We focus on our product development, marketing plans, launching and last thing on our list is "Bookkeeping". Why Bookkeeping is necessary in our Start-Up Business?
Bookkeeping is the process of recording your company's financial transactions into organized accounts on a daily basis.
Why you need to have a Bookkeeping?
First, Know your numbers.
At the start-up phase of the business, we don't really give attention to our cash inflows and outflows, bookkeeping will help you manage your cash and plan for next month or future spending.
Second, Financial Guide in your Start-Up Journey.
If your start-up business were funded and backed by investors, there are inquiries from investors and questions to answer:
How did you used the funds invested on your business?
Is the business earning or losing?
How much is my share of profits this year?
Bookkeeping will help you answer financial questions and give you overview of your financial status.
Third, You feel in control.
It's easy to get lost in the business at the start-up phase, the start-up business will grow and will be unstoppable, same with the volume of financial transactions that you need to be accountable and make a proper records, you can easily produce the monthly reports that can help you evaluate your business performance and financial position.
You can easily outsourced the bookkeeping process to trusted freelance accountants and it will help you lift up the burden of keeping the records during FTA VAT Filing and Yearly Audit.
If you feel lost and alone in this start-up journey, please do not hesitate to Whatsapp your Freelance Finance Controller : 050 376 0436 or email us at
freelancefinancecontroller@gmail.com
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