The accountant - your expert in building
the financial database and financial reporting
Early start-up life
The company is small and has a limited number of employees - usually only entrepreneurs. The company focuses on technology and product development, the company has no sales yet, the company's resources are limited (financing is usually done by entrepreneurs, family and small private investors) and the accounting activity is minimal. Usually the company is required to report only to the tax authorities.
After Initial Funding
Prior to recruitment, there is an immediate requirement to upgrade the report to a professional level - reporting in English, in Dollars, in US US GAAP standards, building a budget, etc. Along the way, companies are required to further upgrade at the reporting level: monthly reports, advanced level of analysis, actual budget reports, reports to the scientist and building a comprehensive accounting system.
The Problem
The transition phase from a start-up company to a company that raises significant funding may be rapid and require compliance with a high reporting standard. Since the company has not yet built a suitable accounting infrastructure and the existing reports are made by professionals who do not specialize in high-tech and do not know the typical requirements for the field, there is significant difficulty in meeting the accounting and legal requirements in the required schedule. This could jeopardize the entire recruitment.
The Solution
Already in the initial stage of the company's life, we recommend utilising the professional accounting services of Top Finance which will set up a financial reporting system for you at a reasonable cost, and will develop at the pace of the growth of the company in a modular way.