How do you manage accounting at your startup?

I decided to go with Paddle to outsource as much of this as possible, this allows me to have one invoice a month for all sales and outsource a lot of stuff, all the expenses are handled by an accountant.

Just a spreadsheet, but it's a wreck. Definitely need to start looking into software to track transactions we make, and YTD figures since we only have a spreadsheet for each month. Would be nice to just make individual entry's of incoming and outgoing with titles/labels, and optional description or comments. Shows monthly balance and transaction history as well as YTD

We passed it on to another company. Not so long ago, we found outsourced accounting services in Singapore, and decided that they would deal with all accounting issues. This is often a good solution and cheaper than creating your own accounting department.

At a startup, accounting can be managed in-house or outsourced to an accounting firm. In-house accounting involves hiring a dedicated accountant or finance team, who handles bookkeeping, financial reporting, and tax compliance. Outsourcing accounting to a firm such as Accotax involves delegating these tasks to a team of accounting professionals who can provide expert advice and support.

At our startup, we prioritize effective accounting practices to ensure financial stability and growth. By leveraging company risk management strategies, we identify potential financial risks and implement measures to mitigate them. Our accounting team maintains accurate and up-to-date financial records, enabling us to make informed decisions. Regular financial reporting and analysis help us monitor performance and identify areas of improvement. Through risk management, we safeguard against fraud and financial mismanagement. Collaborating with professionals, we strengthen internal controls and compliance to minimize financial risks. By integrating risk management into our accounting processes, we ensure the long-term success and sustainability of our startup.