Nowadays, you can choose from among many services that help you run your accounting, organize communication, arrange meetings and ensure efficient document flow.
In order to make our operations more consistent, we have adopted the following principles in our work:
- Outsource the matters that are vital for the company for which our own resources are insufficient.
- Select service vendors carefully and, after some time, do a search on the same market again to evaluate other vendors.
- Automate similar, repetitive and periodic tasks as much as possible.
- Provide the broadest possible access to all colleagues to avoid situations when a task cannot be completed due to insufficient permissions.
- Use third-party services rather than create internal ones. Building internal services is more time- and cost-consuming and takes too much effort to fix whatever is not working correctly.
- Find existing solutions for our problems, as they are never unique. We usually start with manual flows and after some time may implement specific automation.
For each employee who is expected to make expenses on behalf of the company, we arrange a corporate credit card.
We trust our employees in their judgment on the number of business expenses.
However, we expect detailed reporting of all expenses related to the company matters.
We track all purchases made for the company and report them duly in our tax records.
Timely and correct recording of all incomes and expenses is a requirement of the IRS, and we always log our financial transactions.
We use the FreeAgent to log all our company expenses (travel, equipment, entertainment, etc.) in our accounting system.
We use Gmail as our email service.
We keep our schedules on Google Calendar.
We run our documentation in Confluence for the following reasons:
- Can be shared easily with anyone with access to any browser. With all our documentation stored on Confluence anyone can access it from any device without installing an office package (like MS Office or OpenOffice).
- You can always have the latest version of every document.
- It supports real-time collaboration which is especially useful for keeping meeting notes.
- It is stored in the cloud automatically, so there is no need to create backup copies.
- There are no concerns about version compatibility.
- It is very cost-efficient.
The Atlassian suite is quite convenient for our purposes, as it integrates seamless with Jira and other delivery tools. We keep our documentation to the necessary minimum.
We maintain communication with our clients via all means – both online and in person.
We believe that many problems and misunderstandings can be avoided through effective communication.
Within the company, we schedule 30-minute in-person meetings.
For remote communication, we use GoToMeeting or Skype for their easy setup and sharing. With these applications, we can exchange instant messages and have the voice and video calls with the screen-sharing function.
We hold meetings with clients, candidate interviews, conference calls and team meetings through GoToMeeting.
We outsource our accounting to an external company. They keep our records, prepare the necessary reporting and do our taxes.
Our accounting is kept in FreeAgent to which we have access via Remote Desktop.
We communicate with our accounting partners via email.
Outsourcing the accounting services has proved to be somewhat useful, as we are charged only for the actually provided services.
Every day, our accountants check for new invoices and payments and record them in FreeAgent. Whenever any payment has been received, it is recorded in FreeAgent, and a corresponding notification is sent to the client and our management.
Our receipts are automatically sent to our accounting company.
The accounting company provides the following services to us:
- Ensuring our payroll is done correctly and on time.
- Monitoring our accounts payable and controlling that our payments to partners are done in a timely manner.
- Preparing profit and loss statements on a monthly basis, with a breakdown into services and products.
- Calculating our taxes and preparing tax reports.
- Monitoring our cash flow, operating account, and savings account.