The world of modern business is certainly changing, with an unprecedented number of start-up companies opening every year. With the failure rates of these businesses estimated between 75 to 90 percent across the board, entrepreneurs need to be sure that their start-up is superbly serviced when it comes to company finances. If you own and operate a start-up or small business, Mark’s Bookkeeping Services will deliver the services and expertise to help you manage all financial matters.
There's no doubt about it: managing finances is key when it comes to businesses that rely on outsider funding and corporate sponsorship. With a vast amount of experience in the nuanced accounting needs of small businesses, this accounting firm has some insightful tips for you to make sure you’re finance needs are being properly met.
Incorporate processes like:
- Simple & Clean Digital Ledgers: Ledgers are essentially just a way to organize reports on expenditures, income, and other kinds of financial movement. Making sure you have a simple and straightforward way to organize these details is essential, particularly when tax season hits.
- Open a Corporate Bank Account: A mistake many business owners make is allowing their personal and corporate finances to co-mingle. This will cause confusion, difficult record keeping, and can be ethically questionable, leaving you open to scrutiny or auditing.
- Outsource Your Bookkeeping: A business’s main principal should always be their service. By leaving the accounting service in the hands of bonded professionals, you are being more efficient with your time, energy, and skills, as well as protecting your business from issues like embezzlement and negligence.
When your start-up hits the market, make sure that your bookkeeping is organized, up-to-date, and handled responsibly so you will profit rather than become another statistic. For more information on bookkeeping services and accounting for small business, contact Mark’s Bookkeeping Services by visiting their website or calling (212) 243-5757.