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A startup is an organization that is under control of one or more entrepreneurs and aims at bringing a new product or service to the market. In most cases, founders fund initially for setting up a startup. They invest a substantial amount of time and money in research. Mostly, young entrepreneurs are involved in the process. So, since the startups don’t have a strong background at the initial stage of operations, bookkeeping becomes important for them.
Bookkeeping is the process of recording financial transactions of a business on a daily basis that include sales, purchase, receipts, payments. It is a part of accounting that records financial affairs of the business in the form of journal entries. It is basically a means of entering data into the accounting system. Therefore, accurate and complete bookkeeping becomes a major source of information for any kind of organization including startups. However, many times it is seen that startups do not consider Accounting & Bookkeeping services an important task in the initial stage of operations and in order to avoid extra cost, they ignore the concept of bookkeeping.
Timely bookkeeping is key for keeping a track of the financial performance of the organization. It enables the management to make informed decisions knowing how the organization is performing and what corrective actions are required. So, startups should not overlook the importance of bookkeeping as it is a measure of business performance in terms of money and not a burden.