So often I will speak with a business owner that may be in the beginning phases of their business. When I tell them that Healthy Accounting was designed to work with startups, small businesses, and young businesses, the owner responds, “I’m still small” and they go on to explain that they really don’t need essential accounting services such as bookkeeping or budgeting.
To all the small business owners out there with this mind set, I say this is the perfect time to begin with bookkeeping services. Here are some reasons why you need essential accounting now.
*You’re at the beginning phases of business so it’s important to know how much money you need to bring in to be profitable for the month, or year. Clean bookkeeping and budgeting will help you to foresee what is needed.
*You usually don’t have a lot of expenses so learn how to book them correctly now and it will make accounting easier as your business grows.
*One of the things you can tell from a balance sheet is the history of the business. If you start to track your business from when it is small, you’ll be able to have the history of the business and a balance sheet. This is a necessary part of financial records to have later when you may go for lending, ask an investor to be part of your company, or even for tax time depending on the entity type that you are.
Remember, “small” business owners, many times accounting gets pushed to the side in these beginning phases but if you ever want to grow, you’ll need to pay attention to these details. The sooner you do it, the more organized and knowledgeable you will be about your business.
Need some help with these beginning phases? Reach out to me at healthyaccounting@seil.us or give me a call at 724-237-5360.