The Top 6 Startup Accounting Services for B2B Businesses
Written by Amanda Bower | Published: December 12, 2023
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It sometimes seems like B2B businesses are all the rage these days. This sector has been experiencing a boom in recent years, and it shows no signs of slowing down.
And in the high-velocity nature of today’s business landscape, a new B2B startup can quickly experience fast, powerful growth. Due to all of the financial obligations and pressure that comes with B2B businesses, many are turning to startup accounting services to support their business and ensure their financial success in the future.
Here’s everything you need to know about the state of B2B businesses today, how startup accounting services can make a tangible difference in how they operate, and which services should be on your radar.
Why Startup Accounting Services Matter for B2B Businesses
The B2B landscape today is fast-growing and quick-moving, and it holds great potential for new businesses and startups looking to get their skin in the game. A quick look at the numbers will show you what we mean.
For example, the global B2B eCommerce market in 2022 was valued at $7.8 trillion, and by the year 2030, it’s projected to more than triple in value to $26.5 trillion. Further studies show that successful B2B companies can multiply their growth and take market share from their competitors, which demonstrates how much is up for grabs in this space.
All B2B startups have different beginnings. Some might start with tons of funding and a fully-fledged team, while about 60% of startups begin at home. In the United States, new startup businesses create millions of jobs annually, with more than 3.7 million startup-related jobs created in 2022 alone.
B2B startups move fast and operate in a volatile landscape, and there’s one thing they definitely need in order to succeed and grow: rock-solid financial and accounting practices.
The Perks of Startup Accounting Services
When it comes to B2B businesses, there’s a lot that constantly needs to be taken care of properly. So why not have a professional handle them?
Here are some of the main benefits of these services.
You Ensure Accuracy (Because Experts Are at the Helm)
The financial and accounting aspects of your B2B business lay the groundwork for the work you can do. When it comes to these make-or-break matters, financial accuracy is paramount.
And when you’re using startup accounting services, you can breathe easy knowing your financial and accounting matters are in the hands of tried-and-true financial experts. You’ll have highly qualified CPAs on your side, and make sure your books, records, taxes, and other accounting meets are met on time and without error.
You Free Up Your Team to Focus on What They Do Best
Sure, it’s possible to handle accounting matters in-house. But when it comes to B2B businesses, there’s a long list of things that constantly need to be covered. Bookkeeping, expenses, payroll, HR, taxes, reporting, and cash management are just the tip of the iceberg. Instead of weighing down your talented people with these time-consuming tasks, you can offload them to experts.
Let the pros specializing in these matters take them off your plate so your team can focus on high-impact tasks that help your business move the needle.
The Plans Are Flexible
Startup accounting services for B2B businesses are designed with flexibility in mind, and they meet your business where it is. You can choose from different accounting service plans and land on one that meets your needs and budget.
If you need bookkeeping, standardized reporting, and spend management, there’s an option for that. And if you’re looking for more advanced C-Suite level CFO services, there’s an option for that as well.
You’re Ready for Growth and Expansion
Your B2B startup is headed for the moon; we can feel it. But to expand to new markets, reach new customers, and roll out new products and offerings, you will need to have your capital shored up.
This means expenses can’t be slipping through the cracks, you don’t want to get hit with penalties from tax inaccuracies, and you’ll need payroll to be spot-on and timely. When you partner with a startup accounting service provider, your financials will be clean as a whistle, so your business is prepared for accelerated growth.
What Do Startup Accounting Services Do?
As a startup owner, managing your finances can be a daunting task. Let’s take a closer look at what startup accounting services do and how they can benefit your business.
B2B businesses can have complex cash flow avenues. There are a lot of ways cash can move in and out of the business, and these flows must be properly monitored and managed. When that’s the case, a business can operate from a more stable standpoint, meet any debt or payment commitments, and ensure they have the cash they need to grow and flourish.
Cash management services might include processing vendor payments, conducting cash flow analysis, supporting cash collections, and managing banking relationships.
Financial predictions and forecasts are essential for allowing decision-makers to make smart, effective choices and to craft excellent strategies. Financial reporting and analysis services can help leaders plan, manage cash flow needs, and get the reports they need to keep all stakeholders happy, from founders to investors.
Services under this category might include monthly financial reporting, annual budgeting process management, budget to actual reporting, KPI reporting, and financial planning and analysis.
B2B business taxes can be downright complex, and in almost all cases, it’s best that a professional handles them. From sales tax compliance to business expenses and payroll, startup accounting services handle everything.
They don’t only make tax season a breeze, but they ensure you won’t waste time and money in the process. Tax preparation services might include tax savings and credits, 1099 management, sales tax filing, and proactive tax strategies.
Bookkeeping services for B2B businesses involve keeping track of cash inflows and outflows, monitoring financial transactions, keeping records, and verifying all financial actions. Instead of letting small accounting mistakes cost your business or allow you to miss financial opportunities, bookkeeping services give you precise insights and expert advice. Aside from bookkeeping, these services might include bank account reconciliation, credit card reconciliation, employee expense management, and monthly financial reporting.
With accounting management, your numbers are in safe hands, you have financial advances when needed, and you have expert help managing your business. These services give you access to a dedicated accounting team, such as a Cloud Accounting Specialist, Cloud Accounting Manager, and Cloud Accounting Director. Together, they take care of data management, act as advisors, and oversee their work to ensure it’s done properly.
The Top 6 Startup Accounting Services for B2B Businesses
Keeping track of finances and taxes is crucial for any business, but it can be time-consuming and complex. Fortunately, there are many accounting services specifically tailored for startups that can help streamline the process. Let’s explore the options your organization can consider partnering with.
Yes, we’re kicking off this list with ourselves and will introduce you to some of our competitors. That’s because, firstly, we’re confident in the quality and scope of the startup accounting services we supply. And second, we’re not afraid of a little competition.
Here’s what makes us stand out from all the rest: we’re a premium tech-enabled accounting firm, delivering a one-stop shop of cloud-based accounting, tax, HR, finance, and more. We specialize in providing these services to B2B businesses, and we know exactly how to help you use your finances to take your business to the next level.
hiline was created as an evolution of a boutique accounting and strategy firm, and our goal is to combine our stack of best-in-class cloud accounting technology and our dynamic team of professionals to break the conventional accounting firm model to deliver a new, premium experience to clients. We saw too many small and medium-sized businesses with massive growth potential and killer business ideas held back by details like accounting, taxes, and HR. We wanted to change that.
Now that you know about our services, here are some other top providers so you can choose the best fit for you.
Pilot says they offer “bookkeeping, CFO, and tax services for startups and growing businesses.” They also say they “work with thousands of startups, ranging from two founders in a garage to hundred-person teams.”
Nimbl says they offer bookkeeping, cash flow management, and payroll. They can also help you prepare for an audit and can act as your bookkeeper, accountant, or controller.
B2B Accounting Solutions says they’re a “full-service accounting services company” and “provide professional, knowledgeable service” to their customers.
Kruze Consulting offers accounting, finance, tax, and HR for startups and says they provide “affordable startup bookkeeping and accounting.”
Founder’s CPA says they are “a public accounting firm that provides personalized services.” They can provide you with accounting, tax, and CFO services.
Your B2B Business Is Destined for Great Things; It Just Needs Great Accounting to Get There
Being at the helm of a B2B business is an impressive feat. Why let your accounting and finances hold you back? By turning to a startup accounting service provider, you can ensure your financial and accounting needs are handled while you run fast and make waves.
If you’re looking for next-level startup accounting services that can help your B2B business grow, we should talk. hiline offers premium tech-enabled accounting to startups, and we know how to help you effectively manage your accounting and financial needs.
Contact us today to learn how our cloud-based accounting package can help your B2B business soar.
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