Starting Off on the Right Foot: Accounting for Start-Ups
When you’re first launching your business and on a tight budget, it’s tempting to choose a cheaper accounting solution such as Excel spreadsheets. However, when you try to work with something that doesn’t meet your needs, can’t prevent human error and costs many unnecessary man-hours, that “cheap” solution often turns out to be more expensive.
At Xendoo, we use a cloud-based accounting system for the many ways it saves start-ups time and money. Here are some of its biggest advantages.
Delivers info anytime, anywhere
You don’t have to read paper receipts or sit at your office computer to see your financial reports or bank transactions. This enables you to respond to changing conditions as they happen, minimizing the risk of losses or missed opportunities. Plus, you can message your Xendoo CPA team anytime for a fast response.
Eliminates manual data entry
Through syncing with your bank, every transaction is automatically entered into the bookkeeping system. It saves many hours of work and avoids the risk of error when a human operator transcribes the numbers.
Offering more remote and part-time work options, it enables you to reduce your full-time office staff, as well as the overhead costs of accommodating them. Because data is stored in the cloud, not your own servers, IT expenses can also be trimmed.
Analyzes financial status
A basic spreadsheet can’t tell you much about your financial big picture, or warn you when things aren’t going according to plan. Xendoo’s monthly P&L statements show you at a glance where you stand and what needs adjusting. And the CPA team can offer expert advice on planning for the future.
Keeps you ready to show and tell
Complete, accurate and up-to-date financial reports are available at any time, simplifying your task of making a presentation to potential investors. What’s more, every entry is tax coded as it happens, so no extra work is needed to prepare for filing taxes or being audited.
Grows with you
As your business grows, it will inevitably get more complicated. Choosing a robust, scalable accounting system from day one is a competitive advantage that will smooth your path to greatness every step of the way.
Xendoo’s cloud-based accounting solutions are designed to take a business from start-up to enterprise level. While we handle the bookkeeping, you can focus on making your new business the best it can be.