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10 Best Practices for Every Tech Entrepreneur

Thanks to OCSC Platinum Sponsor Withum for this valuable information about the technology industry:

Ten Business Tips for Technology Entrepreneurs

Written by Kenneth Johnson, CPA, Partner in Charge, Irvine, CA Withum

The technology industry is a fast-paced, dynamic environment that requires you to continuously focus on your business operations in a highly competitive market saturated with innovation, disruption, data privacy considerations and even ethical issues. What can entrepreneurs in the tech industry do today to survive, thrive and grow in the face of numerous challenges?

Whether you are running a Software-As-A-Service (SAAS) company, starting up in AdTech or setting up a cryptocurrency strategy for your business, here are some tips and best practices for technology entrepreneurs to navigate current trends, opportunities and challenges to stay ahead of the tech game.

1.Take advantage of tax credits

One of the largest expenses typically incurred for early-stage and development-stage companies are costs associated with research and development (R&D) activities. Opportunities may exist when developing new products and ideas to reduce payroll tax liability and cover the cost of supplies and third-party contractors by qualifying for a refundable R&D tax credit. The R&D tax credit is just one example, and your company may benefit from other federal and state tax incentive programs.

Kenneth Johnson  CPA  Partner in Charge  Irvine  CA
Kenneth Johnson, CPA, Partner in Charge, Irvine CA

2. Going public? Start preparing early

Preparing for an IPO (initial public offering) is an enormous task. Going public requires credible, audited financial statements under PCAOB guidelines to comply with strict SEC regulations. Your accounting team will need ample time to produce these statements. You’ll also want to ensure you have the correct quality controls in place to adhere to the strict accounting and financial reporting rules and regulations of a public company.

3. Keep current with accounting technology

The future of auditing is evolving into a collaborative experience and can bring better value and broad insight to your business. Promoting an innovative internal mindset and ensuring your business advisors share this outlook will help your company adopt innovative technologies more effectively. Side-stepping advancements can cause your business to fall behind in value-add data analysis, business intelligence and data security.

4. Use data analytics to create a competitive advantage

Properly capturing and understanding company data can be challenging, especially for early-stage companies, without the right tools. Using data analytics and Artificial Intelligence (AI) can help you capture, store, share and analyze your data to...

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