Bookkeeping for Startups: Tips and Common Mistakes

Bookkeeping is one of the most complicated aspects of starting and growing a business. When young entrepreneurs launch their startups they have deep education and expertise in the matters they’ll be dealing with in their company, but - usually - none of them know anything about bookkeeping. And yet, this is the aspect that is most common to any business in the world.In this article, we’d like to provide you with some tips and common mistakes to avoid to make things easier for any startup entrepreneur.

Bookkeeping for Startups: tips

specifically, you’d still need to know the percentage of deduction you should calculate on your profit. If not, you’d be misunderstanding your accounts by overestimating your profits.

have years of experience offering bookkeeping services for startup companies.

, but is it really ideal for bookkeeping?

It’s true that Excel is powerful software, but it needs to be set up properly to make it do exactly what you need. When it comes to bookkeeping, you’ll need some automation in a lot of processes: calculating taxes, updating your inventory, and so on… A specific software, built for business bookkeeping is more suitable for the task.

 Poor invoicing habits

The more detailed and precise you are with your invoices - the ones you make and the ones you need to store - the easier it’ll be to update your accounts and avoid mistakes.