Over the past hundred years the accounting profession evolved and catered mainly to the needs of a manufacturing economy. Rapid obsolescence, lofty development costs and constant price erosion make technology radically different from mainline industries. Collectively, the accounting profession has struggled to adapt to the unique nature of technology firms because few traditional accountants specialize in technology.
For example, complex rules exist for multiple element sales. Distinct elements, such as sale of hardware, software, and Software-as-a-Service subscriptions, must be carefully measured in order to comply with evolving accounting standards. Moreover, depending on the terms of a contract, some elements may not be immediately recognized as revenue but instead must be deferred over several years.
Accounting for R&D costs can also be complex. Depending on how software is sold, development costs fall under one of two standards. Traditional software license models follow one standard while sales for cloud or software-as-a-service (SaaS) firms follow a different standard. Serious revenue recognition issues are triggered when SaaS models are combined with traditional license sales.
These financial matters greatly impact how companies are ultimately valued. That’s why the financial management of your tech firm should not be left to general business accountants. At Laurentian CFO Services, we have extensive experience in technology and can expertly guide you before you run into problems with your investors, creditors or other stakeholders.
Established in 2002, Laurentian CFO Services brings together practical, flexible financial management solutions to efficiently guide your business. We specialize in helping technology firms solidify their businesses with our outsourced accounting solutions. Our sole focus is technology, which makes us very good at what we do.
By using Laurentian CFO Services, companies save thousands on the cost of a full-time hire, yet still receive dependable professional support. Outsourcing is a logical, cost-effective way to grow your business; it eliminates staff headaches—because we take care of the nuts and bolts while you plan your future.
Based on our years of hands-on experience, we give informed and insightful ideas to manage your business. We know the technology field and managing a business is not easy. Don’t expect us to be cheerleaders; we’ve seen tech companies come and go and we’re not afraid to tell it like it is.
Financial Foresight, Business Focus
Enjoy the peace of mind of having an experienced financial expert on your team while saving thousands of dollars on unnecessary payroll costs. With our specialist on hand, you save on the cost of a full-time hire but still get the financial expertise you need. You’ll get a better fix on your operating, capital and cash flow needs, leading to more effective day-to-day and strategic decisions.
About Our Name
The Laurentian Mountains extend from southern Quebec near Montreal through the Adirondacks in upstate New York. Although not the tallest mountains in North America, the Laurentians are among most stable rock formations found on the continent. Inspired by their stability, our aim is to provide rock-solid support to our clients.
Languages: English and French