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Accounting & Finance for first time founders

Johannes Degn
• • 1 min read
#finance#startup

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 double-entry accounting is, and how to understand financial statements like the Balance Sheet and P&L.

  • Part 1 - How to set up and do your accounting A practical guide to implementing accounting systems, from setting up your chart of accounts to reconciliations, journal entries, and tax considerations.

  • Part 2 - How to plan ahead Creating and maintaining financial models that help you track progress and make data-driven decisions. Learn how to automatically update your models with real-time data.

  • Part 3 (not published yet) - How to communicate progress (to investors and/or the team) Success metrics, burn rate, and effective financial communication strategies.

Additional Resources for Startup Finance