On Wednesday October 23rd, Akshay Shrimanker of Shay CPA P.C. conducted an accounting, finance, and tax workshop for early stage startups inside New Lab -- a coworking space in the Brooklyn Navy Yard which is home to over 130 startups and considered an oasis for entrepreneurs. The talk was presented to the H2 Accelerator -- an accelerator program that is sponsored by Shell and Toyota in partnership with NYSERDA. The program is led by Fraunhofer USA Center for Sustainable Energy Systems, Greentown Labs and the Urban Future Lab - NYU Tandon.
The workshop began around noon, with Shrimanker starting it off with a simple introduction to himself and a general background information about his firm.
He focused on the finance and accounting part of the workshop first, explaining the importance of basic financial planning such as budgeting, historical financial data, and estimating revenue and expenses. He also went over some key terms like MRR, ARR, Churn, COGS, and GAAP.
The workshop then continued with Shrimanker talking more in-depth about financial statements, which include things such as balance sheet, income statement, and statement of cash flows. Financial modeling was covered as well, where he went over six types of financial model drivers.
The first part of the workshop concluded with the talk of startup revenue recognition, which is key to generating accurate financial statements.
He then went over tax implications and planning, explaining why most early tech companies set up as either LLCs or C-Corps. Tax credits and incentives for tech startups were also discussed, as well as highlighting some of the key changes from tax reform that went into effect in tax year 2018.
Some of the important dates for startups in the upcoming 2020 tax season were picked out and analyzed as well, and Shrimanker brought up the benefits of Qualified Opportunity Zones -- a new incentive that is intended to promote investment in economically distressed communities.
R&D credit claim was also mentioned, which is a general tax credit that can help qualified startups to cover research and development costs in the United States. He thoroughly explained how to fill out IRS Form 6765, which is needed to claim the R&D Tax Credit to offset payroll taxes.
The workshop came to an end around 2 p.m. with a discussion of some inhouse and outsource options that startups can use to complete their accounting, bookkeeping, and tax compliance. He then went over some optimal tools to track revenue such as SaaSOptics, QuickBooks Online, and Financial Modeling with Excel Spreadsheets.
A Q&A session continued after the workshop, where Shrimanker answered individual questions from different startups in attendance.
We would like to thank the startup founders in attendance for asking some great questions and the NYU Urban Future Lab team including Rachel Fleischer and Joe Silver for hosting us. To learn more about the H2 Accelerator and Hyrdrogen innovation please visit the following site. https://www.h2refuelaccelerator.com/
Written by Tony Kyaw
Akshay Shrimanker, President of Shay CPA P.C., gave an accounting and tax workshop to small startups inside the Zahn Innovation Center at City College this past Thursday. The attendees to the workshop include Fitko, STEM Hive, Luxz, and Flora Mind -- who were all among the CCNY startups chosen to participate in the 2019 Zahn Accelerator.
Shrimanker started off the workshop by helping the founders understand their tax obligations and filing requirements. He also explained in-depth about different forms each startup need to file, as there were different types of startups in attendance such as C-Corps, LLCs,and not-for profit organizations.
There were discussions on various topics as well, such as why Wave Apps may be a more economical accounting system solution for pre-revenue startups rather than other accounting packages and why local banks are a better choice to work with than large commercial banks.
Shrimanker later touched on some important finance and accounting terms, before closing out the two-hour long workshop with a Q&A session for each startup.
To learn more about the Zahn Innovation Center and the companies that are involved please visit: http://www.zahncenternyc.com
Written by Tony Kyaw
Akshay Shrimanker, President of Shay CPA P.C., gave a two-hour business development workshop this Tuesday alongside Michael Maldonado of America’s SBDC located at Queens College. The workshop was held inside the Tech Incubator at Queens College and was aimed to educate small businesses that are looking to expand.
Maldonado started off the workshop by explaining basic business terminology, before moving on to key tips, useful tools, budgeting advice, and funding sources. He also went in-depth about why local community banks may be better suited for startups than commercial banks, as well as going through a list of alternative lenders.
He finished his part of the presentation by explaining the general criteria and disqualifiers of money lenders.
Shrimanker then took over the workshop to speak on improving the financial health of businesses. He first walked through the basics of balance sheets, which consist of assets, liabilities, and equity.
He then went on to talk about income statements, and explained in-depth about revenue, expenses, and net income/loss.
A small Q&A session was held between the presenters and attendees before the workshop came to a close around 2 p.m.
You can listen to the whole presentation by clicking this link.