Advice on the Best Accounting Service for Startups
If you need to grow your startup, you’ll need to find a great accounting service. Accounting is crucial for the success of your business and ignoring it will be to your company’s peril.
So how do you find an accounting service for startups?
You want to give importance to accounting and find the ideal accounting service for your startup. We’ve put together this guide to show you how to do it.
Finding the Best Accounting Service for Startups
You want to be on top of your company’s growth. A huge part of this is finding the right accounting service.
Accounting services can often be costly and are catered to larger corporations. Luckily, there are great options for startups.
This is the pinnacle of service for startup accounting. It is an artificial-intelligence-based financial platform to provide an accurate accounting service for startups.
It offers bookkeeping with 100% accuracy built with Artificial Intelligence and Machine Learning technology. There’s also a Finance Concierge service available 24/7.
It also offers many other great services. These include Bill Pay and Invoicing, Employee Reimbursements, Cash Flow Analysis, and Financial Reporting.
They also offer preferable pricing plans that work for small, medium, and larger startups. If you want the best, then Zeni is a great option for you.
This is one of the most popular options for many startups. This provides one of the easiest invoicing services for startups.
It has a platform for easily creating an invoice. You can add billable times, expenses, and customize the invoice to your liking. The software can also connect to your bank to update reports in real-time.
You can also produce a plethora of reports, track your time, track expenses, and manage your projects.
3. KPMG Spark
For a more advanced option, there is KPMG Spark which is a great service for startups. It can help you with your bookkeeping, tax preparation, and with facilitation of payroll.
You will have your own accounting team to serve your company’s needs. You will have your own bookkeeper as well as a dashboard that you can access.
If you want a dedicated team to serve your company’s needs, this is the ideal option.
4. Quickbooks Online
You’ve probably heard of Quickbooks before. Quickbooks is a great bookkeeping service, and it has an online platform for accounting for startups.
It can easily help you with your bookkeeping efforts and saves you a lot of time so that you can focus on your business.
It has the basic features of bookkeeping, and also includes project and inventory tracking. It is also one of the more affordable options on this list.
As Quickbooks is a more known software, it will be easier to outsource or hire a staff member who can manage the books.
5. Wave Financial
If you need a free option, then Wave Financial is a great way to go.
You can connect to your bank account in real-time. You can connect to an unlimited number of accountants to assist you. You also have features such as payroll and invoicing.
It is an incredibly easy software to use and is a preferred option for smaller startups. The fact that it is free makes it a great starting option for your startup.
While Wave Financial is a great option for the starter business, you will want to graduate to something more substantial as your business grows.
Xero is a great option for this. It grows as your company grows. Each Xero plan has a base price that will increase only if your company’s needs increase.
You can add new employees to your payroll (at no additional cost), conduct bookkeeping, provide estimates, track inventory, and create recurring invoices.
It can also integrate with over 700 other applications. Xero also comes with 24/7 customer support.
It is also a cloud-based platform making your accounts easily accessible wherever you go. This is easily one of the best accounting services for startups.
7. Zoho Books
If you need something simple for your small business, then Zoho Books is the perfect option for you.
It does not overwhelm users with a plethora of features. With its minimalist approach, it works perfectly for smaller startups and for anyone who wants to simplify their workflow.
If you only want 2 users to access the books, you can use Zoho Books. It can also accommodate up to 50 users if you wish. It comes in three pricing plans which are affordably priced for most startups.
You can create invoices as well as schedule recurring transactions. You can send payment reminders and you can also track your company’s expenses, record timesheets, and manage projects.
Zoho Books is made for freelancers, small-scale entrepreneurs, and small businesses. If your business is in its early stages, this may be the perfect option for you.
It is simple to use and comes at an affordable price. You may wish to try it before opting for a more advanced option.
Final Tips for Accounting Services
After you’ve chosen your software of choice, you want to adhere to these tips for successful bookkeeping:
Keep Accurate Records
This may sound obvious but it is imperative that your monetary records are exact and not estimated. Include every cent that is put in and taken out of the business.
Make sure you record everything – including minor expenses and minor revenue.
Hire an Accountant
While you may wish to do your accounting on your own, we suggest having a professional accountant to take over.
At the very least, the accountant should be there to verify your own work. They will also be able to advise you on how to optimize your growth.
Regularly Update Your Books
Make sure you set a fixed schedule of when your books will be updated. Ideally, this should be done each week and should be revised at least once a month.
If you do not set a fixed schedule, we guarantee that you will end up neglecting your accounting. Make sure you are disciplined with this.
Keep It in the Books
Now that you know the best accounting service for startups, you are ready to start keeping records of your company’s growth.
Be sure to keep up to date with the latest financial news!