BOOKKEEPING FOR STARTUPS

Five Gates Consultants, the leading startup bookkeepers, can help your company maintain accurate and up-to-date financial statements that are essential for managing your business's growth and cash flow. 

Our expert team specializes in providing comprehensive bookkeeping services tailored to the unique needs of early-stage, venture-funded companies. 

With our highly automated systems and experienced professionals, we go beyond traditional bookkeeping providers to offer invaluable financial advice and due diligence assistance.

As startup bookkeepers, we offer the following essential services to early-stage, VC-backed companies:

1. Recording Financial Transactions:

Our dedicated bookkeepers ensure that all your revenue and expenses are accurately recorded in your company's accounting system. We leverage cutting-edge automated systems, including popular solutions like Odoo, Zohoo, Quickbooks, along with our custom-built software, to streamline this process. Through automation, we can efficiently categorize transactions, such as payroll expenses, saving you time and money. However, our experienced team also performs meticulous reviews to identify and rectify any errors that automated systems may introduce, especially during critical moments like changes in employee benefits.

2.Revenue Recognition:

Accurate revenue recognition is crucial for startups, as it directly impacts their ability to secure future venture capital. Many CEOs rely on dashboards to visualize revenue growth, but it's essential to align these figures with the recognized revenue in your financial statements. Our automated systems capture revenue data, but our expertise goes beyond data feeds. We engage with CEOs to gather the necessary information for generating IFRS compliant revenue figures. We understand that incorrect revenue recognition can be a significant concern, which is why many startups switch to Five Gates Consultants to ensure accurate accounting, unlike online bookkeepers solely relying on questionable "automation."

3.Reconciling Accounts:

For venture-backed companies, maintaining accurate books is a commitment made to investors. Reconciliation is a critical step in bookkeeping, ensuring that all financial records balance and align with the actual transactions. At Five Gates Consultants, we leverage connected and automated systems to streamline reconciliation processes. However, our experienced team conducts multiple levels of reviews to catch any discrepancies that automated systems may miss. This meticulous approach is essential for startups, as investors and potential acquirers expect accrual accounting and financial statements that closely align with IFRS standards.

4.Managing Bill Pay:

Managing cash burn is crucial for early-stage companies, and efficient bill pay processes provide founders with the necessary controls to preserve cash. Regardless of the chosen system, automating bill pay is essential for streamlining your startup's bookkeeping. An automated bill pay system seamlessly integrates with your accounting software, minimizing data entry and saving valuable time for your startup bookkeeper.

5.Preparing Financial Statements:

Investors, board members, and experienced founders rely on three vital financial statements—the income statement, cash flow statement, and balance sheet—to assess a startup's financial health. At Five Gates Consultants, our modern bookkeeping approach combines our specialized software, which directly interfaces with Odoo API, with best-in-class off-the-shelf solutions. This powerful combination ensures that your early-stage startup receives low-cost, highly accurate financial statements and reports. Moreover, our experienced accounting team excels at explaining the meaning of these financial statements and how key metrics impact your startup's strategic decisions.

Choose Five Gates Consultants as your trusted partner in startup bookkeeping, where our expertise, automated systems, and personalized support will empower your company's financial success. Contact us today to learn more.