How do you start your startup's accounting system?

When it comes to your startups’ accounting system, let software do the heavy lifting and consult with a CPA to ensure that everything is running smoothly.

Here are 3 basic tips for setting up your startups accounting systems:

• Set up company bank accounts and credit cards. Go with SVB, they know startups best. Accounting is so much easier when funds aren’t comingled!
• Set up Abacus (expense reimbursement app). Both you and your employees are going to have company expenses that go through your personal accounts. This is especially true in the very beginning. The easiest way to both reimburse these expenses and account for them in your software is to use Abacus. It has an easy swipe left/right for approval to pay interface (Tinder for expenses?)
• Use QuickBooks Online. It comes with pre-populated Chart of Accounts (which you will tailor over time), integrations with other apps, auto-categorization, and a lot of other bells and whistles that will make your life so much easier.

That list was just for starters. There are plenty of other accounting software tools that can help make your life easier, and there’s no “one-size-fits-all” solution. Ultimately, any software solution you choose should be in line with your business goals. If you’re just getting started, now’s the perfect time to talk to a CPA about what your company is trying to achieve. I work with over 150+ startups in SF, NYC, LA, and Chicago. Feel free to reach out to me at vanessa@kruzeconsulting.com if you’re looking for recommendations on how to streamline your startup’s accounting processes…. happy to help!

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