What is included in Financial Management?
Gust Launch partners with the expert team at Simplexity to offer accounting and bookkeeping services as an optional (but recommended) part of the Accelerate plan. We are able to offer these services to pre-revenue startups at a much lower cost than competitors (and with no onboarding costs) because we make it easy for Gust Launch customers to begin working with pro accountants early, when they have simple and short financial histories.
Simplexity uses Xero accounting software to manage your financials, so a Xero subscription (to which you will have access) is included. To use Financial Management, you'll need to make sure your company bank account is capable of integrating with Xero—Xero integrates with many banks, but if you're not sure, just let us know and we'll help you find out.
Specifically, Simplexity’s accountants will provide:
- Accrual-based accounting: the complicated part of accounting is matching costs and revenues to the period in which they occur, which is a component of the SEC-required standard Generally Accepted Accounting Principles (GAAP). Investors and banks both expect your accounting to follow accrual-basis and GAAP.
- Transaction coding: to make sure your financials are properly categorized, Simplexity will organize all of your expenses in Xero directly from your bank and credit card accounts.
- Financial statements: you’ll receive the three standard corporate financial statements each month—a balance sheet, an income statement (also known as a profit & loss statement) and a cash flow statement.
- Bank reconciliation: if you spend cash from your company bank account, your accountants will be able to make sure it’s reflected properly in your corporate records.
- Email support: if you need help or to make a correction to your financials, your accountants will be only an email away.
- Accounts payable: if you have to deal with a lot of invoices and bills, Simplexity can manage their payment. Please note that this optional service requires an additional subscription to Bill.com (which is not included in Gust Launch Financial Management).
Please note that the Financial Management package for Accelerate customers is only sufficient for companies that have yet to make recurring revenue or hire employees.
If you initially choose the Gust Launch Start or Accelerate plans and intend to add accounting in the future, the Financials page in Gust Launch offers a way to track your income and expenses from day one so it’s painless to start working with an accountant once you can afford to hire one.