On the surface, bookkeeping might not seem that complicated. A client or customer pays you money, so you record it on your books on the date it was paid. Right? Wrong. Because of the Financial Accounting Standards Board’s (FASB’s) Accounting Standards Codification...
Accounting
BOI Update: Reporting Requirements On Pause
Running any business comes with a small mountain of paperwork. There’s all the documentation you need to file at founding. You need to manage your annual filings with the IRS and applicable state tax authorities. You need to periodically renew registrations, licenses,...
Beneficial Ownership Information Reporting (BOI) and the Corporate Transparency Act: What Tech Companies Need To Know
At the start of this year (2024), new legislation was enacted requiring many companies operating in the U.S. to complete an additional filing. Before you start dreading this extra to-do, you should know a few things. First, the filing is relatively simple. Secondly,...
Innovating the Month-End Close Checklist: Fintech Tools that Can Help
The month-end close is a critical tool in any tech company’s arsenal. It’s also a lot of work. Gathering up all of the details you need to look back over the last month and account for every penny can be a major lift. Add in the need to update key financial reports...
Changing Your Fiscal Year for Your Tech Company
The IRS wants to see your books in twelve-month batches. That doesn’t mean you have to file your tax return based on the calendar year, though. If a January 1 start and a December 31 close doesn’t make sense for your business, you have the option to change to a fiscal...
The Ultimate Month-End Close Checklist for Tech Companies
Undertaking a month-end close serves your tech company in a myriad of ways. First, it ensures accuracy in your books. If you’re burning through your runway faster than expected, this regular check-in clues you into the issue early. Secondly, it gives you a clear view...
Wave vs. QuickBooks Online: Comparing Two Leading Accounting Softwares
There’s absolutely no reason to manually manage your accounting. Today’s accounting software can do a lot of the heavy lifting for you, from compiling all of your transactions into a single place to creating key financial reports. In fact, the focus shouldn’t be on...
How to Move from QuickBooks Desktop to QuickBooks Online
More and more finance teams are making the jump from QuickBooks Desktop to QuickBooks Online. And it’s not just because the online version maintains the user experience that you’re used to while allowing access from anywhere at any time. It’s because QuickBooks is in...
Refresh Your Finances: Spring Clean Your Bookkeeping to Prep for Your Next Fundraiser
‘Tis the season. As the days get longer and the weather gets warmer, it’s time to undertake the annual chore of spring cleaning. This doesn’t just apply to your abode. Employing a spring-cleaning mentality at your startup — especially when it comes to your books — can...