure proper recording of your financial transactions. At miplly, our bookkeepers will easily and accurately keep track of your receipts. These transactions are also properly categorized, so you can quickly identify where you’re spending your money.
- Reconcile Your Accounts – To manage your finances better, you need to have accurate and up to date information. We will regularly (daily or every month) compare your books vs. your bank and credit card account statements. They will flag any possible issues and adjust where needed to make sure your records are 100% precise.
- Help with Payroll – Especially if your startup team is growing, you will eventually need help in processing payroll. We know how time-consuming this is and a bookkeeper can help you with this task.
miplly offers full-service payroll processing, where we can help you prepare weekly, biweekly, monthly or even sporadic payroll. We’ll also take care of bookkeeping payroll transactions, processing employer tax payments and payroll tax filing.
- Tax Planning – As we prepare your books, we’re also happy to provide you with tips that will help you limit your tax liability–something that startups could definitely benefit from.
- Preparing Financial Statements – If you’re looking for funding, you will need to present to banks and investors proper financial statements, such as cash flow statement, profit and loss statement and balance sheet.
We will provide you with with monthly, quarterly and yearly reports. In addition, when you set up an account with miplly you will have your own dashboard where you can get an overview of your startup’s finances so you can monitor how your business is faring all in one platform.
How much should I pay for startup bookkeeping?
We understand how vital it is for startups to keep their costs to the bare minimum. And you might be thinking that outsourcing your bookkeeping is another thing that could add to your expenses.
At miplly, we ourselves are a startup. Our packages are designed to not break the bank.
Why choose miplly for startup bookkeeping?
Cost-effective, Expertise, Scalable
In establishing a startup, it’s easy to get caught up in developing the product and promoting it– we get it, it’s exhilarating! However, as important as marketing is, you should also keep your books updated. Efficient bookkeeping, as part of a strong accounting process, will help set your startup for success.
Our bookkeepers at miplly have the expertise in assisting startups with their bookkeeping needs.
When you hire miplly, you will be assigned a personal bookkeeper to handle your account. In addition, you’ll be working with a team whose sole purpose is to help you with your financial records.
We help enter all your transactions into your books, reconcile your accounts, catch up on your receivable to help make sure your startup does not run out of cash. You can focus on your tasks as a startup founder and we’ll crunch the numbers for you.
As your startup grows, we also upscale with you. You only pay for the services that you need, when you need them.
Invest in efficient bookkeeping and build a solid foundation for your startup.
Simple Software & Clean Monthly Reports
Use the reporting tab in the menu on your dashboard to see your monthly, quarterly and yearly financial reports. Our startup bookkeeping services will allow your startup to stay on top of very important numbers.
We integrate with the best in the business.
Questions?
Email us at [email protected]
