Equipment, licenses, permits, and other costs associated with launching a startup leave many owners and entrepreneurs searching for ways to save money. A common cost-cutting tactic is taking on as many tasks as possible, including accounting and bookkeeping duties. While this may help startups get by in the short term, working with accounting professionals specializing in startups and long-term scalability is essential to their financial health.
Startups that are set up to compete for the long-term use bookkeeping to thoroughly record financial data, which provides small business owners and entrepreneurs with the best tools for critical, up-to-the-minute decision-making and forecasting. Accountants use that data to produce financial reports and financial statements, ensuring startups understand their profitability, cash flow, and economic future clearly.
Connecting with 1-800Accountant, the startup accounting and bookkeeping experts is easy and free. Here's what to do:
1. Select a convenient date and time within your schedule to speak to one of our experts.
2. Tell us about your startup's goals and challenges during this 30-minute call, a $199 value.
3. Once fully onboarded, we’ll create a year-round income tax strategy to combat and resolve business challenges and match you with an accountant for your accounting needs and a bookkeeper experienced in serving the distinct bookkeeping needs of startups, ensuring a minimal annual tax burden.
While not every startup launches with employees, we recommend payroll if your business has them.
For example, when your startup works with 1-800Accountant, our experts will evaluate your current entity structure and make recommendations that could cut your tax bill by up to 50% in the first year.
These services represent a cost-effective alternative to hiring an in-house accountant or bookkeeper. Rather than spending time and money on a full-time employee, startup founders can hire a CPA firm to handle financial and administrative functions.
An outsourced virtual accounting firm produces reports designed to help startups better understand their profitability, cash flow, and financial path. Often, business owners turn to these firms for help understanding their finances at a high level for tax planning, forecasting, and advice. These insights are based on financial information compiled by a startup's bookkeeper.
Most, if not all, of your initial costs will be eligible for deduction as business expenses. This includes the cost of setting up your business entity and filing with state and federal authorities. Any fees associated with starting your business before operation are included here. This includes equipment, hiring costs, and even the accounting software and bookkeeping software you buy for your accounting system.
Yes, 1-800Accountant can help your startup claim R&D tax credits. You can deduct costs incurred to develop a new product or service. This can include a lot for a startup, as R&D is costly! You can choose to deduct R&D expenses all at once or amortize them over a period of time beyond this tax year.
1-800Accountant uses industry-standard 128-bit SSL encryption to protect your data. As an added safeguard, our team remains vigilant and alert to emerging security threats to ensure your information is always secure.
Our services are powered by expert CPAs, tax professionals, and technology, enabling your startup to minimize tasks while maximizing tax savings. This allows you to focus your time and energy on growing your new business while we handle the rest.
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
**Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
***Historical first-party data.