Accounting & Payroll services for startups

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What is a startup?

Generally, when startup is mentioned, it is taken to mean a business in the tech industry with an innovative idea or product.

For us, a startup is a business that has been recently incorporated and conducting business, whether engaged in tech innovation or not.

startup business

Focus of startups

The primary focus of these startups in general would be growth, with the goal often being expansion in terms of market share, revenue, or user base.

Challenges for startups

These businesses start with minimal resources and rely on small, dynamic teams. and have limited time to attend to maintaining financial records or process payroll.

However, for startups, it’s important to note that a significant contributing factor to failure is poor financial management, including the lack of proper record-keeping and accounting.

Startup Success

Startups with robust financial practices often demonstrate higher efficiency and are better prepared to pivot during challenges.

Examples include businesses that survived economic downturns due to their ability to manage costs effectively through proper financial insights.

Startup Failures

Startup closures often cite poor financial oversight as a major cause.

Companies that fail to monitor cash flow or expenses frequently run out of resources before reaching profitability.

According to studies, about 20% of startups fail within their first year, and nearly 50% fail by year five due to lack of proper financial and accounting records.

The lack of proper financial record-keeping significantly increases the likelihood of startup failure, while maintaining accurate records greatly enhances a startup’s chance of success.

How we can help

At Adventus we provide the necessary support services to help startup businesses focus on growth and strategic initiatives, while we manage the time-consuming back-office operations.

Contact us for a free, no obligation consultation session.

Financial Records: A Key to Startup Growth and Survival | Why startups fail