As a solo founder with no employees and simple expenses, I'm spending about $7000/year to pay Pilot.com for bookkeeping and taxes (would have used Bench but my investor recomended Pilot)
There HAS to be a better way. I heard on YC's financial video https://www.youtube.com/watch?v=LBC16jhiwak that while doing company taxes take too much time, bookkeeping should be feasible initially.
Bench has a guide for founders bookeeping, but it's not...complete. It talks through the high level ideas, but I'm hoping for a step-by-step here's how you do everything guide, so I can do my own bookkeeping and save at least $200-300/month of burn (and develop basic financial knowledge). Thanks.
To align our startup from marketing all the to revenue/costs we created a quant spreadsheet
Here's an article on how to create one for marketing:
https://okdork.com/quant-based-marketing-for-pre-launch-start-ups/
I recommend going with a weekly setup
Essentially you'd have a section on the Google Sheet or Excel specific to revenue channels
Then you'd have another section specific to costs (you can make this as in depth as you want)
After setting up those section you can create a formula-centric section for calculating weekly profit.
The above won't replace full bookkeeping but it'll be a great place to start you financial overview tracking.
Here's a good Bench article that reviews what weekly and monthly bookkeeping tasks are key for startups: https://bench.co/blog/accounting/startup-accounting/
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Personally though we pay $500/month for our accountant/bookkeeper and the time it frees up makes it so that we can market/sell more. If possible I recommend focusing on growth unless you have a specific reason to cut costs immediately.
Example: Instead of learning bookkeeping over the next 1-2 months you could use that time to make $350/month more in revenue.
Hope this helps!
This comment was deleted 2 years ago.
Is there anyone you can recommend?