Industries
Startups and VC-backed companies
Finbryn tracks burn, runway and SAFE or convertible note activity for Canadian venture-backed companies, formats reporting for a board deck, and separates SR&ED-eligible spending from general expense so the credit claim has real books behind it. Corporate tax preparation support is handed off ahead of the six month T2 deadline, filed by a credentialed preparer.
Management report
Illustrative client · August 2026
CAD
| Line | Aug | Jul | |
|---|---|---|---|
| Revenue | 142,380 | 131,904 | +10,476 |
| Cost of sales | (51,260) | (48,115) | (3,145) |
| Gross profit | 91,120 | 83,789 | +7,331 |
| Payroll | (46,300) | (45,900) | (400) |
| SoftwareNoted | (6,480) | (5,490) | (990) |
| Rent | (8,000) | (8,000) | 0 |
| Other operating | (9,215) | (9,870) | +655 |
| Net income | 21,125 | 14,529 | +6,596 |
Reviewer's note
Software is up on last month after two seats were added mid-month. Revenue includes one milestone invoice that will not repeat next month.
Illustrative. An example of the document, not a client's figures.
Exceptions report
Where the books usually hurt
Burn rate and runway numbers get recalculated by hand in a spreadsheet before every board meeting
Convertible notes, SAFEs and equity transactions get recorded incorrectly or not at all until a raise forces the issue
Expense categorization does not match what investors expect to see on a standard startup chart of accounts
R&D-eligible spending is not tracked separately, so the credit opportunity gets missed at tax time
Board reporting cannot wait for a spreadsheet
A founder rebuilding burn and runway by hand before every board meeting is a monthly fire drill, and the number rarely matches the books it was supposedly pulled from. Finbryn builds burn and runway into the monthly close itself, drawn from QuickBooks Online or Xero connected to Brex, Ramp or Mercury, formatted for a board deck rather than an internal spreadsheet nobody outside finance can read.
SAFEs and convertible notes get recorded on the balance sheet when they close, and updated as terms convert or change at the next raise, instead of sitting unrecorded until a lawyer flags it during diligence. Getting this wrong is one of the more common reasons a Canadian startup's books need a costly cleanup right before a financing round closes.
SR&ED-eligible spending needs its own trail
The Scientific Research and Experimental Development program rewards documented, tracked spending, not a retroactive estimate built the week a claim is due. We tag qualifying payroll and contractor spend separately through the year so the claim, when your SR&ED consultant or accountant prepares it, is supported by real books instead of a reconstruction.
What changes when you switch to Finbryn
You keep the QuickBooks Online or Xero file. Books close by business day five with a burn, runway and cap table view ready before the board meeting, every file reviewed by a senior principal, with billing terms set out in your engagement letter and pricing published on the pricing page. T2 corporate tax preparation support is delivered with enough lead time to hit the six month post-year-end filing deadline, filed and signed by a credentialed Canadian preparer or your own EFILE-registered contact.
Questions
Frequently asked questions: Startups and VC-backed companies
Can you produce a monthly burn and runway report for our board?
Yes, calculated as part of the monthly close and formatted for a board deck, not an internal spreadsheet.
Do you track SAFEs and convertible notes?
Yes, recorded on the balance sheet at close and updated as terms convert or change at the next raise.
Can you separate SR&ED-eligible spending in the books?
Yes, qualifying payroll and contractor costs are tagged through the year so your SR&ED claim has real support behind it.
Do you file our T2 return before a financing round closes?
We prepare the return with lead time built in. Filing and signature rest with a credentialed Canadian preparer or your own EFILE-registered contact.
Can the chart of accounts match what our investors expect to see?
Yes. We map categories to a standard startup chart of accounts structure so burn, gross margin and operating expense lines read the way an investor expects, rather than a generic small-business layout that needs to be re-sorted before every board update.
Can you produce a monthly burn and runway report for the board?
Yes, burn and runway are calculated as part of the monthly close and formatted for board reporting.
Do you track SAFE and convertible note activity?
Yes, those instruments are recorded on the balance sheet and updated as terms convert or change.
What are the common bookkeeping challenges for a startups and VC-backed companies business?
Beyond the basics, expense categorization does not match what investors expect to see on a standard startup chart of accounts and r&D-eligible spending is not tracked separately, so the credit opportunity gets missed at tax time come up often in this industry. We build the chart of accounts and reconciliation process around those specific patterns rather than a generic template that ignores how the business actually operates.
What software do you support for startups and VC-backed companies?
We work inside QuickBooks Online and Xero, along with the other tools listed on this page that are common in the startups and VC-backed companies industry. If you have no file yet, we set one up in your name so you own it from day one.
Related services
- BookkeepingMonthly bookkeepingOngoing monthly bookkeeping: transactions sorted into categories, accounts reconciled and month-end reports delivered in the software you already use.
- BookkeepingCatch-up and cleanup bookkeepingMonths or years of books brought up to date and reconciled, with a written record of every adjustment, so monthly bookkeeping can start from a clean base.
Next step
Talk to the team that would run your books
A short call covers your setup, your software and what a first month would look like. You get a written scope and price after it.