Services for your business’ needs
No matter what your startup is going through, our accountants are here to get you through the other side.
Track Stripe Income
Manage your Stripe accounting like a pro
Stripe is the best payments platform for online businesses. However, integrating Stripe with your accounting software can be a challenge for most founders as it is not as straight forward as it seems. It would be most ideal if it only took a few clicks to set up but that is not the case. When you look into the details of Stripe transactions, there are complexities around the breakdown of fixed and variable charges which needs to be reflected accurately within your accounting practice. Your funds being held by Stripe during a customer transaction and when the funds flow into your business bank accounts is also something that should be closely monitored as it impacts cash flow positions. There are many nuances to be aware of.
Binery offers management of your Stripe accounting like a pro. Our objective is to help you integrate, manage and analyze your Stripe transactions seamlessly so you could focus on attending to growing your business.
Accurate SaaS Metrics
Gain a holistic view of your startup’s metrics.
Understanding how your business is performing using reliable data is super important to any founder. For SaaS and e-Commerce businesses, there are many data points one can analyze and transform into actionable insights. Metrics such as Customer Lifetime Value, Net Churn, Burn Rate, Customer Acquisition Cost are the vitals of your business. In order to ensure your metrics are reliable and accurate, it is important to ensure all your financial transactions are 100% accounted for. Metrics can sometimes not reveal a holistic view because there isn’t a holistic set of data to work with. A holistic view can be achieved if your CFO or accountant has full visibility across all components of your business, from customer transactions to payroll management data.
Binery, with the combination of SaaS and e-Commerce accounting expertise and the use of data-driven technology, can dig deep into your business and determine growth opportunities. By analyzing all your raw transactional data with visibility into your revenue and cost generating activities, we can provide actionable insights for you to make well-informed projections for hiring, expansion and budgeting purposes.
Cross Department Solutions
Breakdown your business by product lines and department function.
As businesses grow, the diversity of offering and business functions also grow. More products or services will be offered, maybe with a combination of online presence on Shopify and a physical presence with a brick and mortar store. More team members will join the company, across different departments. During the early stages of a startup, Sales and Marketing activities might be a blended role but soon it would be split into two different departments, perhaps even adding a third department called Growth. Visibility into a business can be harder to achieve and even harder to maintain as your startup scale.
Binery offers reports with a breakdown across product lines and departments. For startups aiming to scale fast, forecasting what growth implications look like is also part of our service. Set yourself up for success by gearing for scaling.
Subscription Based Revenue
Recognize your revenue in a compliant way.
Managing and tracking revenue is an integral part of a software subscription business models. Sometimes customers will pay for your services annually in advance but you can only deliver your service on a monthly basis. Would you know which revenue recognition standard from the right accounting body to apply in such a case? A customer might ask for a refund of their annual payment midway through the year after they have already received 6 months of service, concepts such as deferred revenue would have to be taken into account and treated properly.
Binery will ensure your revenue is recorded properly and in compliance with international accounting standards. Depending on the period of service and frequency of purchase, this would have implications on how your revenue will be treated.
Simple Payroll Management
Manage employee benefits and payroll seamlessly
With an increasing adoption of a remote-working culture amongst Saas and e-Commerce startups, further accelerated by Covid-19, it is important to ensure your team’s payroll, benefits, tax and pension contributions are recorded accurately within your accounting software. Each country will have their own labor regulations that must be complied with. Apart from the geographical diversity, depending on the type of employment contract, whether it is full-time, part-time or a commission based personnel, there are different calculation methods to be for processing HR data into your books.
Binery is not only familiar with a variety of payroll platforms such as Simple Pay, Talenox and Gusto depending on your existing setup, but we could help process any documentation that is required to be submitted to either the government or pension fund providers.
Enhance your software asset value for the long term
Every digital business has an inventory of intangible assets, from their website domain, to a patent of an invention, to the specific source code that the engineering team have spent years producing. The importance of establishing a justified monetary value for these intangible assets becomes increasingly vital as your company grows. Knowing how to capitalize software development cost is another aspect that would need to be handled by amortization, an accounting technique. As a founder without an accounting background, these topics can be intimidating but definitely something one has to manage if they are setting up their startup for success.
Binery exist to be your SaaS CFO and accountant, ensuring that your startup’s assets are properly recorded and valued so you can refocus your time on doing activities that are much more important: qualifying with prospects, managing customers and recruiting great talent.