Technology
Whether you’re a bootstrapped startup, fast scaling or an established tech business, our technology accountants are on-hand to support you.
Technology
As specialist technology accountants, we have a real understanding of supporting businesses within the technology sector, from those embarking on a fundraising journey to fast-scaling tech companies or more established businesses, including managed service companies.
As accountants for tech businesses, we can support your strategic ambitions, from obtaining important tax reliefs such as R&D and (S)EIS, fundraising, incentivising staff and scaling internationally, all the way through to exit. At The Smart Accountants, you’ll be working with a partner that can scale with you along your journey.
Often, tech businesses will start with just an idea, but it can take a long time before that idea develops into a product that can attract a user base and generate revenue. This can become especially difficult when the startup is currently bootstrapped and has the added challenge of raising equity and/or winning grants to provide a cash runway to take the business to the point of delivering its MVP.
However, we’re experienced with supporting tech startups and understand the common hurdles that they face, which go well beyond just filing their annual accounts. We can help set-up your business, from incorporating to setting up shareholder agreements. As cloud-accounting experts, we can also set up your finance function and advise on a tech stack that ensures efficient and automated processes, that provide you the foundations to grow.
We’ll help you avoid the common pitfalls and ensure you seize tax relief opportunities, from (S)EIS through to R&D. We don’t want you to see us just as your accountants, we want you to see us as an extension of your business and trusted partners that you can lean on to ask questions and get pro-active advice.
- Removing administrative burden – if your company is scaling, you don’t want admin and inefficient processes to be holding you back. That’s why you can outsource areas of your finance function like bookkeeping and payroll to our outsourcing team who will take care of this for you all under one roof. As you grow, we simply scale with you.
- Providing clear management information – Stakeholders (including investors) will need clear management information to be able to make informed and data-led decisions that allow for further growth. That’s why we can provide useful and timely management information that goes further than your P&L and balance sheet, and can include bespoke KPIs, metrics and forecasts, so you always know your runway and how your company is performing towards your targets.
- Making your company attractive to investors – We can support with EIS or SEIS applications that would provide tax relief to potential investors into your company, making it far more attractive in any raises you have planned.
- Getting you tax relief to help add fuel to your runway – Tech companies by nature are innovative and many of this innovation allows them to claim tax relief on their research & development expenditure. We work with R&D experts Easy R&D to help claim back this tax relief for you.
This merely scratches the surface, so if you’re looking for an accountant to support you whilst you grow, get in touch.
We can support established tech companies with areas such as the below:
- Audit and assurance reviews
- Business valuations
- Finance transformations or outsourced CFO services
- Board reporting
- Management buy outs
- Employee ownership trusts
- Long term incentive plans such as Employee Management Incentive (EMI) schemes
- International expansion
- Exit planning
If you feel you’ve outgrown your current accountant, switching to us is easy.
Our Services
Deep tech companies are focused on using advanced technologies like artificial intelligence, machine learning, biotechnology, virtual reality, blockchain, robotics, and more to disrupt or transform industries. Naturally, this makes deep tech an exciting and rapidly-evolving space, with the potential to drive signification innovation and change over the coming years. However, the R&D-intensive nature of this sector makes it a very difficult area to operate in, with long periods in a pre-revenue stage.
While we may not have in-depth technical expertise in the aforementioned technologies, we are certainly experts in our fields and can provide support to deep tech companies in a variety of ways. This includes helping in areas such as annual compliance, outsourced finance function support and R&D claims, as well as getting businesses investor-ready and assisting with due diligence and much, much more. Through a combination of our Tech & High Growth teams, internal specialists and external partners, we’ll be on hand to support you in achieving your business goals and vision, whatever they may be.
Traditionally, education was delivered by paper textbooks in face-to-face classrooms and seminars. Today, due to digitalisation and then accelerated by the pandemic, people can receive forms of education wherever they are. The tech-enabled, online model that isn’t confined to the dimensions of a classroom allows for education to be offered at scale, often without sacrificing the level of interaction from students. Due to this, Edtech is a growing space within the UK economy and one that we’re proud to support through our clients.
We have experience working with both Edtech & SaaS companies, so we can offer a level of support dependent on what stage your business is at. Whether you’re an early stage startup looking to offer a Freemium model to build a customer base or an established company focusing on user retention. As well as the ongoing compliance, we can help EdTech companies automate their finance function that is efficient and produces ongoing useful metrics from customer lifetime value and churn, through to headline figures such as net profit. Just as you look to unlock potential with your users, we’ll look to unlock the potential of your business.
There has been a shift in recent years from high-street to online shopping and e-commerce is predicted to remain strong in a post-pandemic world. Better technology and SaaS platforms that enable businesses to sell, distribute and process payments for their products online have made it easier for startups to enter the e-commerce space. However, it’s also important that e-commerce businesses have a reliable accountancy and finance function, whether in-house or external, that not only keeps them compliant but also helps drive the company forward.
Our experience in e-commerce allows us to use and advise you on cloud-accounting software, integrations and outsourcing options that allow you to operate efficiently and scale up. This ranges from advising on how to automatically aggregate sales and integrate this data into your core accounting system, through to options for international sales tax compliance. We’re able to provide timely management information that keeps you informed on your business performance and we can use our expertise to highlight financial KPI’s that are pertinent for e-commerce businesses such as your average order value. We’re always just a phone call away should you need to speak to us.
To read more about our retail specialism, click here.
Fintech was previously a sub-sector reserved for larger institutional finance organisations due to the technological, financial and regulatory barriers to enter. Fast-forward to today and this sector is a hotbed for new start-ups and an area of interest for many investors willing to help fund startups getting beyond these barriers to entry. Many of these startups are using technology to innovate payments, lending or other financial tools and processes.
As a Fintech, you’ll understand the importance of compliance, and we’ll be on-hand to support you with the ongoing HMRC & Companies House compliance. However, we also strive to provide added value on top of this, whether this is through outsourcing your finance function to us through to R&D claims, share incentive schemes and international expansion. We’re here to help our fintech companies scale and reach their potential.
If you’re a start up or growing foodtech business, we have the experience and expertise to support your business as it grows. We understand the sector and can provide a range of accountancy services to help you navigate it, from the essential compliance services to outsourcing and value-add services, we can help you flourish.
We have experience in working with start-ups in the Insurtech space and have supported them along their journey. Where our insurtech clients utilise technology and changing consumer trends, we ensure they also utilise other opportunities like tax planning, R&D claims and share incentive schemes as well as taking care of all the compliance work. Regardless of how far along you are, get in touch to discuss your business objectives and we can talk about how we can support you.
As well as working with traditional solicitors and law firms, our tech teams can also support tech companies working within this space, giving us a solid understanding of how companies in the sectors operate. We’ll take time to understand your business and advise on the services that we can provide to support you.
The UK’s life sciences sector is extremely important, both to the economy (worth over £94bn in 2021) but also to the lives that it aims to improve. However, it is a difficult sector to operate within due to its R&D-intensive nature, the fundraising requirements and the regulatory challenges that life science businesses face. Having a strong presence in Cambridge, one of the UK’s life science hubs, it is perhaps unsurprising that we have a life science specialism. We can support, regardless of your life cycle, from more embryonic companies that rely on grants to see them through their discovery phase to companies with established products to distribute.
From the more embryonic companies relying on grants to fund them through their discovery phase to companies with an established product to distribute, we can support you along the way as your accounting partner. It’s not just the ongoing compliance and outsourced finance function support we can provide, we can help with claiming R&D tax relief, navigating the fundraising journey, completing audit reports for grants such as InnovateUK, implementing share schemes and much more.
For modern businesses, their IT infrastructure and processes provide the backbone for their business operations, so working with the right partner for managed IT services can be crucial. However, the services for IT companies today can be very broad. Traditionally, core services may have included IT helpdesks, telecoms and more, but today’s IT companies could be offering supplementary or alternative core services such as digital transformation, bespoke software development and much, much more.
At The Smart Accountants, we have plenty of experience working with managed IT companies, from board experience through to supporting with exit planning and transactions. We can help you with automating your finance function and removing manual data entry. We can help with setting up management reporting that tracks bespoke KPIs and metrics to help you understand how each business function or contract is performing (see our guide here). We can help you retain key staff through share incentive plans. Ultimately, we can help in every aspect of accountancy and tax, but we also act as a key advisory partner to help your IT company reach its goals and ambitions.
Having a presence in Cambridge, one of the UK’s medical technology hubs, we have built up an expertise in supporting medtech companies. From the more embryonic companies relying on grants to fund them through their discovery phase through to companies with an established product to distribute, we can support you along the way as your accounting partner. We understand the common schemes that will support you, from claiming R&D relief to using schemes to retain key staff or making your company more attractive to investors.
We’re uniquely positioned to support these companies, through the experience of our Tech & High Growth team, but also our Recruitment team that supports over 90 recruitment agencies. We understand the requirements and pitfalls of both sectors, whether this is advising on the fundraising journey for a tech company or understanding the finance tech stack and processes of a recruitment firm. Between both teams, we can support you in growing your RecTech/HR Tech business.
As a SaaS company, you can be confident that we share the same values in using cloud-based software. We’ll use the best cloud-based accounting software and integrations to make your accounting and finance processes as automated and efficient as possible. This will always allow you to have access to real-time management information, which coupled with our personal expertise and advice on important SaaS KPI’s such as subscription churn and LTV, allows you to better understand your business performance and forecast your future runway.
Web 3.0, as the name alludes to, is predicted to be the third evolution of the internet. This next iteration is said to have a focus on decentralisation, which will be built on blockchain technology to allow the internet to be run and shared by users, rather than a single entity. Once viewed as science fiction, it’s also likely that the ‘metaverse’ will become more and more ‘real’.
It’s true that no one yet knows what web 3.0 and the metaverse will look like now, but there will be many tech businesses that will help shape this future and we’re keen to support them as their accountancy partners. One area that will likely be foundational to both web 3.0 and the metaverse will be cryptocurrency which is an area that we support our clients with. Our tech team works with market-leading software that connects all of your wallets and exchanges to help with portfolio tracking and tax reporting. Alongside our tax experts, we can advise you on the ever-evolving tax implications on the many different types of crypto transactions.
The Tech Journey
Working in conjunction with a solicitor, we can support you with preparing a shareholders agreement.
Read more…
We’ll be on hand to support you with operating tax efficiently
Read more…
Setting up your business with cloud-accounting software and apps
Read more…
Your first official raise to help get your company off the ground quicker
Read more…
Cap table
We can support with providing clarity on what shareholders own what shares through your cap table
Read more…
We can help with ensuring your company is attractive to potential investors
Read more…
With our Research & Development partner, we can help tech companies with R&D claims that provide valuable cash back from HMRC
Read more…
We can ensure you understand key metrics for tech companies like your burn rate & cash runway
Read more…
We’ll advise on the most appropriate schemes to retain and motivate your key staff
Read more…
Founders, investors and the board will start to require regular management information in the form of board reports
Read more…
We can help tech companies with an outsourced finance function and CFO to provide valuable analysis, insight & planning
Read more…
The next landmark raise to help you scale
Read more…
A review of financial statements to add credibility to your company and/or to comply with legal requirements
Read more…
An additional raise to help your take your tech business to the next level
Read more…
With our international network, we can help if you have ambitions to expand overseas
Read more…
Once you’ve made your exit, we can still help you with planning for your personal future
Read more…
Whether it’s an IPO or an M&A, an exit allows founders a way to sell their shares in the company they built from scratch
Many tech companies will have an exit in mind early on in their journey, if this is the case, it’s key to start planning ahead
Read more…
The Tech Journey
Working in conjunction with a solicitor, we can support you with preparing a shareholders agreement.
Read more…
We’ll be on hand to support you with operating tax efficiently
Read more…
Setting up your business with cloud-accounting software and apps
Read more…
SEIS/EIS application
We can help with ensuring your company is attractive to potential investors
Read more…
Cap table
We can support with providing clarity on what shareholders own what shares through your cap table
Read more…
Your first official raise to help get your company off the ground quicker
Read more…
With our Research & Development partner, we can help tech companies with R&D claims that provide valuable cash back from HMRC
Read more…
We can ensure you understand key metrics for tech companies like your burn rate & cash runway
Read more…
We’ll advise on the most appropriate schemes to retain and motivate your key staff
Read more…
The next landmark raise to help you scale
Read more…
We can help tech companies with an outsourced finance function and CFO to provide valuable analysis, insight & planning
Read more…
Founders, investors and the board will start to require regular management information in the form of board reports
Read more…
A review of financial statements to add credibility to your company and/or to comply with legal requirements
Read more…
An additional raise to help your take your tech business to the next level
Read more…
With our international network, we can help if you have ambitions to expand overseas
Read more…
Many tech companies will have an exit in mind early on in their journey, if this is the case, it’s key to start planning ahead
Read more…
Whether it’s an IPO or an M&A, an exit allows founders a way to sell their shares in the company they built from scratch
Once you’ve made your exit, we can still help you with planning for your personal future
Read more…
Testimonials
“We’ve always found the team to be responsive, helpful, and proactive in suggesting ways for us to improve our processes.
In particular, we have been happy with the move from Sage to Xero, which has made our lives much easier as we scale the company.”
“The Smart Accountants has looked after our statutory books for the past 5 years and has always been proactive and extremely responsive to our needs. We are a VC backed startup so things are constantly changing and fundraising is regular. The fees are sensible and the team are always on hand if we need a nudge in the right direction. Highly recommend.”
“The open, friendly and genuinely interested approach of all staff was highly motivating for the business founders, who subsequently raised just over £1m in their seed round.
They have been supporting us through all stages of the start-up journey and we are excited to see what the future holds.”
Our Blog and Resources
Finding the Right Co-Founder: Key Considerations for Startup Success
In this blog post, we'll delve into the essential qualities to look for in a co-founder to maximise your tech startup's potential.
Tech Sector Update: Unpacking the Impact of the Autumn Statement 2023
We explore the main tax changes in the Autumn Statement 2023 and their potential impact on tech businesses.
Managed IT Services Company’s Guide to Management Reporting
Running a Managed IT Services company is [...]