Is Hiring a CPA sufficient for a Startup?
Regardless of your state of funding or revenue, you absolutely need to know where your startup's money is going, and the impact of each dollar spent. Once your startup launches, you need to know your burn rate and length of runway. You need to anticipate when additional funding will be required and be able to professionally prepare your financials to persuade investors to contribute and pass due diligence. These are services that typically a CPA firm does not provide.
A CPA can help prepare your financials or taxes annually, but for a venture funded startup, you will need daily expertise and experience of a CFO to guide your startup's financial and accounting operations. An experienced Startup CFO can perform monthly board reporting and provide you real-time financial insights and forecasting.
Once you discover that a CPA is falling short with your startup's ongoing financial, accounting and HR needs, the team at Countsy can help. With Countsy, you receive a dedicated CFO plus all the associated back office functions to run your business and gain on demand financial insights. Countsy provides a broad range of services: budgeting, forecasting, board reporting, payroll, employee benefits — to name a few. But don't get rid of your CPA just yet. Countsy can work closely with your CPA to provide support around the tax functions of your business.
When you've successfully raised your capital and are ready to move your business forward, you must shift your focus from a once a year tax review to a daily business operations perspective. Countsy provides you with the insight and support you need to alleviate those day-to-day financial, accounting and HR responsibilities so you can focus on your startup's mission, execution and success.