Last year my startup made some money then realized come year end we have to do accounting. It is/was a bit more tedious (aka boring) then I expected but something that needs to be done and accounting services for startups is hardly talked about online.
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– Software. If you are cheap use lessaccounting.com and track everything you spend money on. Otherwise, buy a used copy of Quickbooks on eBay or use the trial version of Quickbooks here. I am using Quickbooks since most tax people need certain formats and I know the software will be around for awhile.
– Find a book-keeper. For a startup try to a) give them equity if you want to save money (not worth it) b) beg/plead/cry and negotiate or c) pay around $50 / hour. This person is golden. They can help get all your things sorted out for taxes. Before you hire a bookkeeper check out this post.
How do you find one? I asked an investor, I asked other startup friends for recommendations and I called a few accounting / tax firms in the area who they recommend for start-ups (this is how I found ours). What I did was enter in all our expenses and have them just review the entries, correctly categorize them and just a general check-up. This is MUCH cheaper than having that person enter in your receipts for you.
– Taxes 🙁 For taxes, ask your book keeper if they have recommendations. Otherwise, ask other entrepreneurs or same as above for finding a book-keeper. Taxes are a huge deal when you work at a startup. Taxes were a factor in my decision to quit Mint.
Realize your time is valuable so you can outsource everything from apartment hunting to outsourcing technical work but at the same time it’s critical to know your money. I have recommendations if you need a person. Anything else?