Implement a Startup Accounting System

IT'S TIME FOR AN ACCOUNTING SYSTEM

Now that we've covered expense tracking and payroll, the next step is to set up an accounting system for accurate tracking and financial planning. Believe me, a little work up front will save you headaches in the end. Are you ready for an accounting system?

Here are three ways to know:

  • 1. You are spending too much time on financial record keeping.
  • 2. When your investors ask for your Income Statement, Balance Sheet and Cash Flow Statement you don't have one to send.
  • 3. Your financial records don't tie to your bank account, so you run the risk of vendors taking advantage of you, or even fraud.

At Kruze Consulting we recommend QBO or Xero. We really like QBO because of reliability, upgrade options and excellent customer service. However, Xero will work while you're a Seed Stage company. You should plan to update financials weekly, or at least monthly, and look for trends that you can use in financial planning.

Want to know more?

How do you start with setting up an accounting system?

At what point should you create a company bank account and start with quickbooks/ accountant for your startup?

I am getting started with Xero. How do I "transfer" many of the start-up expenses that I have been incurring personally into my startup's Xero?

When it comes to your startups' accounting system, let software do the heavy lifting and consult with a CPA to ensure that everything is running smoothly.


Thank you,

Vanessa Kruze, CPA

Founder & CEO, Kruze Consulting

kruzeconsulting.com


Next tip: Startup Tax Compliance

Kruze Consulting's Prices

Financial Consulting

Staff Accountant $85
Senior Staff Accountant $110
Controller $140
Financial Modeling $250
Venture Debt $250
CFO $250
Tax Advisory $395

Kruze's calculator tells you how much it will cost to prepare your startup's tax return.

Save on payroll taxes immediately
Cost: 15% of captured credit amount with a minimum fee of $2,000

Startup 409A Valuation

Seed $1,500
Series A $2,000
Series B $2,500
Series C $3,000

409A Valuation Information
High quality 409As at a discounted price

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