Do I Need A Bookkeeper If I Have Quickbooks

Do I Need A Bookkeeper If I Have Quickbooks

If You’re Wondering Do I Need A Bookkeeper If I Have Quickbooks – Please Read!

You may be asking yourself- do I need a bookkeeper if I have quickbooks. This post will go into everything and answer your question of whether or not you need a bookkeeper if you have bookkeeping software (like Quickbooks) that you manage on your own.

Why Every Startup Should Have a Bookkeeper(Even if You Have Quickbooks)

Are you only using Quickbooks to keep track of your cash flow for your business? Think you don’t need the help of a startup bookkeeper or business accounting service? Think again! 

This post will explain to you why you need a bookkeeper and accounting team for your startup even if you have quickbooks. Read on below why you should invest in bookkeeping services for your new business!

What is Quickbooks?

Developed by the popular financial software  company Inuit, Quickbooks is an accounting software package designed for small businesses in mind. This software can help business owners who have no experience in accounting or bookkeeping, and who need professional assistance in categorizing expenses, payroll functions, paying bills, and managing payments. Quickbooks is a highly automated software built for an introduction into the world of financial management for business owners. 

An entry level step into accounting and bookkeeping, Quickbooks can be a useful tool for business owners but is no good on its own. Quickbooks works best when paired with a bookkeeper who can help guide and explain things to you. Below are several disadvantages of using solely Quickbooks as your only source of financial tracking within your business. 

PRO TIP: You may want to check out this article: how to find the best CFO consulting firm in Los Angeles. It will be very informative!

how to choose a small business accounting service
how to choose a small business accounting service

Disadvantages of Quickbooks

Quickbooks is an entry level solution for small to medium sized business owners who have little to no idea what they are doing. However, if you are looking for a personalized option to scale your business even further, using only Quickbooks is probably not the best plan for you. There are advantages to Quickbooks: it’s an affordable option and easy to use. If you are looking for the best financial decision for your business, however, you will need a bookkeeper too. When used alone as a primary way to organize and track your financial data, Quickbooks has some disadvantages. These may include:

  • Limited business features which do include functions such as  HR management, lot tracking, barcode scanning, and eCommerce.
  • Pricey options for add-ons which can dramatically increase the cost of Quickbooks by up to six times the amount of the basic plan. Some of these expensive add ons include features like automated data backups, multiple users, management charts, customized reporting, and automated approvals. 
  • Random site crashes and sometimes sluggish site due to a limited number of users and file sizes that are admitted on the site. This can be a huge problem for you and your business, especially if you are working on a large and important transaction. 
  • No backup or cloud to recover from mistakes which is a necessity these days in the world of technology. Did you accidentally enter data in the incorrect account? Imported multiple transactions to the wrong place? If using Quickbooks, mistakes big and small are permanent and not retractable. 
  • Customer service which guides users to online forums to help answer concerns or questions instead of customer service specialists. Quickbooks prefers users to find answers from other users instead of assisting directly. 
  • Easily manipulated data which, while made easier for you to fix errors and mistakes, makes it even simpler for someone with malicious intention to ruin your precious data. 

The above disadvantages can be solved with the help of a professionally trained bookkeeper who can keep track of all your financial expenses and can even help manage your Quickbooks account. Using both a bookkeeper and the Quickbooks software can put you at an advantage over other business owners who lose money through poor financial tracking. 

What is Bookkeeping? 

If you have a business and are looking to increase revenue or simply maintain it, a bookkeeper or bookkeeping service near you is a highly recommended option to keep track of cash flow and expenses. Companies such as Startup Tandem offer a range of financial and accounting services, in addition to Fractional CFOs to help with day to day analysis, reporting and organization. Learn more about our fractional CFOs in Los Angeles or give us a call.

Bookkeeping keeps a record of all financial transactions within your business. Additionally, proper bookkeeping is required to be able to correctly file your taxes each year. Filing your taxes as a business owner is not a matter to take lightly. 

Bookkeeping is not to be confused with accounting, which uses the information bookkeepers give to determine a business owner’s financial state and can help with tax returns, independent audits, and certified financial statements. 

In comparison, bookkeepers manage your financial data and record financial information. This information is crucial as it is a big part of being aware of your transactions, cash flow, and additional financial matters which are a major part of your business. 

Pro Tip: Read our article to learn how to choose a small business accountant!

Why Do I Need a Bookkeeper if I Have Quickbooks?

The answer is simple, and it depends on if you are willing to take the risk of losing money for your business every year. While Quickbooks can be a beginner-friendly way to dip your toes into the world of accounting for your business, it is not the wisest financial decision when used alone and without guidance. 

Quickbooks relies on its users to never make mistakes, and this is where a hired bookkeeper can come in handy. Most business owners are not built in bookkeepers and are not aware of the many rules surrounding every entry made. There is rarely a straightforward answer when working as a bookkeeper. That is why it is so much more efficient to work with someone who is trained and can help you jump through all the hoops. Reasons you should hire a bookkeeper even if you have Quickbooks:

  • Bookkeepers Increase Financial Accuracy in Your Business
  • Quickbooks Does Not Catch Errors That Bookkeepers Can
  • Bookkeepers Save Wasted Time That Could Be Used For Your Business
  • There Is Lower Risk Involved in Hiring a Bookkeeper vs. Relying on Quickbooks or Employees
  • Financial Reports Are More Easily Understood and Presented 
  • Filing Taxes is Easier

Bookkeepers Increase Financial Accuracy In Your Business

While technology is an amazing tool that is helpful for businesses in many ways, it is not always the most accurate. This is especially true for working with your financial transactions and recordkeeping online. Quickbooks doesn’t see your business from the inside out; it is online aware of what you are inputting. Working with a bookkeeper gives you an advantage of ensuring your entries are correct and accurate. Without accurate tracking, you could be seriously risking expensive fines and penalties with your tax return. 

The last thing you want to be doing is struggling during tax season. Not only does having a bookkeeper help you become more organized as a business, but it also helps you have less stress surrounding your finances, too!

Quickbooks Does Not Catch Errors That Bookkeepers Can

Quickbook does not have the ability to detect any errors or mistakes you may have accidentally made. This is where your bookkeeper can really make a difference in your business. Imagine listing an entry incorrectly and having to deal with the consequences down the road. No one wants to find out they owe more than they do be fined ridiculous amounts of money. 

Use Quickbooks and also have a bookkeeper on hand to look through your accounts and entries. Your bookkeeper can monitor your accounts and ensure that all entries and transactions are accurately made. 

Bookkeepers Save Wasted Time That Could Be Used For Your Business

You own a business and strive to make it a success. Why spend hours record keeping and financial planning when you could be spending your time and energy on your business? Time is more valuable than money and you could be using the time focused on bookkeeping to grow and scale your business instead.

Spend more time doing what you enjoy, and less time stressing about the record keeping portion of your business. 

Do I need a bookkeeper if I have quickbooks?
financial and accounting services

There is Lower Risk Involved in Hiring a Bookkeeper vs. Relying on Quickbooks or Employees

Have you thought about using one of your employees to manage bookkeeping? Not a good idea, as it is much more likely for a signed on employee to commit fraudulent activity than a bookkeeper within a company. Hiring someone from the outside who has been screened by their company is a much lower risk than hiring from within. 

If in the unfortunate event that a bookkeeper does commit fraud, there is a company behind them that is able to retain the losses and compensate you accordingly. 

Financial Reports Are More Easily Understood and Presented 

While Quickbooks has a great feature which organizes and presents your data, most business owners don’t know what to do with the data that is shown. What does it mean for their company? How should they use this information? An understanding of all of the data and how it is shown in the presentation is necessary for reading the report accurately and successfully. Bookkeepers are much more helpful in this regard as they can read the report with accuracy and present it in a way that not only makes sense to you, but to potential investors and shareholders as well. 

Filing Taxes is Easier

As stated earlier, taxes are an integral part of your business and are a major aspect of your business. If filed incorrectly, there are costly penalties and fines that can set your business back. 

Quickbooks works alongside TurboTax to file your taxes, which can make it easier to file your taxes as a business owner. However, if you want peace of mind, hire a bookkeeper to keep all of your finances in line. The more complicated your tax information is, the higher chance of errors during tax season. A financial expert such as a bookkeeper keeps things running smoothly for you. An automated software like Quickbooks can never compare to someone professionally trained with the books. 

Quickbooks vs. a Bookkeeper

Quickbooks can do the basics for your business but at times when used alone is not user friendly. With Quickbooks you can:

  • Store and analyze data
  • Pay invoices
  • Generate reports
  • Prepare taxes
  • Keep track of recordkeeping
  • Use double entry accounting feature

This is all great information to have, but with Quickbooks, it is just that; information. There is no one to guide you through the process or explain to you what your reports mean or how you should enter your business expenses. With the help of a bookkeeper you can have access to all of the information above, but with the added assistance of having someone give you financial advice and explain what is going on with your finances. 

Bookkeepers are capable of everything that Quickbooks does and more. Not only can they accomplish all that is listed above, there is the personalized component that Quickbooks does not have available for business owners. Your personal bookkeeper knows the ins and outs of your business, what goals you have, all of your expenses, personal and professional. They are aware of all financial transactions occurring and the cash flow within your business. With Quickbooks, the software relies on you to do a decent job of acting as bookkeeping without the training. 

At first, Quickbooks alone might seem attractive to the small business owner with its affordable prices. However, sooner rather than later the features that Quickbooks has as add-ons will add to your expenses and dramatically increase what you pay monthly. Why only choose an automated software such as Quickbooks when you could also use the help of a professional with years of experience?

PRO TIP: Read our article to learn how much does a CPA cost!

Why You Need a Bookkeeper Even if You Have Quickbooks!

It may be tempting as a small business owner to DIY it all and avoid paying for a bookkeeper. However, only using Quickbooks can actually put you and your business at more of a financial strain. With expensive add-on features that can multiply the cost of their software up to six times as much, using only Quickbooks would do more harm than good for your business. Instead, limit your use of Quickbooks and use a bookkeeper to keep track of everything going on within the walls of your growing business. 

Technology is evolving which can be fantastic for new business owners. However, why only choose software over a trained bookkeeper when it comes to the biggest part of your business: finances! Allow a trained professional to take over your transactions to let you focus on your business instead. It is my hope this post convinced you on why you need a bookkeeper even if you have Quickbooks!

Hire Startup Tandem For Accounting And Bookkeeping Services

Hire Startup Tandem for your accounting and bookkeeping services we have locations in LA and Delaware. Please take a look at our locations below and contact us if you have questions on our services!

Should Every Startup Invest In Financial Services?

Should Every Startup Invest In Financial Services?

Should Every Startup Invest in Financial Services?

“No matter how brilliant your mind or strategy, if you’re playing a solo game, you’ll always lose out to a team.” This quote by Reid Hoffman exactly pin-points why Startup companies need to invest in financial services.

Not sure if you are a “startup” or a “small business”? Well if you are a company that is intent on growing as fast as you can then you are most likely a “startup”. Still, there is significant risk in growing your company by playing ball hard and fast. You lose time, need to keep investors and banks happy, and create a financial plan for your future. 

should every startup invest in financial services?
should every startup invest in financial services?

There are so many things to juggle when it comes to running a company. Budgeting can be hard and not everyone has a talent with numbers. Being in the red can be scary. Some decide to outsource, while others choose to go ahead and take on this task themselves. So the question remains: should every startup invest in financial services?

PRO TIP: Read this amazing article should I quit my job and start a business. We know it will add insight on the topic of founding a startup. It should possibly also help you decide on what type of business to start too!

More On Financial Services As A Business Investment

Financial Planning

So first let’s define “Financial Planning”. This is where you make a plan, or guide, to show how your money and other assets will help you meet your money goals. When you are running a startup company, you want to make sure all of those financial needs are being met. Fundamentally, some startups are more profitable than others. However, the formula and theory is essentially the same.

This is where hiring a certified accountant can help you. Certified accountants are trained to look at your business costs and project how to help your company grow in the best way possible. Financial analysis may, also, not be your strong suit. Outsourcing to your financial team can help make sure all your ducks are in a row, especially when it comes to things like loans or investors. 

Building a financial strategy can help your accountant understand exactly what you need. This way, too, you can take your current situation astride. Depending on whether you are post or pre-funding your financial strategy and planning may shift. 

Doing It All Yourself

While doing it yourself could save you some money, in the long run it may be more trouble than it is worth. As the head of your company, you have so many other items on your “To DO” list. Finances and number crunching can take time, and there is room for error. Knowing how to delegate those financial tasks to trained employees or third party sources can help you save time. And you know what they say, “Time is Money”. 

PRO TIP: Read this excellent article entitled when is a good time to hire a CFO! We know it will be super informative.

Protecting Your Company

There are many difficult risks to creating a startup company. Some of these can be 

  • Bankruptcy
  • Financial 
  • Economic 
  • Risk of the unknown
  • Theft
  • Funding

By investing in a third-party financial service, you are reducing those risks. They can help you create a financial forecast and even a budget to help keep an eye on your day to day operations. Reports can be created to keep banks and investors happy. Financial data can be translated in a way that helps you understand exactly what you are looking at. 

By outsourcing and investing in financial services you can reduce theft to your company as well. Financial services are there to make sure an ear is always on the heartbeat of your company. 

Other Things They Can Do for You

Still not convinced? Here are a few more items that a financial service can help you navigate:

  • Cash-Flow Management
  • Bookkeeping and Accounting
  • Cash Forecasting
  • Payroll Solutions
  • Staying in financial compliance
  • Creating the financial foundation for your rapidly growing company. 
  • Key Milestones

All of these items are instrumental to making sure your company grows smoothly and without tons of risk. They can help you create a budget that will allow for all these items to be made a reality. Either way, it’s probably a good idea to speak to either an accountant and or a bank manager. They will know best how to guide you. 

How Startup Tandem Can Help

If you’re reading this blog post, you may be wondering if your startup should begin to invest in financial services. Perhaps you have a business that has taken off and you need an expert to help you scale. Or perhaps you’re not quite where you need to be. Maybe you are burning a hole in your wallet and are feeling the affect of not having a strong financial backing.

Whatever the case may be, Startup Tandem works with businesses in every stage of development. We provide affordable solutions and meet clients where they are at. You can learn more about our service packages here.

Learn more about Startup Tandem and how it works. Give us a call at your convenience for a free consultation on services. We look forward to making you our future financial partner!

best financial services for startups
best financial services for startups

Conclusion: Should Every Startup Invest In Financial Services

Startup companies grow at neck breaking speeds. Their entrepreneurial owners have a lot on their plates in order to keep the company growing at a steady, yet fast pace. Investing in financial services such as a certified accountant can calm some of those choppy waters. 

The financial services can allow entrepreneurs more time to dedicate to the actual running of their companies. They don’t have to worry about managing cash-flow, payroll solutions, financial analysis or other accounting issues. It also allows entrepreneurs to sit down with a professional and create financial plans and projections for their future. 

Still, every entrepreneur and startup is different. Some people feel more comfortable starting off doing the finances for themselves with a third party bookkeeper. If this is the route you choose, maybe consider investing in a financial service down the road. It may be worth it. 

When Is A Good Time To Hire A CFO

When Is A Good Time To Hire A CFO

When Is A Good Time To Hire A CFO?

If you’re like many startup owners and entrepreneurs who ask, “When is a good time to hire a CFO?” this post will explain everything you need to know on the topic. Read along as we discover the benefits of hiring a CFO sooner rather than later.

You can also watch our video below as the founder of Startup Tandem discusses some basics related to the topic!

Do I REALLY Need To Hire A CFO Right Now??

If you’re wondering when is a good time to hire a CFO, this post will walk you through everything on the subject. So maybe you recently quit your job to start a business. Or maybe you are a business owner who’s been doing everything on your own. This article will explain when to hire a CFO and the benefits in doing so!

PRO TIP: Once you decide the time is right to hire a chief financial officer, you’re going to wonder how to find one that is the best fit for your company. You can read this blog post to learn how to hire a CFO too!

when should I hire a CFO?
when should I hire a CFO?

Managing Startup Finances Can Be Super Stressful!

Dealing with the finances of your business can be a major source of anxiety for small businesses and those who are just starting out. However, while managing your finances alone might be an easy thing to do within the first years of your business, it can quickly spiral out of control and leave you with a headache. In order to avoid this, you need a CFO, but when should you hire one?

PRO TIP: Read this amazing article to learn how much does a CPA cost? We know it will be super helpful!

Hiring A CFO Right Away Is A Great Decision!

You should hire a CFO as soon as your business allows, which for most small startups is whenever you have raised around 500K through fundraising. This is a good amount that just isn’t manageable for you to handle alone, and since you are already going to be attracting investors at this point, a CFO is going to be able to help you handle everything.

outsourced CFO
Outsourced CFO

When Revenue Increases

If your revenue increases to over a million dollars, then you also need to invest some of that money into a CFO for yourself. You will need to not just take in this cash with your business, but also be able to manage it and ensure that you can hit your business milestones and also make sure that you are working within a strong financial model. 

PRO TIP: Read this article to learn which startups are most profitable. It will help you decide what type of business to start!

Understanding Costs

Additionally, while bringing on new clients can be a very lucrative thing for small businesses, sometimes they don’t know exactly how much it will cost to work with them full time. If your service costs money on your end, then a CFO will be able to see how much it costs every time you add a new client to your network. Then they can help you balance the books and possibly charge more in order to make up for the lost cost.

Scaling Will Be Easier

Having a CFO will also help you as your business scales up, because you will need to examine where your business is going and how you can ensure your business can handle the rapid growth you are going to put it through. Since a CFO is so important, and will help you in nearly every single stage of your business, then it might help you to know exactly what a CFO is.

Some Basics About Hiring A CFO For Your Startup

What Is A CFO?

A Chief Financial Officer is the person who is in charge of the money and fiscal side of your business. They work with your existing accounting and finance team (or build one if your business doesn’t have one), focuses on the revenue and expenses of your business, works to get outside funding, and is the primary point of communication with banks, your board of directors, and you as the CEO of your company.

CFO’s are the experts in all things money, and you will need to hire one once your business grows to a level of income that can’t be handled alone. Having an expert on your side will mean that you will be able to avoid any problems that can occur as you are growing your business, and they will be your sounding board when it comes to anything involving money.

While things like fundraising and marketing and growing your business might seem like easy boxes to check off for a budding entrepreneur, they can come with questions and pitfalls that most business owners just don’t know about. Thankfully, your CFO will have that knowledge and will make sure to ask you those questions. That way, everyone will be able to watch the company scale financially, without experiencing any problems.

PRO TIP: Read this article to learn how to choose accounting services for your small business. You can also read this post about hiring a part-time CFO and how to go about doing so! Both will be very informative and helpful.

When Should You Avoid Hiring A CFO?

Thankfully, there aren’t too many situations where going without a CFO is a good idea for a startup. Hiring an expert full time for your team can be very expensive, so as long as you can pay that price in your business, then you need to hire a CFO. 

They will be an integral cornerstone of your business, and with them, on your side you will see massive growth! As long as you meet the above revenue guidelines and have watched your business grow in scale, a CFO is someone that you should hire and consult with right away. You will not regret hiring this expert in finance, and by working with them you will be able to take your business to even bigger heights!

the best time to hire a CFO is now!
when to hire a CFO

Conclusion: When Is A Good Time To Hire A CFO?

The bottom line is that hiring a CFO is a good decision if you care about the financial health of your business, want to scale up successfully and take your business seriously. A CFO, like any other position, is needed for many of the reasons we’ve addressed previously.

Companies such as Startup Tandem offer outsourced CFO solutions for startups and small businesses in a variety of industries. We have locations in Delaware and Santa Monica, California and help businesses all over the country with a variety of services. Learn more about Startup Tandem and the Tandem Culture and give them a call for a free quote on services.

We hope you have a better understanding of when is a good time to hire a CFO and wish you all the best!

How To Quit Your Job And Get A Better One

How To Quit Your Job And Get A Better One

https://youtube.com/watch?v=Go7ft3-265M%3Ffeature%3Doembed

How To Quit Your Job And Get A Better One

This post will explain how you can quit your current job and get a better one. If you want to leave your current job and do not know how, stick around. We will tell you. If you want to make a career change, you are also in luck. You will learn everything you need to know about quitting your job properly. You will be able to live life to the fullest as you are working your new job. 

Keep in mind that there is a lot to consider when you are quitting a job. We are going to talk about all the reasons you might want to quit a job so that you can decide easier. The more that you know, the easier it will be to execute this process. 

Remember, this article is going to inform you and educate you. Everyone has different circumstances. If you are not able to quit your job, then you should not. Each case should be treated differently. However, we are going to talk about everyone in general. Let us look at what to keep in mind when deciding to quit your current jobshould I resign to found a startup?

should I resign

Deciding To Quit Your Job

If you are thinking about quitting your job, there are several reasons why. There are many reasons that would cause people to question whether they should stay at their current job. This could include any of the following:

Better Pay 

This is one of the most common reasons people will quit their job. They have found something that will pay better. Better pay is always something that motivates people. With everything happening in the world, it really is a good reason to find a new job. 

Better Opportunities 

Many people will leave their current jobs because they are not moving up. Some jobs there are few chances for opportunities. This means that you are stuck in the same position forever. This also means that you are going to be getting the same pay forever as well. 

If you find a job that has room for advancements, many people will choose this over their current job. People want to move up in a company and make more money. The goal is always to be better than where you started. 

Better Work Environment

Many people state that their work environment is toxic. There are arguments and incidents that go unreported. Even if they are reported, the employer does not do anything. If a person has had enough disrespect or mistreatment from a company, they will find an employer who will treat them better. 

Better Fit

Sometimes people will be offered jobs and take them. They believe that they can do it. However, they cannot do the task. They are going to find a job that better suits their abilities. 

Quitting Your Job – Gaining Confidence

When you quit your job, you need to be confident. You also need to make sure that you have another job lined up unless you are planning to quit your job and start a business. In that case, you should speak to a CFO consulting firm and companies that offer financial consulting services before anything.  Startup Tandem is an excellent resource for early stage startups and can help with your financial planning, budgeting, accounting and offer advice if you are starting a business.

You should not quit a job until you have another job ready to go. This is essential so that you are not missing any pay. Missing a single paycheck can cause problems. When you quit, there are a few things that you should have planned already. Let us look at the things that you should do to ensure you succeed. 

Compare/Contrast Jobs 

You will want to look at both jobs. You want to ensure that you are making the right decision. Look at the jobs and see which has better opportunities. You will make a pro and con list for this section. 

Look At Goals 

You will want to make sure that you are setting goals for yourself. Your goals are important. You should ensure that this job makes you closer to your career goals. This will help you on your path to success. 

Personal Needs 

One of the biggest things that people take into consideration is money. However, there are other reasons that you would go to one job over another. You want to decide what is important to you. You need to go to this job each day. What do you want in a work environment? Determine this before quitting and finding a job. 

Other’s Perspectives 

If you do not know what to do about this change, ask for advice and help. You can ask those who are close to you. This could include friends and family. Bring them the facts and information they need to know. They will need to know all the information to make an informed decision. 

Ensure The Company Is Legit

When you find a job, ensure that it is real. You do not want to quit a legit job for something that is not real. Make sure that the company is established. Make sure it has reviews and others have been there. 

  1. If you want to quit your job, do it at the right time. You need to make sure that it works with your schedule and your employers. Always be sure to tell your employer that you are leaving. Never just do not show up. Make sure to give proper notice. Most employers will ask that you leave a two-week notice. This means that they have two weeks to work with you until you are done. 
  2. When you are leaving your job, be honest. Tell your supervisor or boss why you are leaving. They will be informed and change how they are acting. For example, if you believe that the work schedule interferes too much with personal life, tell them that. 
  3. Always be sure to leave on good terms. You want to have a place to go to if something does not work out. If you leave on bad terms, you are going to not have a place to go to. Always be professional even when you are quitting a job. 
  4. Make sure that you are starting your new job right away. Establish yourself there and watch yourself thrive. Meet other employees and make friends. 

Following The Masses In The Great Resignation

As you know, we are currently dealing with a global pandemic. Many companies have positions that lye vacant. There are many people resigning from their jobs as well. It was a time back in 2021 when people were leaving their jobs because many reasons. Let us talk about what caused the Great Resignation. 

  1. You will find that people were working in inhumane conditions. These conditions were bad before Covid. The area was even worse after the pandemic struck. 
  2. Many people have worked more but are paid less. People are leaving jobs due to lack of pay. People are working harder for less pay. Many people are switching jobs or even careers to have better pay. 
  3. A lot of people did not want to return to those work situations because the compensation from the government was enough to stay afloat. 
  4. People are now finding ways to work from home. This is even more popular because of the pandemic. There are many businesses that have formed. 
  5. People are leaving their workplace due to mandatory vaccinations. People believe they deserve to have a choice when they are getting vaccines. However, some companies now mandate that all their employees get the Covid-19 Vaccine. 

should I quit my job and start a business?

should I quit my job and start a business

COVID Has Altered Our Thinking About Employment

Since the beginning of Covid-19, people have been worried. People are worried to go shopping and people are worried about going to work. We have completely changed the way we look at employment. More people are staying home than ever before. 

Many people are looking to find new jobs during the pandemic. The biggest thing people want is to be able to balance work and personal life. This was the biggest consideration before the pandemic and continues to be the biggest thing during the pandemic. 

People are now more flexible with their work. This means that they are more flexible with their schedules and work times. Flexible work has grown about twelve percent. People are also looking to have an inclusive workplace as well. 

Inclusive Workplace 

People are finding that having an inclusive workplace is important. People are looking for everyone to be accepted at every company. People are not as willing to work with people who do not include everyone. Everyone should be able to do any job. People keep workplace inclusiveness in mind when determining a career. 

In fact, many companies are hiring many diverse people. Companies will often be looked at better if they hire more diverse groups of people. They are being inclusive and many higher-up people like that. 

PRO TIP: Read this article to learn how to build a startup financial model before you start. We know it will be super helpful.

Adequate Company 

People want to find a company that is going to last. A company that will be available forever. This means that people can build up retirement funds and love their job. If a person can have a career they want with benefits, they will choose that. 

Working From Home

Because there is a global pandemic, many people have been working from home. Many people will do their regular job from home. However, sometimes doing your current job at home is not possible. This means that people are searching for new ways to make money from home. People have started their own businesses from home during Covid. 

Just because you are not in an office, does not mean that you cannot get work done. In fact, people are being found more productive when working from home than in the office. 

Revolution

Many people see that Covid-19 has diminished the people who are willing to work. However, this is not true. People do want to work. They just are aware of what they want. People are more demanding about their jobs. Those who have work want a career. This means that they keep a lot of things into consideration. 

If you ever are wanting to quit your job for one reason or another, you have another to go to. This revolution of people finding their dream jobs, is amazing. While this is amazing, we do need people to fill positions that are empty. 

Not Enough Workers?

You may find that many workplaces do not have enough employees. Sometimes the workplace will close earlier than normal, not have the products they should, or other reasons. Everyone is finding their dream job and finding the best paying job. No one is looking at factory work or even fast food. These are all essential parts of our life. These jobs are great for those who have not had jobs in a while or are just starting out. 

Places are now paying higher because people do not want to work at them. Fast food industries are upping their wages to ensure that there are enough workers. Many factories are also upping their wages as well. 

Determining Your Path

When you are getting done with high school, you should make sure you know what you want to do with life. You should pursue school. However, you should still be working while in school. This will allow you to have money for important items. You never know when you will need to have extra money, especially during a pandemic. Factories and fast food are a good option for those who are going to school. Working from your dorm room is also an option. 

It is important that you take the time to determine what you want to be when you grow up. You want to be helpful as a human. Finding a job that you find rewarding is essential. should I resign to found a startup?

should I resign

Quitting Your Job Is A Big Decision

Let’s be honest – quitting your job is a big decision. Especially if you have a family to support. So weighing out the pros and cons is key to quitting your job and finding a new one.

Ask Yourself These Questions When Quitting Your Job

Before you quit your job, ask yourself these questions.  If you find that you answer the questions with a no most of the time, it might be helpful to develop a plan prior to quitting your job for good.

  • Do I have enough money in the bank to support myself or my family for an extended period of time?
  • Do I have excellent or very good credit?
  • Are my bills all paid?
  • Are there any prospective jobs on the horizon?
  • Do I have a desirable resume or service to offer?
  • Does my family agree with my idea of quitting my job?
  • Do I have other sources of income?
  • Have I paid my dues at my current job or at previous jobs?
  • Do I feel I can rightfully leave my job?
  • Have I been applying to other jobs?
  • Do I know what I want to do when I leave my current job?

How To Quit Your Job In 5 Easy Steps

If you’ve decided that the time is right to quit your job, here’s how to do it in 5 easy steps!

Step 1: Have A Plan

Before deciding to quit your job, you should have a plan.  Formulate your plan so that you can easily quit your job and not look back.

Your plan should include a savings of some sort, potential job opportunities or a side hustle to continue making the money you need, as well as a plan of action to actually quit. Read on to learn the additional steps to take to properly quit your job.

Step 2: Speak To Your Boss

This next step is very important. You must ask yourself if quitting your job is happening because you feel you are not making enough money or if you are quitting your job because you are truly unhappy.

If you are quitting your job because you feel you need a pay raise, then you should ask for a raise rather than quitting your job.

Step 3: Put In Your Two Weeks

If you still continue to feel that quitting your job is the best decision, put in your two weeks and do it the right way. If you fail to follow this step or leave on bad terms, you may not be able to get a reference from your employer. Also, if you ever feel you want to go back to your former job, you want to make sure you don’t burn any bridges that may prevent you from doing so.

Step 4: Continue To Do Your Best

This step is very important so as to not burn bridges from the job that you are leaving. You want to continue working and performing at your best.  Doing so will say a lot about your character. In addition it’s insurance so that if you ever face difficulties you will be able to ask for your job back and possibly even get it back.

Step 5: Take The Steps Necessary To Find A Better Job

Finding a better job might not be easy. But if you follow these steps you are sure to find something more fulfilling and rewarding and leave your other job on good terms too.

Wrapping Up: How To Quit Your Job And Get A Better One

Taking this time to determine your dream job is essential. However, keep in mind that you will need to have a job to go to if you are going to school for your dream job. This is where fast food and factories can utilize your help. Always be sure to have a job. 

If you are scared to work in public due to the pandemic, there are many ways that you can make money online. There are several platforms available to quickly make money. This means that there is no reason that you cannot work. 

We hope you now know how to quit your job and get a better one and wish you all the best.

How To Build A Startup Financial Model

How To Build A Startup Financial Model

How to Build A Startup Financial Model 

If you are wondering how to build a startup financial model, then you are in the right place. We are going to discuss the top considerations when you are wanting to build a model. If you are interested in building a startup financial model, stay tuned!

What Is A Financial Model?

You’re wondering how to build a startup financial model. But what is a financial model, anyways? Financial modeling is the process of mathematically creating a model of a real life situation.  This is done in order to determine a valuation for a business or to compare businesses to competitors. It’s an important process that has many benefits.

Simple Startup 

This is going to be a model that is created and generally provided for free. This is essentially a template that will allow those who know how to use excel, to do it on their own. Keep in mind that there are a lot of companies that offer this, and some are not the best. 

Also keep in mind that not all small businesses or businesses can hire someone like a company to build a model for them. It does not make sense because they do not have the money, or they are just starting out. 

The model that is available for many people is going to be one that is simplified. It will be one that will be simpler than ones that a company would use for their clients. 

There will be three tabs to this document that are going to be especially important for your business or company. The first tab is going to be a summary tab. This is where you will find your output. You will find that you have your income statements as well. Many people, such as CEO’s, will use this for knowing how much they have spent on a business startup

The next tab is a model tab. This is where you will have all the magic occur. This is where you can put expenses, head counts, projections, or other marketing items. This will allow you to balance your cash as well. 

There is a tab that is an instruction model. This tab will allow you to be able to navigate through the model to ensure that all the numbers you are getting are accurate so that you do not have to worry.

PRO TIP: Read this article and learn if you should quit your job and start a business.  We know you’re going to love it!what type of business should I start?

what type of business to start

Budget

One of the most important things to do is build a budget. Keep in mind that you need to determine how much you can spend. The headcount or your employees is going to be where the most expenses go to. You should always make sure to hire the hardest-working employees.

Determine how much cash that you think you will be spending in the years to come. Do not ask people how you should spend the money, instead, make sure that you know what you want to do and budget accordingly. Be strict with your budget and stick to it. 

Always be aware of things that could go wrong. Have money put aside for this reason. Make sure that you are investing in your company and determining how much money you will need. Building a company does not have to cost a million dollars. Let us look at how to start your model and where to start it.

Starting Your Model 

You have come up with an idea and you have hired a few people to help you. At this point you may even have a few clients. Now it is time to make a model for your financial figures. You want to determine if you can make more money or how long you can keep your business going as it stands right now. We are going to take a look at the few things that you should keep into consideration. 

  1. You are going to want to determine if the market is big or small. You will determine at this time if you are making enough money to have a good business or not. Essentially you are determining if your business is worth taking off. You will determine here if you continue or not. 
  2. If your business is booming, you need to determine how many people you will need to keep up with business. This is where you determine pay, headcount, and what you need. You need to work with your budget carefully. 
  3. Lastly, you need to determine and be fully knowledgeable about the economics of your unit. You need to know how much you are making off a sale after all the expenses put into it. 

Pro Tip: A lot of businesses and companies will lose out on business on their first few sales. This is common and you should not worry.  Instead, be sure to partner with a great company like Startup Tandem to ensure your optimizing sales and cash flow.  Startup Tandem offers different service packages for you to choose from and are very well known in the startup community.


Optimizing Your Startup

There are a few things that you can do to ensure that your start-up is successful. Many people decide to spend more money at first and end up finding challenges in the beginning. The key it to envision everything long-term. This will help you decide what you need and how you can achieve what you want to achieve. 

You need to be making money and have money coming in. This means that you need to be selling items and keeping track of your expenses. There are a few things that people will spend a lot on during the first stages of their business and that includes 

  • Rent 
  • Utilities
  • Payroll
  • Contractors 

These are all expenses that need to be taken into consideration. If you do not keep all these items into consideration, your business will likely fail. Taking the time to determine what you want to pay, how much help you need, and getting all bills figured out will help you keep your business up and running.

CONCLUSION: How To Build A Startup Financial Model

Taking the time to determine how you can build a financial setup for your business is important. We have gone over a few tips and how you can access a spreadsheet in Excel to help you understand your financials. Keep in mind that everything you have read in the article is informational. This information will help you determine what you need to cut costs on and what you can keep. Taking the time to know what to cut and what to keep is important.

Partnering with the right company to manage financials is key to having a thriving business.  Startup Tandem is a great company that can help you navigate the tricky financial waters of being an early stage startup. Startup Tandem has two locations and services businesses all over the continental United States. Contact them today and start building upon your startup with the right financial foundation.

We hope that it has helped you better understand how to build a startup financial model.

What Type Of Business Should I Start?

What Type Of Business Should I Start?

What Type of Business Should I Start? 

If you are wondering what type of business should I start, then you are in the right place. We are going to talk about what business you should start and how to go about starting any business. We are going to talk about the basic steps to starting a business no matter what you decide to do.

PRO TIP: Read this article to learn which startups are the most profitable. You may want to consider a few of them!

Things To Consider When Starting A Business

When starting a business, there are many things to consider before you quit your job and start a business.  For one, how much capital do you have? If you are starting a business and have a good chunk to invest, your options may be less limited. You’ll have more money to invest in equipment and startup costs that many people aren’t able to afford initially.

Here are some questions to answer before you begin the process:

  1. How much money am I willing to invest in startup costs, equipment, services and materials?
  2. How much can I afford to lose without breaking the bank
  3. What is the projected cash flow for the first couple of months into business ownership?
  4. Do I have appropriate funding to support growth?
  5. Are there a lot of initial costs that I expect to incur?
  6. Do I have realistic expectations for my startup?
  7. What about an accountant or bookkeeping service. Am I prepared to hire an accountant?

what type of business should I start?

what type of business to start

Businesses That Are Easy To Start That You May Want To Consider

When you are thinking about starting a business, there are a lot of options. There are many businesses that could be started relatively easy. However, keep in mind that each business is different and will have unique needs. Let us take a look at a few jobs that are easier to start than some of the rest. 

PRO TIP: Read our tips for increasing cash flow in a startup.

Pet Sitting Businesses

We are not saying that everyone is going to want to do this job, however, it is something simple that you can start easily. There are pets in every community, however, not everyone has time to watch them or walk them. Plus, sometimes people go on vacation and need someone to watch their pets. 

You can be the person to help watch pets and take them for walks. It is simple. However, you may want to have a few items at your house if you are watching animals there. 

A few things you will need is:

  • Food 
  • Water 
  • Pet Toys 
  • Pet Sleeping Area 

You need to ensure that you have adapted to the needs of the pet and owner’s wishes. You want to ensure that the pet is properly taken care of while they are away. 

Cleaning Services 

You may also try to clean houses or other properties. You will be going into someone’s house or property to clean. Many people are looking for people willing to help them clean their house. This is a great business to start if you are looking to start your own. However, it is important to keep in mind that you do need to spend money before you start your job. 

You will need to make sure that you have all the necessary cleaning supplies. You will want to have your own cleaning supplies that you do not use at your house. You may want to opt for natural cleaners so that it is more convenient for everyone. You go to a client’s house, and they want cleaners that are all-natural, and you already planned for that. It is a solution where everyone benefits. 


Delivery Businesses

Technically, you can run and start your own business if you work for Uber or Lyft.  However, even hooking up with local businesses, offering them a better deal for their money with your delivery service is a great way to start a business. But the key here is relationships.

There are a few businesses that you can be your own boss. These are delivery driver option. You may not thing there is a place ever since the on-take of Uber, however you are sadly mistaken if you want to start a business on a much smaller scale.

Taking the time to know what business you can start is important. If you are going to start a delivery business, you need to ensure that your vehicle is clean and you connect with many local businesses in your area. You will also want to make sure that you have items to keep your food warm. You do not want the client to get cold food. 

Keep in mind that we are not saying you must deliver just food, there are many things that you can deliver. Either way, your vehicle should be kept clean and sanitized. 

Online Business

Online business is a great business to get into. Whether you are your own business owner on Amazon or somewhere else, the online arena is massive and doesn’t require anything other than a computer. Now, of course you will need inventory if you plan to start an e-commerce site or store. However, it isn’t always necessary to even have inventory on hand.

Managing Your Financials Properly

You must take note that each business is going to take money to start. You are going to have to invest in your company before you decide to start it. For example, pet sitting, you will need to ensure that you have everything you need. The same goes for house cleaning. You will need to make sure that you have all supplies you might need for cleaning a home. 

CONCLUSION: What Type Of Business Should I Start?


Taking the time to start your own business is hard, however, it does not have to be. There are a lot of people starting their own companies and businesses all the time. All you need to do is make sure that you have enough money to invest in the company to ensure that it lasts. Take the time to sit down and make a blueprint of your business. This will help you. Also write down numbers so you know what you must spend and what you should not. Also, make sure you write down everything you need and their prices.

Companies such as Startup Tandem can help you effectively start a business and manage financials.  Startup Tandem offers financial management services to companies in the United States.  With locations in Wilmington Delaware and Santa Monica, they are the best financial service for startups in the country and can help you with your business goals. Check out their Santa Monica location here and their Delaware location here.

We hope that this has answered your question about what types of business should I start.