Audit Services for Startups Deloitte US

Early-stage companies usually get audits when asked to by their investors, and as we’ve already mentioned, venture capitalists don’t usually start asking for an audit until a company is Series C or later. So you shouldn’t get an audit until your investors ask for one, or if an startup auditing firms outside party (like an investment bank that will take you public) says that you need one. Audits are most successful when they’re not viewed as just an annual task, but instead a deep relationship to build with the auditors who can also become your thought partners on accounting during the early stages of a startup. One of the best tips for having a successful audit is to make sure your financial hygiene is in good shape well before it’s time to get audited. For 30 years, Kranz Consulting has advised and supported entrepreneurs and founders through the complexities of building high-growth businesses. Kruze Consulting’s top picks for Startups in the Seed to Series C stage are Deloitte, Armanino, Moss Adams, BPM, BDO, and Frank Rimerman.

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• Once a founder has enough capital in the company’s bank account to afford an experienced outsourced accounting partner, then it’s time to get some time back by finding a good, outsourced finance partner like Kruze.
• Through our CFO and FP&A support, we help founders knock fundraising out of the park.
• Our sweet spot is well capitalized startups who have found product market fit.
• Before pursuing an initial public offering (IPO) or other exit strategy, an early signal that a startup is approaching maturity is the need for a financial statement audit.
• The company offers a next-generation software platform designed to support auditors in conducting audits and assurance tasks for sustainability reports (CSRD).
• In a lot of cases, the specifics of when you’ll need to be audited will be clearly laid out for your company.

If you’re a SaaS company, look at a firm closely to make sure that they’ve worked with other SaaS companies in the past. And more importantly, have they worked with other SaaS companies that have grown fast or scaled through product-led growth? If your company is focused on enterprise sales, then you’ll want a firm that can recognize and analyze enterprise contracts. Think about domain, but think about your go-to-market strategy too, and find a firm that aligns in each category. Our account management team is staffed by CPAs and accountants who have, on average, 11 years of experience.

• The Graduate Entrepreneur Fund was founded in 2021 by alumni of TU Delft, Erasmus MC, and Erasmus University Rotterdam.
• Our FP&A team helps our clients prepare budgets and projections for fund raises and is lead by a former venture capitalists and operating executive.
• Really, how prepared you are and the quality of your financials matters the most.
• On top of bookkeeping, we also handle building you a financial model and a financial health dashboard (demo here), and updating/maintaining that dashboard over time so we can provide you with full financial insights around your business.
• Rotterdam-based Engyon, an audit automation software company, has raised €1M in a seed round of funding led by the Graduate Entrepreneur Fund, a VC fund that supports tech startups in the Netherlands.

Upcoming New York City deadlines in 2025

The auditor will then calculate materiality to determine a threshold to determine the level of detail to test based on what a user of the financial statements would consider to be a material difference. Navigating the financial waters of a startup can be a simultaneously dynamic and daunting task. As your startup begins to gain traction, secure new investments, and scale operations, the question of financial audits becomes increasingly pertinent — so feeling confident about when and how to approach your company’s preparation for a successful audit is critical. The upshot is that financial statement audits are seldom “one and done.” Instead, they are a commitment that requires an ongoing investment of time, resources, and labor.

We hold ourselves to a higher standard than other startup accounting firms and startup CFO’s…

In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see /about to learn more about our global network of member firms. Before pursuing an initial public offering (IPO) or other exit strategy, an early signal that a startup is approaching maturity is the need for a financial statement audit.

Key metrics for pre-seed and seed fundraising in challenging markets

And even in those cases, where an audit isn’t required by investors or some outside regulatory body, $4M in revenue is a common trigger point in a lot of IRAs is usually a good rule of thumb, even for a voluntary audit. Auditors can help you identify shortcomings in your accounting practices earlier on, resulting in less accumulation of accounting “tech debt”. For income statement accounts, the auditors will request detail listings to make sample selections, where they will request supporting invoices, contractors, payments, and other supporting documentation to prove the transaction is accurate. This is why it is critical to ensure you are categorizing all transactions properly throughout the year. In addition, the auditors will test the balance sheet by requesting balance sheet reconciliations such as bank reconciliations, accounts receivable, fixed assets, accrued expenses, and equity.

The #1 Team Startups Rely On For Accounting & CFO

Whether you’re near the iconic Times Square, the bustling tech hubs of Midtown Manhattan, or the thriving entrepreneurial spaces in Brooklyn, our firm stands as a beacon for startups navigating the complex financial landscapes of New York. Our commitment to being the ‘accounting firm near me’ you can trust, ensures that your startup’s financial journey is managed with expertise and a deep understanding of the unique opportunities and challenges in New York. We are one of only a few outsourced accounting firms that specialize in funded early-stage companies – we only offer financial and tax services to fast growing startups in the Pre-Seed, Seed, Series A, Series B and Series C stages.

After everything has been compiled, it’s in good practice to review all the information one last time to provide a final chance to correct outstanding issues before an auditor steps in. One of the main reasons why additional fees are incurred during the auditing process is due to reconciliations. Optional – if you’d like to share anything else to help us prepare for our consultation, please let us know. Help us have a productive first consultation by providing some additional information.