Bookkeeping & Accounting

Virginia Tax and Accounting Solutions bookkeepers will help your business have accurate, up-to-date financial statements that you can use to manage your business’ growth and cash flow. The basic tasks we will handle are the same as what any other quality bookkeeping provided would do – except that we have developed highly automated systems, and our team is experienced in handling the nuances of early stage, venture-funded companies.

Our account managers have an average of 10 years of experience and are experts in helping young, funded businesses with their bookkeeping. But that experience helps our team go beyond simple, outsourced bookkeeping, and offer financial advice and due diligence help that other accounting firms cannot match.

 

1

Recording Financial Transactions

When revenue or expenses happen, it is your bookkeeper’s job to record these into your company’s accounting system. This probably involves categorizing the “transaction” in a way that makes sense, say a payment to your payroll provider as a payroll expense. Traditionally this work was all done manually, but Virginia Tax and Accounting Solutions is a pioneer is using automated systems to make this process faster (and cheaper for our clients!) By using a combination of off-the-shelf accounting solutions like QuickBooks, Honey Book, Fresh Book, Great Plane, Sage, PN3 and Bill.com, plus custom-built software. Virginia Tax and Accounting Solutions can quickly and accurately record most of your company’s transactions without you or your Virginia Tax and Accounting Solutions bookkeeper having to do anything. However, automation is not enough. Early stage companies move quickly, and you need an experienced bookkeeper or accountant to review your books and financial records to make sure that the automated systems have not made any errors. There are moments when automated systems are likely to introduce mistakes, such as when employee benefits are changed. Our team is trained to look for specific errors based on your company’s stage.

2

Revenue Recognition

Many companies raise their next round of venture capital based on their revenue growth. Many early-stage CEOs use a variety of dashboards to visualize their revenue. Virginia Tax and Accounting Solutions will check to see what the difference is between the CEO’s revenue number and the actual financial statements recognized revenue. Making the financial statements correctly mirror these dashboards is not as simple as it sounds! Virginia Tax and Accounting Solutions uses automated systems to record the revenue. But correct accounting relies on more than just data feeds, and our team knows the questions to ask our CEOs for the information needed to produce GAAP revenue. Incorrect revenue recognition is one of the biggest reasons startups switch to Virginia Tax and Accounting Solutions as their bookkeeper, especially the online bookkeepers with questionable accounting experience that claim to do everything with “automation” - which is really a code word for the founder having to code everything correctly.

3

Reconciling Accounts

Companies that raise venture capital need to have accurate books - in fact, a company’s executives typically promise recurring delivery of accurate financial records to venture investors in the funding documents. Reconciliation is an important step in bookkeeping. This is when your bookkeeper makes sure that the different records balance, and that the money leaving an account (like your company’s bank account) matches the actual money spent. Reconciliation is an especially important part of bookkeeping for funded companies since investors (and potential acquirer) expect accrual accounting and financials that are close to GAAP. Virginia Tax and Accounting Solutions helps set up connected, automated systems that help do much of this work automatically. But we go the next step and have our experienced team do several levels of reviews to help catch anything that the automated systems might miss.

4

Managing Bill Pay

Early-stage companies need to carefully manage their burn, and best in class bill pay helps give founders the controls they need to preserve cash. Virginia Tax and Accounting Solutions clients used to almost exclusively use bill.com, which is a provider of accounts payable for companies of all sizes. If you want to automate your bookkeeping, you need a solution for bill pay. That is because an automated bill pay system integrates directly into accounting software, minimizing the amount of data entry, and saving your startup bookkeeper time.

5

Preparing Financial Statements

Investors, board members and experienced founders want to see three important financial statements, usually every month: the income statement, cash flow statement and balance sheet. Bookkeepers have been preparing these financial packets for ages, but modern bookkeepers like Virginia Tax and Accounting Solutions use automated systems with best-in-class off the shelf solutions to give early-stage startups low cost, highly accurate financial statements, and financial reports. However, not all founders are trained finance professionals - software and financial packets are only half the story. Virginia Tax and Accounting Solutions accounting team knows how to explain what financial statements mean and how important metrics impact a startup’s strategy.

  • Virginia Tax & Accounting Solutions

  • What makes the Virginia Tax and Accounting Solutions (VATAAS) unique is the personal attention, commitment and energy we bring to each client relationship. Each client is given our full attention to make sure they are receiving every tax benefit they are entitled to. We are not your national chain who rushes you in and out the door. We take our time to make sure you receive every benefit you are entitled to. Let us make your life less taxing.

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