A good accountant is a startup’s best friend
Most every great business starts with two things: an idea and a laptop. Next, you’ll probably need funding. And to get there, you’re propably going to need some help. ”That’s where we come in”, says Finnvera’s Laura Strandberg, an expert in startup funding and growth. She is one of the representatives of Think Company’s partner network who shared their expertise with our Health Bootcamp teams on Tuesday, as the participants learned about all things money on their way towards being successful health businesses.
To many, looking for funding feels like the most challenging and even the scariest step of starting a business. Luckily, options are many. Did you know, for example, that with the Tekes Tempo grant you may get 75 % funding for testing your concept and validating your idea? Startups and companies can also benefit from Finnvera’s Start guarantee or a Finnvera Guarantee for a bank loan to finance investments in the early phases of a company’s life.
If you are looking for some know-how and need someone next to you, working side by side and supporting you when the going gets tough, a business angel might be the right person. Financing is usuailly a great mish-mash of various instruments and ways of funding, but like Helleke Heikkinen from FiBAN points out: the best way to finance your company is revenue.
I’ve seen startups with great teams not getting financing because of the paperwork not being done correctly. – Samuli Saviala, EMU
Samuli Saviala, EMU, Laura Strandberg, Finnvera, Sampsa Nissinen, Tekes and Helleke Heikkinen, FiBAN
However, not paying attention to the basics can be detrimental. “I’ve seen startups with great teams not getting financing because of the paperwork not being done correctly” emphasized Samuli Saviala of Tilitoimisto EMU, the official partner of Health Bootcamp. Good governance and startup compliance are the corner stones of a company.
Startups are fast. With eyes on the prize, they focus on their main business instead of the legal obligations. Most any accounting company will make sure the legal requirements are fulfilled but that’s only a hygiene level. A partnership with a startup-minded accountant company has a lot more to offer.
- takes care of the proactive Due Diligence readiness
- makes sure that every process is scalable from the beginning and
- ensures all their services support growth and integrate with the startup’s processes and systems.
The success story of Smartly.io, a company offering Facebook advertising optimization solutions, is known by many: they’ve grown into a global company with over 50 employees in just two years. The story of Smartly.io is also a story of a great relationship between a startup and its accountants:
EMU had the pleasure of working with Smartly.io from the beginning. In EMU, startup partnership means understanding the business, documenting it real time and forecasting the future scenes together. As Smartly.io’s story testifies, this tight partnership may prove itself very valuable.
“If our partner was someone else, we would’ve probably had to adapt to another process. With EMU, we have thought together what our main business is and what EMU should take care of”, tells Smartly.io’s COO Anssi Rusi and continues: “We have a meeting every other week where we think together what we can do better.”
That’s what good accounting is all about: doing better in all aspects of business.