Everything startup founders need to know about building a solid accounting and finance foundation for their growing companies.
In this presentation from David Ehrenberg, Founder and CEO of Early Growth Financial Services (www.earlygrowthfinancialservices.com) topics covered include:
- A-P/A-R best practices
- Pre- and post-funding finance functions
- Startup tax obligations
- Building your bottom-up and top-down financial projections
- Financial statements
- Cash flow forecasts
- and more!
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Startup Accounting and Financial Forecasting
1. Startup Accounting and Financial Forecasting
Simplifying and Getting It Right
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David Ehrenberg
Founder and CEO
Early Growth Financial Services
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“Startups face a huge burden in today’s
economy, often having to choose
between funneling resources toward
creating their goods and services or
managing the often complex
accounting, tax and financial strategy
planning necessary to run a successful
business.”
~ David Ehrenberg,
Founder and CEO
Early Growth Financial Services
4. Pre-Funding - Set up a low-cost, accrual-based accounting
structure that can grow with you
• Open business banking account
• Separate personal and business expenses
• Keep records of receipts and invoices
• Be mindful of tax obligations
• Collect payments
• Select payroll provider
• Stay on top of stock records
www.earlygrowthfinancialservices.com
5. Post-Funding – Financial strategy deepens and you’ll
gain better understanding of your business
• Set foundation for future growth
• Build financial infrastructure
• Clarify funding objectives
• Manage cash-flow
• Create clean financials for investors
• Hire professionals to help company become GAAP compliant
(Generally Accepted Accounting Principals)
www.earlygrowthfinancialservices.com 3
6. Accounts Payable
Formalize your system for keeping track of business expenses
• Set up system early
• Choose best tracking system for
company needs
• Helps maximize cash flow
• Create essential financial reports
• Enter every expense
• Establish invoice AP schedule
• Place vendors on net 30 payment
terms
• Build reputation of financial
stability
www.earlygrowthfinancialservices.com
7. Accounts Receivable
Improve cash collections
• List all open invoices
and balances
• Create “friendly”
invoices (and print hard
copies)
• Put payment terms in
writing for new clients
• Establish credit
guidelines
• Create collection
timeline
www.earlygrowthfinancialservices.com
8. Taxes
• Select correct legal entity for company
• Understand federal, state, and city tax obligations;
regional fees; and registrations
• Separate business and personal finances
• Deduct business expenses
• Pay quarterly taxes
• Stay on top of payroll taxes and 1099s
www.earlygrowthfinancialservices.com
We offer outsourced financial services to small to mid-sized companies
Accounting, CFO, tax, valuation
350+ successful, venture-backed clients nationwide across all industries
Ancillary value – connect you to our network of investors, give fundraising advice, etc.