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Accounting for Tech companies & startups
Tech startups are at the vanguard of innovation, but there are challenges and pressures to designing, building, marketing and selling leading-edge digital products, services and solutions.
We provide the essential accounting services and support that tech companies need.
Why Should You Track R&D Expenditure?
You could be eligible to claim R&D tax credits, under HMRC’s scheme.
The value of what you can claim will depend on what you spend on eligible R&D, which is why you should track and record this accurately and efficiently.
There are various costs you can claim for, including:
- Consumables
- Prototypes
- Software licenses
However, there are also eligible costs that might be less obvious, such as salaries, contract workers, and pension funds.
Your claim needs to fall within two years of the end of your current accounting period and you’ll need to make sure all the relevant documentation is present and correct.
Having a dedicated accounting resource will make the whole process easier, from tracking and recording R&D costs to claiming relevant tax credits.
How Will You Manage Your Payroll?
Many tech businesses experience rapid growth, which puts demands and stresses on their existing structures.
Like other growing companies, they must consider how best to administer payroll.
Often, with a focus on tech and innovation, the mechanics of general management take a back seat, but your payroll procedures and practices must keep pace with your business development.
Our accounting services for tech startups and tech companies include professional payroll management support.
Are You Looking After Your Intangible Assets?
For many tech companies, the activities they carry out will mean they develop intangible assets.
These assets include things such as branding, technology, software, and patents.
For accounting purposes, it’s important to value them accurately and appropriately.
For example, a tech company can recognise its intangible assets as development costs and capitalise on this, creating an asset rather than a cost on the balance sheet. To do this, intangible assets must meet certain criteria.
If you want to maximise the benefits of your intangible assets, then our professional accounting support will help you do this.
Is Cash Flow an Issue?
The most common issue tech startups and other SMEs face is cash flow.
Cash flow problems can start with late payments or sales issues. But tech startups can also face difficulties in establishing their credentials simply because they are innovators in their field.
It’s difficult to find willing lenders if your accomplishments are in the future.
The best way of improving cash flow is to put a management plan in place, including a perpetual cash flow record.
By planning working capital better, tech companies can mitigate their cash flow problems.
Good accounting support can help tech companies manage their cash flow as they develop and grow in confidence.
Accounting for Tech Companies
Do you need to call on the expertise of a dedicated tech startup accountant?
At Venn Accounts, we pride ourselves on communicating clearly, using language that is free from jargon or complex terms, so that you grasp what we can do.
We keep things simple, but want our customers to feel assured that they can count on our guidance at every stage.
Whether it is tracking R&D expenditure, valuing assets appropriately, or managing payroll, we have a specialist that can help.
To learn more about how our accounting services can be tailored to support your tech startup, call Venn Accounts on 02080882590, send an email to enquiries@vennaccounts.com, or fill in a contact form and one of our senior accountants will get back to you as soon as possible.
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