A founder trying to grow a company can get bogged down in operational decisions, such as which software and service providers the company should use and when to invest in them.
The goal of the Founders Network Peer Benchmarking Reports for Tech Startups is to make these decisions faster and easier by seeing what decisions your peers are making.
About Our Members
For these reports, we surveyed Founders Network members. Our members come from all over the world and have gone through the Founders Network’s approval process, which vets founders for prior experience, expertise in their field, and their ability to add value to our community.
About 50% of our members are serial entrepreneurs and average 2.4 startups per person, so many of the founders we surveyed are likely to be on their second or third company
About the Payroll, Accounting, and Banking Report
For the first of the peer benchmarking series, we report on which payroll platforms, accounting firms, and commercial banking platforms our members use.
You’ll find insights like which stage your peers begin investing in specific financial services and platforms and which banks and payroll platforms founders reported the highest level of satisfaction with.
You’ll also find tips for how to get ahead of your peers by developing relationships with vendors that offer specific services and benefits for startups.
Here are some of the insights we learned from the report:
The most popular platforms or service providers do not have the highest customer satisfaction ratings.
Especially for younger startups, folks use brands they know, such as Quickbooks or Chase Bank — but these are not ideal for startups. In the report, we explain why.
There weren’t strong vendor preferences by sector.
In all three categories, we didn’t see strong sector favorites. Enterprise and consumer startups were just as likely to use the same payroll platform or bank. In future peer benchmarking reports, we expect to see sector differences show up more starkly in areas such as legal firms and cloud computing platforms.