How to Start a Bookkeeping Business in 8 Easy Steps?

Bookkeepers are helpful because they can focus solely on maintaining accurate and timely records, whereas startup founders often have to juggle bookkeeping with running a business. If your business startup bookkeeping has more transactions than you have time to track each day, hiring a bookkeeper is probably a good idea. In double-entry bookkeeping, every transaction is recorded in two separate accounts.

• If your startup is in the very earliest stages and only needs to handle a few cash transactions, Excel can be a useful stop-gap while you’re choosing and setting up specialized accounting software like QuickBooks.
• While building a complete Excel bookkeeping system isn’t a long-term solution, Excel spreadsheets are helpful for three individual bookkeeping tasks.
• Once your business grows, it is worth looking into alternative options for a double entry bookkeeping system.
• Cash Flow Statement gives a quick reflection of the Opening Balance, Cash Inflow, Cash Outflow, Closing Balance of cash flow of the startup business in hand.
• It can be downloaded and saved with your logo and details, so whenever you want to produce a sales invoice, it is ready with your branding.

Excel spreadsheets aren’t up to the task of creating a proper Cash Flow Statement that you can present to investors. However, for your own personal planning, you can still plan your cash flow month by month in a simple spreadsheet. Free Excel bookkeeping templates are great for starting small businesses on their basic bookkeeping journey. Knowing how much money you may have in a few months helps with your accounting and business planning. Credit card financing is a type of unsecured loan that is a good starting point for those who may not qualify for a small business loan.

Familiarize yourself with the template

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, it would be helpful to ensure your plan takes into account the seasonal nature of certain services such as tax preparation. If you’d like to quickly and easily complete your business plan, download Growthink’s Ultimate Business Plan Template and complete your plan and financial model in hours.

Virtual bookkeeping offers flexibility and cost savings, while a physical office can provide a professional image. Consider factors like your target market and personal preferences when making this decision. Read on to learn how Excel bookkeeping measures up against accounting software and which tasks it does make sense to manage with spreadsheets.

Marketing Plan Template – Excel

To get started on this route, you can download Fundera’s cash flow template here. This startup website template provides sections for calculating initial development costs as well as creating a projected budget over three years. View a list of costs and benefits to see how the website will impact the business over time. This template can help you determine the value of your website investment and track actual annual performance. Cash Flow Statement gives a quick reflection of the Opening Balance, Cash Inflow, Cash Outflow, Closing Balance of cash flow of the startup business in hand.

• Next, provide an overview of each of the subsequent sections of your plan.
• Essentially, if your answer to any of these questions is “yes,” it’s worth looking into an automated bookkeeping or accounting software.
• The spreadsheet includes pre-populated fields with expenses and income sources, which you can easily edit to accommodate your business.
• Assign specific responsibilities and deadlines for each step in the bookkeeping processes.
• Starting a bookkeeping business might be the perfect entrepreneurial journey for you.
• We can also add accounts as per our requirement under Income, Expenses, Assets or Liabilities under Finances view.