When you’re starting a business, navigating your finances can be overwhelming, to say the least. From tax obligations to keeping records, where do you even start? But, though complex, start-up bookkeeping is vital for new businesses, with every invoice and receipt adding up to shape your future success.
At Angel Bookkeeping and Payroll Services, we’ve worked with countless start-ups across Sussex to get their finances in order, and we know a thing or two about how bookkeeping helps new businesses find their feet. To make your journey a little easier, we’re going to share our knowledge in this handy guide.
Discover the role of bookkeeping when starting a business and get your brand off to a flying start.
Set Up a System From the Get-Go
Start-up bookkeeping ensures you have an organised money management system from the early days of your business. This helps you build a complete history of your finances, including:
- Income and proof of income
- Expenses and proof of expenses
- PAYE due and paid
- VAT due and paid
- Bank transactions and reconciliations
- Receivables (money owed to you) and payables (money you owe)
- Employee payroll records
We can’t stress enough how much this will improve your future finances. Whenever you need to access your records, you have a detailed breakdown of your cash flow ready to go. This reduces stress and gives you the peace of mind that you’re on top of your money management, making it easier to plan, grow, and make confident financial decisions as your business evolves.
Identify Profitability and Make Better Decisions
Want to get to know your business? We can help. Our start–up bookkeeping services give you a wealth of financial data that you can use to identify which areas of your business are thriving and which might be holding you back. By analysing your data, you can use it to guide your next steps and make decisions rooted in knowledge that’s specific to your start-up.
For example, by tracking your income, you can pinpoint the products or services generating the most revenue. Compare the money earned with expenses to discover where your big money-makers are, and use this information to guide product/service development.
When you work with us, you’ll also have access to cloud-based bookkeeping software. This makes it far easier to turn reams of numbers into clear, actionable insights that you can use to make better decisions. It couldn’t be easier!
Monitor Your Financial Health
We all know that start-up success rates aren’t great, with new businesses accounting for 46% of company insolvencies in the UK. A huge number of these fail due to cash flow issues.
The secret to avoiding a quick failure? Understanding your finances.
By implementing start-up bookkeeping from the beginning, you’ll be able to better monitor your financial health and steer clear of cash flow problems. Track your profits, use data to find out where you’re losing money, and get to grips with your expenses to stay in control.
This allows you to plan with greater confidence and make decisions that align with your finances, including:
- Preparing for seasonal dips in revenue
- Reinvesting in areas you know are profitable
- Creating realistic budgets
- Knowing when to scale
Give your start-up the best chance of succeeding in a challenging, competitive landscape.
Save Time and Reduce Stress
Starting a business is demanding. As a founder, your time is one of your most valuable resources, but without a proper bookkeeping system, financial tasks can quickly pile up. This leaves you scrambling to meet deadlines, file taxes, or chase overdue payments. The end result? Stress.
With professional start-up bookkeeping in place, you’ll streamline your financial admin and gain back precious hours each week. Tasks like reconciling accounts and tracking expenses are handled by a dedicated team, giving you more time to focus on growth and innovation – the skills that got you to this point in the first place.
Secure Lenders and Investors
These clear records are essential if you’re hoping to get lenders, investors, and partners on board. Organised bookkeeping makes it easy to share your important financial data, including:
- Total revenue
- Profit and loss statements
- Cash flow statements
- Balance sheets
- Tax returns
- Accounts receivable and payable reports
- Budget forecasts
Financial records are required by many lenders and investors, helping them understand what they’re investing in. With bookkeeping, you’ll have all the documentation you need ready to go, helping you push through agreements quickly. It also highlights your professionalism and financial knowledge, showing partners and lenders that you’re a serious start-up worth investing in.
Our Start-Up Bookkeeping Services
Start-up bookkeeping isn’t negotiable for new businesses. You need to get on top of your money management and financial records in order to understand your business, make better decisions, and secure crucial investments. But if you’re busy setting the foundations for success, you might not have time to worry about recording invoices and storing receipts.
That’s where we come in.
At Angel Bookkeeping and Payroll Services, we offer dedicated bookkeeping help for start-ups. We’ll set your business up with our fleet of digital bookkeeping software, take over your record-keeping, and consolidate your cash flow for you, taking the financial burden from your shoulders. When working with us, you’ll benefit from:
- Organised receipts and invoices for a comprehensive record of your cash flow
- Balanced and reconciled accounts (leaving no room for error!)
- A system that records your finances, sales, purchases, and ledger lines
- Financial summaries and reports
- Monthly business reviews to help you understand your financial health
Our expert financial guidance is priceless when starting a business. While you focus on innovation and development, we can bolster your ideas with the financial know-how you need to get them off the ground. It’s a partnership that’s built for success.
Contact Us For Start-Up Bookkeeping Help
Don’t leave your start-up’s money management to chance; it’s just not worth it. To guide your new business in a profitable direction and give you confidence in your decisions, reach out to our team for trusted start-up bookkeeping services.