Startups · Entrepreneurship

When should you hire an accountant?

Anonymous

September 15th, 2016

This is definitely a painful job and not something that we are looking to do inhouse. Do you have any recommendations with regards to the stage in which it makes sense for me to bring in an accountant for our tech startup? What kind of fees are we looking at here in NYC? Any recommendations on where I could find a good one? Thanks so much!!
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Paul Mobley, MBA

September 15th, 2016

Prior to your first income tax return or reviewed financial statement for investors.

Step 1: Form a Corporation; Step 2: Hire a CPA.

Tax law is too complicated for individuals who are not professionals. It can cost as low as $500/year for a CPA to prepare S-Corp Tax Returns. If you need reviewed financials for investors and/or bankers then you should plan on spending about $6,000-$10,000 per year.

It's a cost of doing business. Beyond minimum state taxes its the next budget item that you should allocate.

Helen Adeosun

September 15th, 2016

Yesterday! Make life easier for yourself to at least have someone start setting you up even if you are pre-revenue. You'll need to do payroll, handle investments, interest payments, etc. We have a great accountant and are looking into having a startup called Acuity.co based in Atlanta and it looks like they start at $400/month that can do book keeping and accounting with more hands on support. 

Rod Abbamonte Co Founder at STARTREK / @startupHunter / @startupWay / @CoFounderFound / @GOcapital / @startupClub / @lastminute

September 16th, 2016

After validating the idea and before starting the legal formalisation of the startup

Jim Scott CFO * Financial Growth Accelerator * Virtual Company Architect

September 16th, 2016

You can expect good accountants here in NYC to charge $90+ per hour for book keeping accounting, etc. Figure their time to be minimally 4 hours per month. You also need to file federal and state tax returns, and be compliant with WC, payroll and sales tax requirements. Get one early on, when you can afford it.

Steve Everhard All Things Startup

September 16th, 2016

It obviously depends on your business, where you are trading and the complexity of those transactions. I would hire a good account to setup the processes for you, which you can probably manage day-to-day in-house. There are several online accounts solutions like Zoho which can provide a link between daily financial management and a filing accountant to keep your financials straight and make year end simple. You are more in need of good advice I suspect that someone to add up the columns in the spreadsheet!

Brian Mulligan Member at Tech Coast Angels

September 15th, 2016

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