Thanks to our Platinum Sponsor Withum for this thought leadership article outlining best practices for startup accounting:
Tips for Startup Accounting
With the transition beyond the startup phase to the next growth phase, there is an inevitable increase in transactional volume and complexity. What used to be a process where an excel schedule took a few hours a month, is now or has been quickly becoming outdated.
Decision-making relies on real-time and accurate reporting. With the forementioned growth, product and service offerings begin to diversify; and with this process there is correlated growth in types and amounts of expenses. Given this, a company must begin to grow and scale processes that enable decision-makers to have granular insights into product, service and department activities.
The combination of transactional volume and complexity and the need for enhanced financial reporting can at first be a difficult process to digest. The accounting department’s staffing and sophistication now require an investment to accommodate these challenges.
Scaling the Accounting Department
Increased Transactional Volume
What used to be a process managed through a single credit card and bank account, which were reconciled with minimal time and resources, has now become an overwhelming monthly task. These tasks are frequently managed by a process owner who wears many hats. The Accounts Payable and Receivable process now requires time and resources an organization has challenges allocating.
As physical offices no longer bind workforces, the diversity and location of workforces are now one of the...
Read the rest of this article at withum.com...
Contact OCSC Platinum Sponsor Withum to learn more about their services. For Technology and Emerging Growth Services contact Sven Johnston (firstname.lastname@example.org) and Alli Krug (email@example.com) and learn more at https://www.withum.com/industries/technology-services/ For Withum's Life Sciences services contact Iggy Lopez (firstname.lastname@example.org) and learn more at https://www.withum.com/industries/life-sciences/.
Photo by RODNAE Productions
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