If you are prefunding and keeping super lean, you are typically the bookkeeper, CFO, CEO and all of it rolled into one. Once you have some cash to invest here we recommend setting up with an outsourced provider for your monthly reporting.
What is bookkeeping
Bookkeeping is the creation of an accurate record of all your financial activity. Entering all financials into the software you decide to use helps avoid any personal and business integration, prevents errors, and organizes everything for your tax reporting, investor due diligence and to manage cash burn.
When to bookkeep
The sooner you start keeping your books, the less headaches you'll have with your accounting process. Having software decreases your workload and simplifies any financial planning and analysis you want to do with the numbers.
Start bookkeeping as soon as you begin issuing payroll, dealing with expenses and/or generating revenue.
Do not let this get out of hand.
We fully suggest outsourcing as much of the bookkeeping job as you can. It is not a value add and tends to add back office bloat. If you set up the right stack of tools most everything we flow seamlessly and you will only have to answer a few questions each month to complete the books.
A bookkeeping and tax service that combines software and humans to take care of your accounting and tax back office. They offer a fixed cost monthly service that does all of the busy work and reaches out to you for questions. Pilot is affordable will set up the whole stack for you and will always be on time with reporting. They can also prepare your taxes as well for an additional fee. Email
for some white glove service with our dedicated team.
Bench organizes the financials of small businesses, independent contractors, and entrepreneurs. They pair their software with a live bookkeeping team, and combine the convenience and efficiency of modern technology with the expertise and time-savings afforded by a professional service. They use an inhouse software that makes it difficult to migrate away from as you scale.
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