Congratulations! You have taken a bold step and have successfully launched your startup. Surely, all those sleepless nights researching and working on your business plan mean everything should work itself out? Not necessarily. As a new venture, you and your team will have to manage many basic functions vital to the success of your startup, accounting being one of them.
Accounting is an underrated component of your company’s long-term success. It is a valuable means of summarizing, recording, and communicating financial information. Because 90% of startups fail partly due to financial missteps, we want to ensure you are well equipped with the information you need to focus on the bigger picture.
In this startup entrepreneur guide, we will walk you through the general knowledge an entrepreneur should know about accounting that will help your company grow.
Why Accounting Is Crucial for Startup Success
Accounting is more than just tax filing. It’s the foundation of your business’s financial health. A solid understanding of accounting helps you make informed decisions, forecast future growth, track your cash flow, and maintain compliance with tax regulations.
The good news? With tools like QuickBooks Online and expert support, you don’t have to navigate it alone.
Choosing the Right Accounting Method
Startups typically choose between two accounting methods:
- Cash Basis Accounting records income and expenses when money changes hands. It’s simple and ideal for small operations that don’t carry inventory.
- Accrual Basis Accounting recognizes income and expenses when earned or incurred, providing a more accurate long-term financial picture.
If you’re unsure which method is best for your business model, consult a CPA or seek guidance through our QuickBooks online training program.
Get Familiar With Financial Statements
Understanding three key financial statements will empower you to make better decisions:
- Income Statement – Shows profit and loss over a specific period.
- Balance Sheet – Lists your assets, liabilities, and equity.
- Cash Flow Statement – Tracks how money enters and exits your business.
These documents work together to give you a complete picture of your financial health.
Bookkeeping: DIY or Hire Help?
In the early stages, many entrepreneurs manage their books using tools like QuickBooks Online. With proper training, you can confidently track income, expenses, and generate key reports.
Our 1-on-1 QuickBooks online training is designed specifically for small business owners and self-employed professionals who want to save time, reduce errors, and streamline operations. If your business grows or you feel overwhelmed, outsourcing to a professional bookkeeper is a smart next step.
Business Mentorship: Fuel for Growth
Accounting by Sal also offers mentorship to help you build a business that lasts. Studies show that startups with mentors are more likely to survive and thrive. From building financial systems to discussing business strategy, mentorship gives you access to personalized guidance that books and videos can’t provide.
5 Reasons Why Mentorship Is Crucial for Business Success
Whether you’re just starting or need help creating efficient workflows, a mentor can help you avoid costly mistakes and set up your business for sustainable growth.
- Increases Your Chances of Success: Startups with mentors are far more likely to succeed—93% credit mentorship as a key factor. Mentors offer guidance, accountability, and support throughout your business journey.
- Provides Personalized, Unbiased Advice: Unlike generic business books or well-meaning friends, mentors offer tailored advice based on your business goals and real-world experience, helping you make smarter decisions.
- Helps Build Better Systems and Workflows: Mentors can help streamline your operations by establishing efficient systems, which are especially useful if you lack experience in bookkeeping or financial management.
- Supports Long-Term Business Sustainability: A good mentor encourages sustainable growth strategies and keeps you focused on long-term success rather than short-term gains.
- Offers Emotional Support and Insight: Entrepreneurship can be isolating. Mentors provide a safe space to share your challenges, fears, and aspirations, offering emotional encouragement and practical insights.
QuickBooks Online Training for Self-Employed Entrepreneurs
QuickBooks is the leading accounting platform for small businesses—and for good reason. It’s intuitive, cloud-based, and packed with features like invoicing, expense tracking, tax prep, and bank integration.
Training is essential to harness its power. At Accounting by Sal, our live, virtual QuickBooks online training gives you:
- Personalized support tailored to your industry
- Step-by-step guidance on setup and daily tasks
- Help with automating reports, tracking expenses, and improving cash flow
- A better understanding of the accounting principles behind your numbers
By combining software training with expert mentorship, you’ll be equipped with the tools and knowledge to take control of your business finances.
Ready to Set Your Startup on the Right Track?
Mastering accounting doesn’t have to be complicated. You’ll build a strong foundation for long-term success with the right tools, support, and guidance.
Let Accounting by Sal help you feel confident with your books. Book your QuickBooks Online training session today and gain the clarity you need to grow your business. Contact our team today if you have any questions or want to learn more.
