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4 reasons why you should outsource your accounting: Advice from founders

In today’s world, you can start a business with just an idea and a laptop and many Australians are doing just that. Between 2022-23, there was an increase of almost 20,000 new businesses, according to the ATO.

It can be thrilling to bring ideas to life and share your enthusiasm with family, friends, and potential customers. Part of the never-ending to-do list when setting up and running a business is keeping an eye on your books—a task you might think about outsourcing, especially if you don’t have accounting experience.

Sleek sat down with two of our customers to find out what they’ve been focusing on while we take care of the accounts.

  • Kshitija Deshmukh (KD), Co-Founder and CEO of foboh.com.au. They make wholesale ordering simplified by streamlining ordering, inventory management and access to real-time data.
  • Wayne O’Brien, Founder, Chief Product Officer of mysocial.ai. Their product maximises professional brands on LinkedIn with personalised content
ATO

Kshitija Deshmukh (KD), Co-Founder and CEO

foboh.com.au

Wayne O’Brien, Founder, Chief Product Officer

mysocial.ai 

Reason #1. Building your network!

Telling as many people as you can about your venture is a must for any founder. Whether it’s networking events or chatting to the person at the bus stop, you never know which conversation could lead to the next big thing for your business.

By outsourcing your accounting, you can use that spare time to grow your network. Reach out to everyone you’ve ever worked with, share what you’re doing and ask them if they know anyone you should connect with. You’ll be amazed at how quickly you can get the word out there. 

“I got great advice at the start of my founder journey. Set yourself a goal of having 300 coffees with 300 different people. It gets your business name out there and helps you build a network. 

I’ve met some fantastic people: mentors, other new founders, potential customers and investors. It’s helped us find start-up hubs, associations and other networks that have helped us grow and evolve.

I’ve learned something from every conversation, whether it’s taking away a lesson from their misadventure or success. It all builds a foundation of knowledge that can benefit our business.”  

Waynemysocial.ai

entrepreneur networking

Reason #2. Getting product market fit

We’ve spoken to hundreds of investors about what a founder should focus on most in the early days of their start-up and the answer is always this—make sure you’re solving a problem that people will pay you to solve. A common mistake is developing a product you want vs. developing one the market needs. 

Without the headache of business accounting, you can divert that time and energy towards iterating your product to ensure you have product-market fit. This will help you ot only sell your product but obtain funding if and when you need it.

“As an early-stage founder, one of the most important things to ensure is that you’re solving a problem that’s a problem. You need to reach a point where you are confident your solution will truly add value to your customers.

Being laser-focused on this is critical but can be really difficult as many things will distract you. Deciding what to build is actually harder than building it, and it can take a few iterations to get it right. Make sure you validate your idea enough.” 

KDfoboh.com.au

pin board with iteration of ideas
Find out why Sleek beats traditional accountants. Read more

Reason #3. Exploring all funding options

If you’ve dipped your toe into funding for your start-up, you’ll know it takes a lot of time and effort. Refining and perfecting your pitch, networking to meet with potential investors, researching, getting your books in order and knowing your business inside out are all requirements to successfully secure funding.

With your accounting taken care of, you’ll have additional time to explore the different funding options available and make careful and conscious decisions about which one is right for your business. 

“We are 100% self-funded at the moment. We’ve explored raising funds, and to date, we’ve done numerous pitches, but are yet to find the right partner. So, we’re always exploring alternate options, such as different grants and government tax breaks. While these aren’t investments from other firms or groups, they are funds that increase the length of road we’ve got to keep running and developing our product.”    

Waynemysocial.ai

founder giving a pitch to VCs

“We’ve done our first raise through an accelerator program as we’re pre-product and pre-revenue. We’re now in the process of doing the next round—going out to angels and some Venture Capitalists (VCs). An essential lesson I’ve learned is to engage people and keep them on the journey. There are different milestones – product development, customer interviews, and waitlists. Fundraising requires an investor story; they need you to demonstrate your progress to give them confidence.”   

KD, foboh.com.au

Reason #4. Manage your wellbeing

A recent survey shows 72% of start-up founders report an impact on their mental health. The intensity of starting a business creates a stress paradox—a cycle of stress, joy, exhaustion and exhilaration that founders have to manage on a daily basis.

This is where outsourcing can be immensely beneficial. Areas of the business that can be managed by a third party enable founders to not only decrease the stress from that particular task but also free up time that can be used to focus on their wellbeing instead.

“I knew starting a business was going to be hard, but I didn’t realise what would be the hardest part. It’s not the work or the investors. It’s regulating and managing the emotional rollercoaster that comes with a start-up. You can have a great customer meeting and then have an investor turn you down in a single day. Learning to manage that takes time. It’s about celebrating the small wins and remembering everything is a long game.”

KDfoboh.com.au

business owner managing their wellbeing

If you’re bootstrapping, one thing to be aware of is that no matter how long you think something will take, it will take double the time. And you can probably double it again. There are so many variables that it’s impossible to factor everything in at the start. 

Wayne, mysocial.ai

Is it time you got a budget-friendly plug-in accounting team?

Sleek was designed specifically for the tight budgets of small businesses, freelancers and founders. There are plans to suit all stages of the business journey, and because it’s a plug-and-play solution, you don’t incorporate any of the set-up costs involved with employing your own bookkeeper. We also have the ability to grow as you do, so you can be confident we’re in it together for the long term.    

“While I have a solid understanding of business finances, bookkeeping is another skill set. Leveraging Sleek’s knowledge and expertise has given me peace of mind and confidence. For example, they rang me and said, “Hey, heads up, you’re underpaying your employee by 69 cents an hour.” It’s not a huge amount, but it would have resulted in fines had they not picked it up. As a bootstrapped business, we’re watching every dollar, and Sleek delivers value for a reasonable price. Plus, they integrate with Xero, and this partnership has helped our business mature.” 

Wayne, mysocial.ai

Let Sleek take care of the business finances so you can focus on networking, solving customer problems, securing funding and managing your well-being as you grow your business.

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Disclaimer: The information on this website is intended for general informational purposes only and may not be specifically relevant to everyone’s personal situation. It should not be considered financial advice or a substitute for professional tax or accounting advice. Each individual’s circumstances are unique, and laws can vary. For tailored advice, please consult a qualified professional. Contact Sleek for further information on how we can help you.

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