Why It’s Impotant
Why Fintech and BaaS Companies Need More
Fintech (financial technology) and BaaS (Banking as a Service) companies have transformed the way businesses and individuals manage their money. So why are so many of these companies still managing their own internal financial situation with old tools handled by the old guard?
There’s a reason so many people and businesses are turning to fintech and BaaS companies. They have several advantages over traditional financial institutions. You can likely provide faster and more efficient access to financial services, paired with lower fees and more personalized experiences.
How to leverage It
How Your Business Can Leverage Technology
How? Your business is built on leveraging technology to provide innovative financial products and services to consumers and businesses.
You might have even taken things a step further, operating platforms that enable other companies to offer financial products and services. You might work with companies in the retail or healthcare industry, for example, to offer financial services to their customers through your solution.
To make all of this possible, your BaaS/fintech company probably uses a variety of business models, including peer-to-peer lending, digital wallets, payment processing, and investment platforms. And with a goal of continuous improvement in areas like risk management and fraud prevention, you likely leverage data analytics and machine learning.
That means your team and their operations don’t just consist of traditional business functions like finance, marketing, and operations. Your fintech or BaaS company requires specialized roles like data scientists, risk analysts, and compliance officers.
If you’re in the world of companies like PayPal, Stripe, Square, Robinhood, and TransferWise, you’re helping people and businesses manage their money differently. And doesn’t your company deserve the same?
Getting Your Own Money Managed
To succeed in your rapidly changing, highly regulated industry, you need tailored accounting services. Specifically, you need a team with expertise in:
Cryptocurrencies and digital assets
If your company deals with cryptocurrencies and other digital assets, they might need specialized accounting treatment. These assets need to be properly accounted for and regularly assessed for impairment.
Credit Risk
Your company could be exposed to credit risk through loans and other financial products. You need someone with specialized knowledge of credit metrics and loan loss reserves to properly account for that risk.
Cybersecurity and data privacy
Fintech/BaaS companies have to take measures to protect customer data and prevent cyber threats. And these measures may require specialized accounting treatment. You might need to capitalize your cybersecurity expenses, for example.
Fintech and BaaS companies need to consider:
Upping Your Internal Finance Management
Clearly, BaaS and fintech companies have a lot to consider. From your complex regulatory environment to compliance with accounting standards and investor expectations, you’ve got a lot on your plate.
That’s where we come in. We can help you stay abreast of emerging accounting issues related to new technologies and business models while also providing the specialized accounting expertise your fintech or BaaS company needs. To learn more about what we can do for you, get in touch.
Monthly Accounting Pricing
Quarterly
Starting at
- Reconcile Quickbooks Online (10 hours per Quarter)
- Cash-Based Bookkeeping
- Quarterly Video Review
- Chart of Accounts Template Provided
- Annual Meeting
Pre-Seed
Starting at
- Reconcile Quickbooks Online
Accrual Based Bookkeeping - Monthly Call
- Chart of Accounts Template Provide
A/P A/R Tracking By Client
Monthly
Starting at
- Reconcile Quickbooks Online
- Accrual Based Bookkeeping
- Monthly Call
- Customized Chart of Accounts
- Deferred Revenue Recognition
- A/P, A/R Tracking
- Inventory/COGS Reconciliation
- Financial Metrics
- Sales Tax Filings *
- Monthly Financials delivered by the 15th after month end
*up to one state included in sales tax
Series A & Beyond
Based On Your Needs
Custom Quote
(discount if billed annually)
- Reconcile Quickbooks Online
- Accrual Based Bookkeeping
- Monthly Calls and ongoing communication
- Customized Chart of Accounts
- Deferred Revenue Recognition
- A/P, A/R Tracking
- Inventory/COGS Reconciliation
- Board Financials and Metrics
- Sales Tax Filings
- Monthly Financials delivered based date requested
Additional Tax Services
State and local taxes (SALT)
Beyond the corporate taxes to which your company is subject, we also provide services for any state and local taxes that apply to your startup. For example, we work with many tech companies incorporated in Delaware and support them with their Delaware Annual Filings.
Cross-border taxes
If you work with international investors or you plan to expand abroad, our cross-border tax expertise can help you comply with the complex applicable tax regulations. We have experience working with companies that have connections in Lebanon, Canada, the UK, South America, and various EU nations.
Our Process
1
Step 1: Contact Us
Get in touch and we’ll reach out to you to schedule a video call to better understand your tech startups needs and prepare a custom quote.
2
Step 2: Onboarding
We’ll invite you to our secure client portal where you can use our easy to use onboarding checklist to get started. See general pricing guide here.
3
Step 3: Review
We schedule ongoing video calls with you to review your financials and ensure all of your tax compliance is taken care off.
If you’re ready to explore our tax services for tech startup C corporations, don’t hesitate to contact our team today.