Start-up by an entrepreneur to seek, develop, and validate a
scalable business model.
Accounting for Startups
Establishing a startup can be overwhelming work. One of the challenges that you’ll meet as you manage a startup is accounting. Accounting for all your business’ financial operations can be very exhausting. And as a founder, you probably don’t have time to worry about sending invoices or balancing the books. However, it’s still crucial to have some general knowledge of the fundamentals of accounting.
Bad accounting practices often cause serious problems to startups. Even if you have the perfect business model, your startup won’t be able to survive if your numbers are wrong.
After all, no matter how great an idea is, it won’t launch without proper financing. The hard truth is that almost 30% of newborn businesses fail due to burning up all their money before breaking even.
How to Streamline Accounting For Your Startup
- Choose Your Business Entity
- Open a Business Bank Account
- Choose your accounting method
- Choosing your Accounting Software
- Customize the Chart of Accounts
- Keep Track of All Your Expenses
- Prepare Payroll
- Learn the different types of employment taxes
- Raising Money for Business Growth
- Build Business Credit
Pacioli Consulting will help to do the Accounting for Startups, including:
- Creating and sending invoices to clients;
- Recording financial transactions into your accounting books - revenue and expenses
- Accounting month-end close - Complete, review, and reconcile financial data
- Preparation of Financial statement of Account
- Preparation of cash flow statements to meet upcoming expenses.;
- KPIs – Measurement of performance
- Forecasts and Budgets – Plan your earnings and spending
- Calculating tax liabilities and filing for tax returns.
- Yearly Mandatory Task - 1099 filings for contractors and file Delaware Franchise Tax
- Audits
Do you have an idea for a startup? Leave the rest all to Pacioli Consulting. We will help you to manage Accounting at the initial stage until you are independent & able to have setup inhouse accounting.
Get in touch with us today!