accounting_skill

Overview

This skill helps solo founders and bootstrapped SaaS operators set up bookkeeping, track revenue and expenses, and stay tax-ready with minimal overhead. I show plain-English accounting workflows, software choices by stage, and weekly routines that prevent costly mistakes. The goal is a simple, compliant system that scales as your ARR grows.

How this skill works

I guide you through a Day 1 checklist, a pared-down chart of accounts tailored for SaaS, and a weekly/monthly bookkeeping cadence. I explain revenue recognition for subscriptions, how to integrate Stripe with accounting tools, and when to switch from cash to accrual accounting. Practical templates and rules of thumb (tax set-asides, runway checks) make the work actionable.

When to use it

• You’re starting a bootstrapped SaaS and need clean financial foundations
• You need to choose or migrate accounting software (Wave, QBO, Xero)
• You want to set up Stripe accounting and recognize subscription revenue correctly
• You need a weekly bookkeeping routine and monthly financial reviews
• You’re preparing for taxes, estimated payments, or hiring an accountant

Best practices

• Separate business and personal finances from day one — bank account and card dedicated to the business
• Spend 30 minutes weekly categorizing transactions and uploading receipts
• Use the simplest accounting tool that covers needs: spreadsheet → Wave → QuickBooks/Xero as you grow
• Set aside 25–30% of net profit for estimated taxes and keep that in a separate savings account
• Recognize subscription revenue over the service period once you move to accrual accounting
• Build a relationship with a CPA before complexity exceeds DIY thresholds

Example use cases

• Day 1 setup: open business checking, connect Stripe, create a simple chart of accounts
• Early-stage founder: use Wave or a spreadsheet and follow the weekly bookkeeping checklist
• Growing startup (~$5k–50k MRR): migrate to QuickBooks Online or Xero and start accrual-aware reporting
• Tax season prep: organize receipts, run P&L and cash flow reports, and calculate quarterly estimated payments
• Pre-investment or loan application: produce clean P&L, balance sheet, and deferred revenue schedule