A key differentiator between a successful startup and those that fail is how a founder navigates their finances and accounting.
For many entrepreneurs, finance and accounting takes a backseat in business decisions, with many decisions being made off the cuff. While short-term, agile decision making works for most, long-term performance can suffer by failing to consider these two key areas.
Last week we held our latest #SaaSChats, a one-hour Twitter chat, where we highlighted financial tips and tricks for founders from the experts who have seen it all.
Meet our panel:
- Trevor Kennedy, CPA, CA, Partner, Logan Katz LLP
- Sabrina Fitzgerald CPA FEA, National Tech Sector Leader and Managing Partner (National Capital Region), PwC
- Susan Richards, FCPA, FCMA, Managing Partner, numbercrunch inc.
- Marc Normand, CPA, CA, LPA, Partner, MNP
- Allan Wille, Co-Founder and Chief Innovation Officer, Klipfolio
Here’s a recap of the questions that were posed during #SaaSChats as well as a few response highlights.
Q1: What are your top 3 financial tips for entrepreneurs launching a startup?
Q2: If I am starting a tech company, do I need a full time accountant right from the start? If not at the start, when should I bring one on?
Q3: What are some of the basic accounting controls I should implement to ensure a solid year end?
Q4: The CRA seems to be pushing for more startups to take advantage of SR&ED tax credits. Are there new or lesser known items that qualify?
Q5: Let’s talk about financial forecasting. Is this a necessary process for founders to go through? Where should they start?
Q6: Do you recommend that founders use cloud-based accounting software? If so, what are some of your favourites?
Q7: How can a founder set themselves up for a successful due diligence from a financial perspective?
Q8: How do you foresee AI changing how we navigate finance and accounting for startups?
Q9: Are there any books, podcasts, blogs, or other resources you can recommend to founders to help them navigate their business?