Attivo Partners: A Founder’s Guide to Choosing an Accounting System
Venture Banking
Hear from Attivo Partners: How to make the right accounting and ERP software decision at every stage of your startup journey.
At Stifel Bank, we know how important it is for growing companies to have the right financial systems in place, especially as they scale. Whether you’re just getting started or preparing for an IPO, your accounting setup can make a big difference in how efficiently you operate and how confidently you report. We’ve teamed up with Attivo Partners to help founders make smart, stage-appropriate decisions when it comes to accounting and ERP tools – helping you cut through the noise to find a system that truly fits your business.
For founders, accounting is the foundation for decision-making, forecasting, and investor confidence.
Attivo Partners watches the accounting space closely, testing new tools, and helping founders make smart decisions based on stage, structure, and goals. Discover our insights below.
- The Accounting and ERP Landscape in 2025
- Popular Solutions at Each Stage
- Best Accounting Tools If You’re Starting from Scratch
- Additional Options as You Scale
- Getting Started with Your Accounting System
The Accounting and ERP Landscape in 2025
While QuickBooks and NetSuite still lead the market, a new wave of challengers—Puzzle, Rillet, Campfire, Everest—are gaining traction. These platforms are rebuilding accounting from the ground up, prioritizing engineering and R&D over sales, and moving fast to meet the needs of modern finance teams.
Proven platforms like NetSuite remain powerful, but they’re racing to retrofit AI and multi-entity features onto aging infrastructure. QuickBooks’ recent enterprise suite, which now adds multi-entity support and AI features, is a step forward—but one that came after years of startups migrating to NetSuite to fill the gap. Whether legacy players can adapt quickly enough (without introducing risk) remains to be seen.
Across the companies we work with, a few clear trends are shaping the future of accounting:
- AI-enhanced workflows: From auto-categorizing expenses to flagging anomalies, automating revenue recognition compliance, and forecasting cash flow, accounting platforms are leaning into smart automation to boost efficiency.
- Integration-first design: Modern systems are built to work with your stack out of the box—including popular solutions like Stripe, Gusto, Ramp, Brex, Expensify, Salesforce—without the custom engineering that legacy ERPs require.
- Improved user experience: As finance teams become more tech-savvy, tools that offer clean interfaces and intuitive workflows are gaining traction.
Popular Solutions at Each Stage
Recent surveys show QuickBooks is the go-to for startups under $10M ARR, while NetSuite and Sage Intacct are most common among growth-stage companies over $10M.
Based on our client portfolio, the table shows the stage where each platform is typically utilized—from pre-revenue up to late-stage revenue —and why founders adopt (or outgrow) them. Some companies choose to invest early on in systems that allow them to scale through to M&A or IPO, particularly those with complex revenue models requiring automated recognition capabilities.
| TYPICAL REVENUE STAGE | WHY FOUNDERS CHOOSE IT | |
| QBO | Pre-revenue to early-stage revenue | Most common starting point. Easy to implement, widely supported, and integrates with tools like Stripe, Gusto, and Brex. Works well until financial complexity or multi-entity needs emerge. |
| Puzzle | Pre-revenue to early-stage revenue | Built for modern finance teams. AI-native platform that delivers real-time cash insights, automates workflows, and streamlines reporting without legacy ERP complexity. |
| Rillet | Early to growth-stage revenue | AI-native ERP built specifically for SaaS startups with tailored metrics like ARR, MRR, and retention cohorts. |
| Campfire | Early to growth-stage revenue | Newer entrant focused on usability and startup-specific workflows. |
| NetSuite | Growth stage to late stage revenue | Leading ERP for complex, multi-entity operations with revenue recognition, intercompany eliminations, and IPO readiness. |
Best Accounting Tools If You’re Starting from Scratch
Pre/early stage revenue (likely at Seed)
At this stage, keep it lean. A spreadsheet might suffice in the earliest days, but founders should quickly graduate to basic accounting software to track expenses, stay compliant, and prepare for fundraising.
QuickBooks Online (QBO): A go-to for seed-stage startups, QBO makes it easy to track expenses, invoicing, and cash flow. It’s quick to set up, widely supported, and integrates with tools like Stripe, Brex, and Gusto. Ideal for staying organized and investor-ready without a full finance team.
Puzzle: Built for startups, Puzzle gives seed-stage founders real-time visibility into runway, burn, and cash flow. It automates key workflows and delivers clean, investor-friendly reporting—without the complexity of traditional accounting tools.
Xero: More well-known in Europe, Xero offers an intuitive interface and robust automation for managing expenses, invoicing, and bank reconciliation. For seed-stage startups, it’s easy to use and provides the structure needed to grow without overwhelming complexity.
Early stage revenue (likely at Series A+)
Now you need more structure. It’s time to semi-automate reporting, manage payroll, and integrate with other software tools (e.g., Stripe, Gusto).
QuickBooks Online (QBO): Still a leading choice for Series A startups, QBO handles expenses, payroll, and cash flow with ease. But as financial complexity grows—especially for SaaS—teams may outgrow its capabilities and need to consider more scalable options.
Rillet: An AI-native ERP built specifically for SaaS startups, Rillet offers tailored metrics like ARR, MRR, and retention cohorts—no customization required. It integrates natively with Stripe, Salesforce, and HubSpot, and its intuitive design makes setup fast. Ideal for Series A teams ready to graduate from general-purpose tools and get deeper visibility into performance.
Campfire: Campfire is built for startups and mid-size tech companies that need modern accounting without the SaaS-only focus. It offers advanced reporting—like P&L by department and customer-level margin—plus automation for invoicing, billing, and revenue. With a clean UI and strong integrations, it’s a solid step up for Series A teams ready to streamline finance operations.
Additional Options as You Scale
Growth stage revenue (likely at Series B+)
As you’re raising growth capital, building a finance team, and facing more complex reporting, you’ll need tools that support internal controls, multi-entity accounting, and integrations with HR, procurement, and planning systems—plus the scalability to support IPO readiness.
NetSuite: A leading ERP for growth-stage startups, NetSuite offers multi-entity accounting, revenue recognition, intercompany eliminations, and procurement integrations. It’s a natural next step after outgrowing QBO, with the structure and scalability needed for IPO readiness. While some companies adopt it early to future-proof their systems, it’s a heavier lift—often requiring custom engineering and integrations.
Sage Intacct: Designed for SaaS and service companies, Sage Intacct offers powerful financial reporting, revenue recognition, and compliance tools. It’s cloud-native, scalable, and integrates well across systems—making it a strong fit for growth-stage startups preparing for audits, board reporting, or IPO readiness.
Everest Systems: Built for scaling SaaS companies, this AI-powered ERP unifies financial, operational, and SaaS-specific processes in one platform. It automates ASC 606 compliance, supports complex pricing and billing models, and handles multi-entity, multi-currency consolidation with ease. Ideal for growth-stage teams that need accurate, audit-ready reporting and scalable infrastructure as they move toward IPO.
Getting Started with Your Accounting System
No matter which tool you choose, implementation matters.
Accounting System Setup Guide
| Chart of Accounts (COA) | Create a clean, scalable COA that reflects how your business actually operates. Avoid unnecessary detail and follow best practices. |
| Expense Segmentation | Go beyond the COA. Tag expenses by department, project, and location to enable more accurate budget tracking and performance analysis. |
| Permissions & controls | Set up role-based access early to avoid accidental errors or security risks. |
| Integrations | Ensure your accounting software connects to your billing system, payroll provider, and expense tools. APIs and pre-built integrations are your friends. |
| Reporting | Customize reports that align with investor expectations and internal KPIs. |
Startups move fast, and so should your finance function. The right accounting system doesn’t just track your money—it enables you to grow smarter, raise faster, and prepare for what’s next. Choose the one that fits today, but build with tomorrow in mind.
We’ll help you sort through the noise and find the setup that actually fits your business. To learn more, visit stifelventurebanking.com or contact: mtrotter@stifelbank.com.
Matt Trotter is the Managing Director, Venture Banking at Stifel Bank. He helps provide high-growth technology companies in the U.S. with the best commercial banking and flexible lending solutions.
The companies included in this article are not affiliates of Stifel Bank. This article is for general informational purposes only and should not be regarded as an endorsement by Stifel Bank of any third-party product or service. Stifel Bank makes no representations or warranties of any kind with respect to any third-party product or service discussed herein. For additional disclosures, please see the Stifel Social Media Terms of Use at: https://www.stifel.com/Social.
About Attivo
Attivo Partners is a full-service Finance and Accounting firm. Their fractional CFO and accounting services help founders navigate the complexities of company building through all stages of the startup journey—raising capital, building business models, and achieving successful exits. Their experience spans over 600 venture-backed startups, including SaaS, AI, Web3, Biotech, and a range of emergent industries.
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