When it comes to picking an accounting system for your technology company Quickbooks is a great place to start.
ShayCPA’s team is Quickbooks Online Advanced Certified. What does that mean? Advanced Certification for the Quickbooks Online System requires our team to go through rigorous annual training where we get updated on new developments within the platform, expanding and building on our existing knowledge.
It also gives our team a chance to reflect on how we can use this tool and others like it to deliver excellent customer service to our client base.
For technology companies with aspirations to be Venture-Backed, a strong set of books will be a foundation for financial organization and a source of truth as to the company’s performance.
Here are some advantages of Quickbooks that can help you achieve those goals
- Easy to generate Financial Statements: Balance Sheet, Income Statement, Statement of Cash Flows as an example.
- Keeping a pulse on your business performance: A well-run accounting system will ensure that you can analyze your receivables and payables efficiently and plan cash flow accordingly. For busy founders, burn rate, runway, and cash on hand are important metrics to help with your fundraising timeline and add urgency to executing customer deliverables and timing vendor payments.
- Providing your team and advisors with the right level of access: With Quickbooks Online, your technology company can set user permissions and ensure that members of your finance team have access to the most relevant information. This will ensure segregation of duties and prevent fraud and other employee misconduct. For early-stage founders, we find that their initial management team and advisors can be in a state of flux, so having the ability to manage permissions is critical for privacy and security.
- Integrations: Today’s fintech stack is comprised of more than just the accounting system – You need all your mission-critical systems talking to your accounting system in real-time this includes your CRM – Customer Relationship Manager (i.e., Salesforce), Merchant Processing (i.e., Stripe, Square, Paypal), Payroll/HR Function (i.e., Gusto, Justworks), Bill-Pay (i.e., Bill.com, Melio, etc.). Quickbooks Online has a ton of integrations to ensure financial data is synced across systems.
Our expert team can help your technology company quickly set up your accounting system, convert from Quickbooks Desktop or another accounting software, and get your financials ready on an ongoing monthly basis. Contact us today to learn more about how setting up an accounting system for your technology company can save you time and money.