accounting

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name: accounting
description: "Use this skill when the user needs to set up bookkeeping, track revenue and expenses, prepare for taxes, choose accounting software, understand SaaS revenue recognition, or manage the financial operations of their bootstrapped business. Covers bookkeeping setup, tax preparation, accounting tools, and financial hygiene for solo founders."
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# Accounting & Bookkeeping

Messy books cost you money in taxes, missed deductions, and accountant fees. This skill helps you set up clean financial tracking from day one — 30 minutes a week keeps you legal, informed, and out of trouble.

## Core Principles

- Bookkeeping is not optional. Messy books cost you money in taxes, missed deductions, and accountant fees.
- Separate business and personal finances completely. Day one. No exceptions.
- SaaS revenue recognition has rules. Stripe payments are not the same as "revenue" for accounting purposes.
- You don't need a full-time accountant until $50k+ ARR. But you do need a system from day one.
- 30 minutes a week keeps your books clean. 30 hours in April fixes what you ignored all year.

## Getting Started: Financial Foundation

### Day 1 Checklist

```
Before your first dollar of revenue:
- [ ] Open a separate business bank account (checking)
- [ ] Get a business credit card (or dedicated personal card for business only)
- [ ] Set up accounting software (see recommendations below)
- [ ] Create a simple chart of accounts
- [ ] Set up Stripe (or payment processor) to deposit to business account
- [ ] Save a folder for receipts (digital — Google Drive, Dropbox, or in your accounting tool)
- [ ] Note your fiscal year start date (usually Jan 1 for calendar year)
```

### Separate Your Finances

**Why it matters:**
- Legal protection (LLC/corp separation requires it)
- Tax deductions are easy to prove with clean records
- Makes tax prep 10x faster and cheaper
- Investors and lenders need clean books

**How:**
- Business bank account (Mercury, Relay, or any bank with no/low fees)
- Business credit card (Ramp, Brex, or a separate personal card dedicated to business)
- Never pay personal expenses from business accounts
- Never pay business expenses from personal accounts
- If you must (emergency), document it as an owner draw/contribution

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## Accounting Software

### Recommendations by Stage

| Stage | Tool | Cost | Why |
|-------|------|------|-----|
| Pre-revenue | Spreadsheet | Free | Don't over-invest before revenue |
| $0-5k MRR | Wave | Free | Full accounting, free, good for solo |
| $0-10k MRR | QuickBooks Self-Employed | $15/mo | Simple, widely supported by accountants |
| $5k-50k MRR | QuickBooks Online | $30+/mo | Standard. Every accountant knows it |
| $5k-50k MRR | Xero | $15+/mo | Clean UI, good for SaaS |
| Any stage | Bench | $299+/mo | Done-for-you bookkeeping service |

**The short answer:** Start with Wave (free) or QuickBooks Online. Switch to QBO when you hire an accountant — it's what they all use.

### Stripe + Accounting Integration

Connect Stripe to your accounting software to auto-import transactions:
- QuickBooks: Use the Stripe integration or Synder
- Xero: Use the Stripe integration
- Wave: Manual import via CSV (or use a connector like Zapier)

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## Chart of Accounts (Simplified for SaaS)

Your chart of accounts is the list of categories for your money. Keep it simple:

```
REVENUE
  Subscription Revenue      (MRR from customers)
  One-Time Revenue          (setup fees, lifetime deals)

COST OF GOODS SOLD (COGS)
  Hosting & Infrastructure  (Vercel, Supabase, AWS, etc.)
  Payment Processing Fees   (Stripe fees, ~2.9% + $0.30)
  Third-Party APIs          (SendGrid, Twilio, OpenAI, etc.)

OPERATING EXPENSES
  Software & Tools          (GitHub, Figma, analytics, etc.)
  Marketing & Advertising   (Google Ads, sponsorships, etc.)
  Contractors & Freelancers (developers, designers, writers)
  Legal & Professional      (lawyer, accountant, registered agent)
  Domain & DNS