Congratulations, you’re either about to launch your start-up company or you’ve already put the wheels in motion! While you’re finding your feet within the industry and searching for business opportunities, you’ll find that one of the biggest barriers to progression is taking your eye off the numbers.
There’s no doubt that you’ll be striving for growth as you set out on your new venture – and a well-oiled accounting approach is the fuel to the fire that will get you there. That’s why we’ve highlighted three essential accounting tips for start-up success here, so you can realise the true potential of your business.
1. Know the basics
If you don’t already have a basic understanding of business accounting, it’s high time that you did. Even if you intend to seek professional help, wising up on the fundamentals gives you the primary steer on your business.
Why is this important? Well, it protects you from blindly accepting lousy advice. And, if the future direction of your start-up is decided by you and you alone, you’re ultimately responsible for its success or failure. When you know how to decipher your balance sheets and statements in correlation to your business goals, you can play an active role in your progression rather than a passive one.
2. Record as you go
Try to dedicate a short window each day (even if it’s just a few minutes) to running over your books and ensuring everything is up to date. Daily commitments like this may seem counterproductive initially, especially when you’re channelling so much energy into your new business venture, but keeping on top of your numbers might just help you avoid a financial headache later down the line.
This approach will save you valuable time in the future, placing you in the best position possible to create budgets, predict cash flow, and effectively map out where your business is headed and how you’re going to get there. Crucially, though, it also gives you the opportunity to spot issues and irregularities early. The key is to be proactive, not reactive.
3. Hire a professional
Your ambition, drive and ability got you this far – but don’t let that stop you from hiring professional assistance. Accounting is a lot to take on alongside the other demands of your business. And you could soon find yourself settling for the bare minimum rather than the undivided attention that successful bookkeeping requires.
Not only will an accounting professional be able to take a load off your daily to-do list, but they’ll possess the right tools and outside-the-box thinking to get the most from your finances and drive your business forward.
Take cloud accounting, for example – an all-in-one tool that streamlines your accounts and blows traditional methods out of the water. At Nabarro Poole, we combine our knowledge and experience with this latest software, ensuring our accounting services always put the future of your business first.
To find out more about the way we work, get in touch with our team. We’d be happy to discuss how we can help your start-up grow into a fully fledged organisation.