Many small startup CEOS try to do all their own bookkeeping. After the first two months of launching the startup this is typically a mistake. Have an accountant help you set up a chart of accounts and train a part-time bookkeeper for you.
Your focus as startup CEO
You are launching a startup and trying to do it all yourself? Do you want to grow your business? You should spend your time managing, selling, marketing, customer service etc.
An entrepreneur tries to do many things each day. Sooner or later something gets dropped. A financial disaster is not a good thing. You need to outsource bookkeeping. Too many startups fail due to financial overwhelm. Do not be one of them.
Ask your fellow startup CEOs to recommend an accountant.
Leveraging an accountant
Ask the accountant to help you set up a chart of accounts and to hire and train a part-time bookkeeper for your business.
Outsource bookkeeping
You will not need a full-time bookkeeper, so find a bookkeeper who wants part time work. They might work at night or have their own bookkeeping business with multiple clients. You can pay them as a subcontractor instead of as an employee.
You need to interview your prospective accountant and bookkeeper the same as any service provider. Check them out. Since this person will be managing your financial records, you want someone trustworthy.
Do not hire the least expensive or the most expensive. A bookkeeper with more experience will be more expensive and know better how to help you.
Interview several people. Hire someone with solid credentials and with whom you have good rapport. In a few months you will be pleased that you took this step up.
Conclusion
If you are an early stage startup CEO, you need to treat your time as your most valuable asset. Think about outsourcing jobs that others can do for you.
References
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