We understand only some people are excited to talk about financial topics like tax return preparation and bookkeeping. And it’s a safe bet that if your mind tends to wander when trying to focus on these critical business tasks, you are one of those people. 
That’s okay, we get it. Because, as a team of reliable and dedicated San Francisco CPAs, we know how you feel. We may enjoy tackling complex financial challenges, but there are topics that bore us, too. We may not be interested in fixing a broken pipe or learning how to parasail (at least a few of us). Every individual has their own skills and interests. And many times, we gravitate towards those things when choosing a career. As accountants, we enjoy helping businesses grow and thrive with a solid financial foundation. So, it’s no surprise Safe Harbor CPAs love to manage the financial work for technology startups!
But you may love being a tech entrepreneur. And if you are focused on growing a technology business in the Bay Area, stable financials are essential. Aspiring tech leaders have a lot to do. They must design a product, create a business plan, source seed money, attract investors, secure workspace, and hire talent. There’s also the role of consistent research and marketing, which are essential to feed the competition-heavy technology sector. Sound financial practices and strategies are the fuel for a growing tech startup. However, few entrepreneurs can successfully handle it all by themselves. It may be their passion to launch an innovative product, but managing numbers on a financial portfolio may not be their best habit.
Like we said, that’s okay. Everyone has their own unique skill set. Tech may be your passion, but finances are ours. The goal of the Safe Harbor firm is to be the best CPA firm for Bay Area Tech startups!
Juggling the Finances for a New Tech Startup Is Our Superpower
Building a strong relationship between technology startups and accountants is our specialty! Our Safe Harbor CPAs are there to support entrepreneurs (https://www.safeharborcpa.com/startup/) as they sprout and while they grow.
We know the extreme highs and lows of growing a new technology business; it can be very exciting. But the one thing that must remain consistent is a strong financial plan to support every idea, product, and customer. And that is very challenging. Silicon Valley Bank posted an informative article called Startup Costs: Expenses You Should Include in Your Plan: https://www.safeharborcpa.com/startup/. One of the points the article makes is that one-third of startups fail because they run out of cash. And the solution isn’t just acquiring money from investors. It’s about where to put those investments, how to maximize returns, and how to manage taxes and fees to the company’s advantage. Plus, a business must be ready to adapt to the financial changes and new expenses along the way. Starting a business is thrilling to entrepreneurs, but a solid financial foundation is critical. As expert accountants for tech startups, here is a bit of what we do:
Financial Goals: We help entrepreneurs review their dreams for now and in the future. Do they want to remain local or scale out as they grow? What is the timeline for financial returns?
Provide Audited Financials: (https://www.safeharborcpa.com/management-financial-advisory/ for funding sources): Need a bank loan? Looking for attention from high-tech venture capitalists? You’ll need impressive audited financials and a business plan, which our accountants can help produce.
Provide a Solid Tax Strategy: We can find the State and government tax incentives ready to claim! Our accountants also know the deductions and credits that will help maximize the budget and minimize expenses.
And if an entrepreneur is deciding how to establish their tech start-up, we can assist there as well. For instance, there important differences between C-Corps, S-Corps, and LLCs. A C-Corp could be the best choice if you plan to contact Silicon Valley venture Capitalists. VCs do not like the tax implications associated with other types of businesses. They also may expect preferred stock options, which a C-Corp designation easily offers.
Managing the financial needs of Bay Area technology startups is what our accountants do. Call it our superpower. The Safe Harbor CPA team will swoop in and do our best to ensure your company is on safe and secure financial footing!
