Accounting Guide

Cantilever uses basic GAAP accounting methods, which we handle inside our accounting software, Xero.

We use Gusto for our payroll. Gusto is integrated with Xero so as soon as we pay something in Gusto it appears a "Bill" in Xero, even before the cash leaves our account.

Therefore when reconciling bank transactions you often need to do a sweep of the data between Gusto and Xero to make sure you are connecting the bank transactions to the correct costs.

Weekly Process

We run this process at the close of each calendar week (either on the Friday or Monday of the subsequent week).

Bank Reconciliation
Credit Card Reconciliation
Check Invoices
Review Income Statement & Balance Sheet

Monthly Process

After each month has concluded...

Run a manual journal to update the value of our external stock account
Run a manual journal to update the value of our subsidiary shares
Run Depreciation
Ty: Update the team on progress from last month

Quarterly Process

After each quarter has concluded...

  • Temporary: Run invoices between Cantilever Europe and Cantilever US
  • Ty: Create report and update the team
  • Double-check that the passthrough vendors account is empty. If not, make sure we have the right plan to get paid or pay out whomever is missing money.