Starting a business can be daunting. It takes a person more courageous than most to undergo the financial, personal and emotional risk that comes with setting up your own start up. Over 530,000 start ups have been set up in the U.K. already this year, on pace to smash last year’s record. Some, unfortunately, will fail and some will succeed. Setting yourself up for success is critical to surviving as a start up. A fairly basic idea, of course, but not one often executed well.
Often, new businesses will forgo start up bookkeeping software in favour of spreadsheets, such as Excel. The thinking here is logical. Why would I pay for start up bookkeeping software when I can get by without it? Bookkeeping software for start ups, or any business, is much more than a glorified spreadsheet. It really earns its salt showing entrepreneurs how their business is performing.
All the late nights, early mornings and missed family time put in to your start up can be made more efficient with the right information. View your accounts not just as something that legally has to be done, but as the goldmine of what you need to know to succeed.
Reports from your start up bookkeeping software package might show you that certain products are selling faster than others at certain times of the year. Information like this can allow you to make better sales decisions to better follow your business plan and protect your all important cash flow. Sure, spreadsheets may be able to do some of this. How much time are you willing to spend creating all of your reports in Excel when you can get them at the click of a button?
There are many functions which spreadsheets won’t perform that your start up bookkeeping software will. So don’t risk your livelihood not having what it needs to succeed. Plenty of entrepreneurs are absolute experts in their own fields, with the products they sell or the services they provide. Many are not so confident when it comes to the business side of the operation or the bookkeeping. Make life easy on yourself and set your business up for success with a dedicated start up bookkeeping software package.
Related: Sole Trader Accounting Software