Accounting & Finance for first time founders

Are you a first time founder wondering how to approach dealing with your finances? This is a three part blog series giving simple, actionable advice to get you started Use it as inspiration to figure out what you actually want to do. Every company is different of course and your mileage will probably vary yada yada bla. Let’s get started!

This guide is written for non-finance founders who are responsible for accounting & finance of their startup for the first time and need to understand what to do on a high level. Roughly speaking, as a startup founder you need to know where you are headed and take good decisions and you need to pay your taxes. And so this is what we will talk about in this Series:

• Prelue: The Principles of Accounting Why accounting is important What is accounting Double entry accounting: debits & credits Journal entries Financials: Balance Sheet and P&L
• Part 1 - How to set up and do your accounting Chart of accounts Reconciliations Journal entries Closing the books Taxes
• Part 2 - How to plan ahead Financial model Tracking actuals
• Part 3 (not published yet) - How to communicate progress (to investors and/or the team) Success metrics Burn rate