Kruze Consulting: Accounting, CFO, Tax & HR for Startups

The app lets you track all your accounts, including your bank and credit cards, IRAs, 401(k)s, mortgages and loans in one place. You can plan for retirement, monitor your investments and uncover hidden fees. Empower features a money-tracking dashboard that lets you track your expenses based on categories.

  • The most obvious role of an accountant is developing the right chart of accounts (COA).
  • When venture capital funds are investing in your company, or you’ve attracted the interest of an M&A acquirer, they are going to conduct very in-depth due diligence, typically using their own team of experts.
  • We’ve got the experience to help you make critical financial decisions.

A CFO, or chief financial officer, is an executive-level position in charge of financial strategy. Whether it’s budget planning, product expansion, or service adjustments your CFO will lay out your options and their likely consequences, so you can make informed financial and strategic decisions. In addition to helping you go through your options, your accountant will also help to keep track of all of these benefits with your accounting or ERP software.

Professional Services

You can also hire an experienced bookkeeper or accountant for your business, or just outsource the entire process. The chart of accounts will list every “account” where you’ll organize all the records of expenses, revenue, etc. on your general ledger. Basically, it’s a list of all of the places where you might want financial transactions to be recorded.

  • Comparatively, accounting takes these financial records and interprets them for various use cases, including communicating with investors, filing taxes, and monitoring the financial performance of your company.
  • We have a number of “hardware as a service” clients that combine SaaS revenue streams with hardware.
  • Startup business accounting can be particularly important since it’s likely that you’re operating your new business on a tight budget.

As a registered CPA firm 100% focused on serving funded startups, we provide the advice our CEOs need. This tool can help founders estimate reasonable pay based on the amount of capital that they’ve raised, the stage of their business and their company’s industry. As your startup scales, you’ll need more extensive accounting services. Get the peace of mind to focus on running your business, thanks to our triple-checked financial statements. Our accountants, fractional CFOs, and tax specialists are dedicated to building a strong finance foundation for your business.

Credit card statements

While many startup founders choose to hire an accountant, it is possible to do accounting yourself or by using accounting services. Startup accounting can be used to generate financial statements and financial reports as well as review financial transactions. Boasting over 25,000 small businesses served, Bench is an experienced digital bookkeeping solution.

Why Budget – The First Step in Startup Accounting

This is the easiest of the two methods; however, it doesn’t always provide the most in-depth or accurate representation of the company’s financial position. Furthermore, it is not recommended for businesses with staff or plans for expansion. A bookkeeper reconciles bank statements regularly to ensure your bank account balance matches the cash balance in your ledger. If the amounts in the bank statement and internal records don’t match, you’ll need to find out where the discrepancies are and adjust the entries to ensure they match the bank statements correctly. The bookkeeping process involves keeping track of business transactions and making specific entries.

Tax Services

The cash-out date is the estimated date you’ll be in business until given your monthly spend and the remainder of the investment you have sitting in your bank account. Accurate recordkeeping – known as “bookkeeping”” in the accounting world, is important to ensure you are keeping track of how the company is growing revenue and spending it’s cash. It will be very important if a major corporation asks to acquire you for hundreds of millions of dollars, or if you are raising outside funding from a professional investor. It’s a good idea to have an accountant/CPA to file your startup’s tax returns and interact with state tax agencies.

How to set up your startup’s bookkeeping and accounting system

Throughout this article, we’ve said that your accountant is able to give you advice on lots of things. Through their experience, your accountant will have seen lots of different arrangements around financing, accounting methods, startup strategies and more. One attractive option for startups is to outsource your HR to a professional employment organization (PEO). Second, if you do have distributed teams, they will handle the headaches of paperwork that come with that. When it comes to income taxes, you can still take advantage of certain tax credits even when your business has no taxable income. Finding opportunities to defer tax credits can help save you money down the line.


This enables us to offer powerful advice to our clients, as we have startup statistics that we can use to help provide helpful guidance for early-stage companies. From the typical marketing spend to metrics VCs use to analyze investment opportunities, we know what it takes to get to the next level. From claiming R&D tax credits to accurately projecting cash burn, the Kruze team is ready to support your healthtech company. Managing cash burn and taking advantage of government tax incentives can’t be automated; your biotechnology startup needs experienced healthcare and drug development accounting advice. While some businesses opt for an in-house or staff bookkeeper, online bookkeeping typically provides the same service at a fraction of the cost.