TURNING VISION INTO VALUE

BOOKKEEPING

Lincoln Management Group bookkeepers will help your startup have accurate, up-to-date financial statements that you can use to manage your business' growth and cash flow. The basic tasks we will handle are the same as what any other quality bookkeeping provider would do - except that we have developed highly automated systems, and our team is experienced handling the nuances of early-stage, venture funded companies.

Our account managers have an average of 11 years of experience, and are experts on helping young, funded businesses with their bookkeeping. But that experience helps our team go beyond simple, outsourced bookkeeping, and offer financial advice and due diligence help that other accounting firms can not match.

We think bookkeepers for startups should provide the following services to early-stage, VC backed companies:

When revenue or expenses happen, it's your bookkeeper's job to record these into your company's accounting system. This probably involves categorizing the "transaction" in a way that makes sense, say a payment to your payroll provider as a payroll expense.

Traditionally this work was all done manually, but Lincoln Management Group is a pioneer is using automated systems to make this process faster (and cheaper for our clients!) By using a combination of off-the-shelf accounting solutions like Expensify and Bill.com, plus custom built software,  Lincoln Management Group can quickly and accurately record the vast majority of your company's transactions without you or your Lincoln Management Group bookkeeper having to do anything. However, automation is not enough.

Early-stage companies move quickly, and you need an experienced bookkeeper or accountant to review your books and financial records to make sure that the automated systems haven't made any errors. There are particular moments when automated systems are likely to introduce mistakes, such as when employee benefits are changed.

Our team is trained to look for specific errors based on your company's stage.

Many companies raise their next round of venture capital based on their revenue growth. Many early-stage CEOs use a variety of dashboards to visualize their revenue.

Smart VCs will check to see what the difference is between the CEO's revenue number and the actual financial statements recognized revenue.

Making the accounting statements correctly mirror these dashboards is not as simple as it sounds! Lincoln Management Group uses automated systems to record the revenue. But, correct accounting relies on more than just data feeds, and our team knows the questions to ask our CEOs for the information needed to produce GAAP revenue.

Incorrect revenue recognition is one of the biggest reasons startups switch to Lincoln Management Group as their bookkeeper, especially the online bookkeepers with questionable accounting experience that claim to do everything with "automation" - which is really a code word for the founder having to code everything correctly.

Companies that raise venture capital need to have accurate books - in fact, a company's executives typically promise recurring delivery of accurate financial records to venture investors in the funding documents.

Reconciliation is an important step in bookkeeping. This is when your bookkeeper makes sure that the different records balance, and that the money leaving an account (like your company's bank account) matches the actual money spent.

Reconciliation is an especially important part of bookkeeping for funded companies, since investors (and potential acquirer) expect accrual accounting and financials that are close to GAAP. Lincoln Management Group helps set up connected, automated systems that help do much of this work automatically. But, we go the next step and have our experienced team do several levels of reviews to help catch anything that the automated systems might miss.

Early-stage companies need to carefully manage their burn, and best in class bill pay helps give founders the controls they need to preserve cash.

Lincoln Management Group clients use bill.com, which is a leading provider of accounts payable for companies of all sizes. An automated bill pay system also integrates directly into accounting software, minimizing the amount of data entry.

Investors, board members and experienced founders want to see three important financial statements, usually every month: the income statement, cash flow statement and balance sheet.

Bookkeepers have been preparing these financial packets for ages, but modern bookkeepers like Lincoln Management Group use automated systems. We've built our own, specialized software that interfaces directly with QuickBooks API, and combine it with best-in-class off the shelf solutions to give early-stage startups low cost, highly accurate financial statements and financial reports.

However, not all founders are trained finance professionals - software and financial packets are only half the story. Lincoln Management Group's accounting team knows how to explain what financial statements mean and how important metrics impact a startup's strategy.