Specialized Accounting Services for Startups
Monitoring Burn Rate and Cash Flow
For startups, managing the burn rate and maintaining healthy cash flow are vital for sustainability and growth. Startup accounting services keep a close eye on your financial runway, offering proactive strategies to extend it and optimize cash flow.
Saving Time for Core Business Activities
As a startup founder, your focus should be on developing and marketing your products or services. Outsourcing your accounting and bookkeeping can free up valuable time, allowing you to concentrate on growing your business. An integrated financial platform can streamline this process even further, automating tasks like receipt capture for transactions and helping with month-end closures.
Choosing the Right Business Structure
Deciding on the appropriate business structure, whether it’s a C-Corp, LLC, or another form, is critical for startups. A specialized accounting firm can guide you in selecting the most advantageous structure based on your business’s unique needs and goals.
Leveraging Tax Credits
Startups in Canada and the US may qualify for various tax credits, such as the R&D tax credit. A dedicated accounting service for startups can identify these opportunities, ensuring your business capitalizes on potential tax savings.
Guiding Your Startup's Financial Management
Essential Financial Records for Your Startup
Maintaining accurate financial records is crucial for any startup. Key documents to keep include:
Receipts and memos for transactions over $75.
Invoices and bills for purchases.
Bank and credit card statements.
Previous tax returns.
T4, T4A and T5 forms for owners, employees and contractors.
Regularly updated financial statements, including income statements, balance sheets, and cash flow statements, prepared by your bookkeeper.
Record Retention Duration
It's advisable to keep most of your financial records for at least seven years. Having an organized, accessible storage system for these records is essential for easy retrieval and reference. We can introduce you to tools and platforms that streamline this process, ensuring your financial records are well-managed and readily available when needed.
Understanding Cash Basis vs. Accrual Basis Accounting
The choice between cash basis and accrual basis accounting is crucial:
Cash-basis accounting records transactions when cash changes hands.
Accrual-basis accounting records revenues and expenses when they are incurred, regardless of when the cash transaction happens.
The distinction is important because accrual accounting offers a more comprehensive view of your business's financial health over time, while cash accounting focuses on immediate cash flow. We guide startups in choosing the accounting method that best suits their business model, providing clarity on how each transaction impacts your financial statements.
Tailored Accounting for Your Unique Business
At MyBookly, Our team of accountants specialize in industry-focused accounting. Our accounting team understands your business landscape, ensuring precise and strategic financial solutions.
Strategic Support for Every Business Phase
At MyBookly, we're more than accountants; we're your growth partners. We craft bespoke strategies tailored to your unique goals, ensuring your business thrives with clarity and purpose.
Unified Solutions for Modern Businesses
At MyBookly, we seamlessly integrate a suite of top-tier software tools tailored to your business needs. From bookkeeping to inventory management, we ensure your operations run smoothly with the best digital solutions.
Complete Care for Your Business
MyBookly offers a comprehensive suite of services tailored to your business. From meticulous bookkeeping to expert legal advice, we're your all-encompassing partner, ensuring your business thrives and endures.
Your Finances, Our Expertise
At MyBookly, we handle your bookkeeping from start to finish. Leave the financial paperwork to us, and focus on what you do best. With our team, you're assured of accurate and hassle-free financial records.
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Your Financial Success, Our Ultimate Goal
MyBookly is more than just an accounting firm; we're your dedicated financial partners. Our team of experts is committed to guiding you through every financial challenge and opportunity. From our initial interaction to the final deliverable, our focus is on clear communication, transparency, and providing top-notch solutions tailored to your needs. With MyBookly, you're not just getting an accountant; you're gaining a trusted ally in your journey to financial success.