This Week in Startups - Top 5 financial mistakes

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    13-May-2015
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Top 5 financial mistakes to avoid for startups and small businesses

Transcript of This Week in Startups - Top 5 financial mistakes

  • 1.Beautiful accounting software Top 5 Finance Mistakes Sunday, August 18, 13

2. President, Xero USA Hi! Im Jamie Sutherland. Sunday, August 18, 13 3. Global leader in online accounting 160,000+ paying businesses 6000+ Xero accounting partners 400+ sta (US HQ in San Francisco) A new release every 3 weeks Unlimited users with dierent roles Bank feeds from 5000+ institutions 2007 2008 2009 2010 2011 Introducing Xero 2012 Sunday, August 18, 13 4. The Facts Sunday, August 18, 13 5. Marketplace Facts ~500,000 small businesses open their doors each year ~65% of new jobs are created by small businesses ~2,000 startups get venture capital funding in the US each year ~50,000 startups get funded by angels each year Good Sunday, August 18, 13 6. Marketplace Facts ~500,000 small businesses open their doors each year ~65% of new jobs are created by small businesses ~2,000 startups get venture capital funding in the US each year ~50,000 startups get funded by angels each year 67% of small business dont last longer than 5 years Over 90% of tech startups fail Good Bad Sunday, August 18, 13 7. Sunday, August 18, 13 8. Why? Sunday, August 18, 13 9. Financials Matter Compliance Business Success Sunday, August 18, 13 10. Financials Matter Compliance Business Success Insight & decision making Sunday, August 18, 13 11. Financials Matter Compliance Business Success Insight & decision making Cashow Sunday, August 18, 13 12. Financials Matter Compliance Business Success Insight & decision making Cashow Manages sales & customers Sunday, August 18, 13 13. Financials Matter Compliance Business Success Insight & decision making Cashow Manages sales & customers Monitor expenses & vendors Sunday, August 18, 13 14. Financials Matter Compliance Business Success Insight & decision making Cashow Manages sales & customers Monitor expenses & vendors Funding sources Sunday, August 18, 13 15. Finance Quiz Sunday, August 18, 13 16. What is the biggest expense for most businesses?1. Sunday, August 18, 13 17. What is the biggest expense for most businesses? Answer 1. Sta Sunday, August 18, 13 18. At the end of the month you subtract your income from your expenses. Does that equal cash ow? 2. Sunday, August 18, 13 19. At the end of the month you subtract your income from your expenses. Does that equal cash ow? 2. Answer No Sunday, August 18, 13 20. What is the strangest item your client has tried to deduct from income? 3. Sunday, August 18, 13 21. What is the strangest item your client has tried to deduct from income? a) A family vacation disguised as a business trip 3. Sunday, August 18, 13 22. What is the strangest item your client has tried to deduct from income? a) A family vacation disguised as a business trip b) Trac tickets 3. Sunday, August 18, 13 23. What is the strangest item your client has tried to deduct from income? a) A family vacation disguised as a business trip b) Trac tickets c) Escorts 3. Sunday, August 18, 13 24. What is the strangest item your client has tried to deduct from income? a) A family vacation disguised as a business trip b) Trac tickets c) Escorts d) Gambling losses 3. Sunday, August 18, 13 25. What is the strangest item your client has tried to deduct from income? a) A family vacation disguised as a business trip b) Trac tickets c) Escorts d) Gambling losses e) Clothes for their dog 3. Sunday, August 18, 13 26. Top 5 Finance Mistakes Sunday, August 18, 13 27. 1. Cash ow projection mistakes Sunday, August 18, 13 28. Understanding Cash Flow Your Business VendorsCustomers ExpensesSales Money OutMoney In $ $ Sunday, August 18, 13 29. Ask yourself: What money do we need to get through next week/month? Sunday, August 18, 13 30. 2. Suck at collecting payment Sunday, August 18, 13 31. Get Paid Faster Sunday, August 18, 13 32. Get Paid Faster Invoice promptly Set shorter payment terms Email invoices with link to pay Accept credit cards Get an upfront deposit/retainer Sunday, August 18, 13 33. 3. Waiting too long to track spending Sunday, August 18, 13 34. Sunday, August 18, 13 35. Sunday, August 18, 13 36. 4. Not keeping nancials up to date Sunday, August 18, 13 37. Sunday, August 18, 13 38. 5. Arent using an accountant Sunday, August 18, 13 39. 225% Sunday, August 18, 13 40. Get taxes done Keep me out of jail Proactive advice Monthly reporting Improve cashow Someone who knows your game-plan New age accountants have emerged... Old school accountant New school accountant Sunday, August 18, 13 41. Sunday, August 18, 13 42. Sunday, August 18, 13 43. $300/month Sunday, August 18, 13 44. Questions? Sunday, August 18, 13 45. Xero Beautiful accounting software Sunday, August 18, 13