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9 Steps to a Better Startup Debt Collection Process

Bottom line is that you’re in business to make money. If your customers aren’t paying you, that’s a serious cash flow problem. If they’re slow to pay, that’s a problem as well. While late invoices are fairly common for many businesses, that doesn’t mean you can’t fight it. The key is process. There are a few steps you can take to improve your collection process to expedite payments a...

Does Your Startup Business Need an Audit?

Often I work with business owners who think their company is in need of a traditional audit. My first question for them is always...why? In some cases, the high level of assurance of an audit is required and no other substitute will do. Third parties, like investors and lenders, may insist on assurance that the financial statements they are basing their decisions on accurately represent the state...

10 Essentials for Setting Up Your Accounting Function

If your company is in the early stages, pre-funding, now may not be the right time to worry about 409A valuations or top-down financial projections. But it is the time to set up your simple accounting function—if you haven’t already. You don’t want to get too far in the game without establishing a simple accounting system, but you also don’t want to make it too complicated. The...

Creating Your Chart of Accounts for Your Startup

Regardless of what accounting system your startup uses, at its core will be the chart of accounts (COA). A chart of accounts will differ from company to company, but the common thread is that it is a system of your accounting records that aligns with your financial structure and offers the level of detail required in your financial statements. More specifically, it’s an indexed list of accounts...

10 Cashflow Mistakes to Avoid

On the road to “cashflow positive,” there are many obstacles. I see startups sabotaging themselves all the time. By not really understanding and monitoring your cashflow, you may be inadvertently creating serious cashflow problems. And a serious cashflow problem leads to a failed business... Work closely with a trusted financial partner and dig deep into your books to avoid these cashflow mis...

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