One of the most boring things that hit you in the face, when running a startup is bookkeeping. In most cases in your previous career you have been shielded from dealing with accruals and deferrals and other interesting things. Now those VAT numbers on your receipts actually become important in your life.
Bookkeeping is absolutely vital. If you’re running a business your goal is to turn a profit. Profit gives you the ability to invest and turn your business into a sustainable one. In order for you to understand how you’re actually doing your books need to be in tip-top shape.
There are different methods and even a few cloud options to help you keep your books current. The single most important thing I learned and I am sticking to is: For every invoice I send or receive, for every receipt I get I immediately save it and put it into a binder in an orderly form (paper or digital). This is of tremendous importance, when I do my bookkeeping every quarter.
Having a small locker at the hub, where I store my receipt & invoice binder helps me to ensure that our company’s financials are easily kept-up-to date. It’s still a boring task to add all the individual bookings to our P/L- statement, but at least it’s not a nightmare. No sifting through an odd box of assorted receipts, invoices and other slips of papers.
Flurin is the Founder of Boonea AG, a software startup which boosts the B2B sales of corporation by unlocking their hidden networks and analyzing their relationships. Creating new insights in sales, supplier & account management with technology and AI. Boonea AG was founded by Flurin after 15 years in the tech and finance indus...
Flurin Capaul, Technology & Future