I remember when I first started working on my web service and consulting company, my head was spinning with all the questions like what kind of company, accounting practices, etc. I eventually made an appointment with a local CPA and got some of those questions answered. But many dont have the resources for this.
So here is another video from the recent monthly meeting of the NYSIA up in New York, courtesy of Allen Stern of Centernetworks again. In the video
Mike Lopez, from Amper Politziner, and Mattia begins by explaining the importance of looking at the eventual exit and making sure that the transactions throughout the business are completed correctly.
Mike looks at the tax implications of the different business entity types and a variety of accounting issues including revenue recognition, software development costs and stock-based compensation. As a former accountant myself, I agree with Mike’s comments about keeping a good set of books. It will help you throughout your business and will keep the overall accounting costs down.
