Every organization needs to account for all the dollars and cents that flow through our doors. We can usually handle the basics of a general ledger but even for a sole proprietorship, we will likely need to handle someone to do taxes at a minimum, and often end up with a second to help us with basic accounting throughout the year.
The easy stuff is tagging receipts to categorize expenditures and entering money as it comes in. But there are a lot of complicated aspects of accounting that career professionals will need to handle. Especially if we find success and there’s real money being made or raised. As those trusted to run a startup, we don’t have to deal with all the accounting minutiae (and in fact a check and balance is a really good idea). Instead, we can (and probably should) immediately hire someone to help us get our books in order.
To read more of my article, check out: https://www.bootstrappers.mn/post/bringing-on-an-accountant