For me, finance was one of the areas that initially intimidated me about starting my own business.
It turns out, there are just a few basic tools you need.
- QuickBooks Online - We’ve had a number of accountants. Don’t let them talk you into the enterprise desktop version. Use this for tracking everything and sync it to your actual accounts.
- We use JustWorks as a PEO. This allows us to seamlessly ensure that our employee and contractor taxes get withheld.
- DryRun - Useful for modeling cash flow.
- Excel / Google Sheets - Turns out spreadsheets are where most of the interesting things happen. Use these to create models, test scenarios, etc.
- Our bank has a “dropbox” service that we can have checks sent to that will automatically get deposited. This is handy. Not free … but handy.
Things To Learn Or Pay Attention To
- Learn to read a budget. (Corallary: Learn to write a budget)
- Follow AR. Stay involved in invoicing.
- Develop processes for everything related to finance.
- Graph cash flow.
- Understand costs.