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Episode 61: Bookkeeping Fundamentals for Startup Founders Developing Your Financial Foundation
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We're shining a spotlight on a crucial yet often overlooked aspect of business: bookkeeping. While it may not be the most glamorous topic, its importance to your company's success can't be overstated.
This often-overlooked practice is a secret weapon for thriving startups.
Think of bookkeeping as the GPS for your business journey. Without it, you're essentially driving blindfolded, hoping you're on the right road and not about to careen off a cliff. And in the startup world, those cliffs are everywhere.
Here's a sobering stat: 29% of startups fail because they run out of cash. Many of these cash crunches could be avoided with solid bookkeeping practices.
But it's not just about avoiding failure. Good bookkeeping is about setting yourself up for success. It's about having the clarity to make smart decisions, the data to back up your hunches, and the financial foundation to weather unexpected storms.
We're going to demystify bookkeeping for startup founders. We'll explore why bookkeeping matters, what it really involves and how you can approach it efficiently - whether you choose to handle it in-house or outsource it.
Helping me dive into Bookkeping is Tanvi Gupta, Senior Manager within the Assurance Services team of MNP. She is a seasoned CPA with over 10 years' experience and specializes in clients across various sectors from small owned to larger private equity owned and funded companies.
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