Secondly, you need an industry-standard system that pretty much any accountant or CPA can use. a huge percent of the manual data entry can be done automatically. So you need an accounting software that can handle the growth with automation - and this is where QuickBooks Online excels with many, many APIs, bank feeds, etc. VC backed companies can hire and grow expenses at an exponential rate. When choosing an accounting system, the most important thing to think about is scaleability. VC backed, early-stage companies have very different fintech needs than traditional SMBs. We use technology to automate manual process (which saves our clients money!) and provide customized dashboards and better bookkeeping services. Forward thinking accounting firms like Kruze have development teams, and our development team has built proprietary software that integrates directly with QuickBooks via their API. Also, many startups are using (and should be using) expense management and corporate card solutions like Brex or Ramp, which can not only auto-categorize some transactions, but can flow directly into QBO as well, making your startup’s bookkeeping much, much easier. This means information from payroll like Gusto and Rippling, or bill pay solutions like can flow directly into your accounting system. QuickBooks Online also has a decent API, which many 3rd party software companies have integrated with. Note that’s my QBO reseller link above that gets you 50% off the regular monthly price in 2023. So get an online solution that lives in the cloud, like QBO. In particular, the founders we work with are always on the move - at conferences, at WeWorks, meeting with customers - you want you and your accountant to be able to log into your books from anywhere. You’ll notice that we are only discussing cloud accounting software - if it’s not available online, then it’s not really a great solution for the earliest stage startups in 2023. That’s why we use QuickBooks Online for pretty much 100% of our 750+ startup clients. It’s also important to us an online accounting software so you don’t need a bookkeeper to come to your offices every month to do your books. I want my bookkeeping done as accurately, quickly, and efficiently as possible so that I can spend my time on higher “value add” activities. I understand why the free pricing is tempting, but seriously - if you are VC-backed in the US, use QBO. Third, 2005 called and they want their UX back. Secondly, you need that upgrade path to Netsuite if you are a legit VC-backed startup expecting to get big enough to go public. First of all, no accountants in the United States know how to use it.
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