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Why You CAN Afford a Bookkeeper With Nathan Hirsch
Manage episode 378631500 series 3485658
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Nathan Hirsch is the Co-founder of EcomBalance, a monthly bookkeeping service helping e-commerce businesses manage their bookkeeping and finances. Nathan began his entrepreneurial journey in 2009 by selling products on Amazon and is best known for his involvement in co-founding Freeeup in 2015. With an initial investment of $5,000, Nathan helped scale the business to $12 million in yearly revenue before selling it in 2019.
Nathan is also the Co-founder of AccountsBalance, EcomBalance’s partner company, and the Co-founder of Outsource School, where he teaches business owners proven hiring methods for finding top-tier virtual assistants.
In this episode…Finances are the driving force behind any company and indicate operational strengths and weaknesses. Most e-commerce business owners are ill-equipped to read and decipher financial statements, yet they shoulder bookkeeping responsibilities. Taking ownership of financials without accounting knowledge is a risk most entrepreneurs can’t afford.
Although hiring a bookkeeper is an additional monthly payment, business owners are relieved from the stress of balancing accounts. Bookkeeping requires understanding accounting principles and allocating time to read and record accurate financial details. Most e-commerce executives can’t commit to recording expenditures amidst their leadership responsibilities. Nathan Hirsch testifies business owners who take financial responsibility are likely to spend more money fixing their mistakes than if they had hired a professional. He implores entrepreneurs to hire a bookkeeper, and, at the very least, review income statements, balance sheets, and cash flow monthly to recognize company trends.
On this episode of the Up Arrow Podcast, William Harris welcomes Nathan Hirsch, Co-founder of EcomBalance, to discuss the pertinence of accurate bookkeeping for e-commerce businesses. Nathan shares common mistakes business owners make when balancing their books, how segmenting books can accelerate business growth, and the three financial reports owners must compare monthly. He also provides resources for hiring vetted CPAs and CFOs to transcribe budget data.
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