Track your expenses:

Your entrepreneurial journey starts before you incorporate your company. Have a discipline of tracking your expenses. There are lot of good apps (zohoexpense.com etc) which takes care of paperwork and tracking. You don’t need to worry about filling bills or missing expenses.

Set up an accounting system:

This is not as complicated as you think. Cloud based apps makes this process very easy and intuitive. You can get any decent accountancy firm to review you books every month. And ensure that they are in order

Set up a payroll system

Tracking your employee payouts and managing their time sheets is as important as getting work from your employees. Use any cloud based software available to track employee payments

Figure out your compliance

Knowing your company’s compliance requirements is very critical. Compliance can range from any matter relating to RBI, ROC, TDS, GST, PF & ESI basic size of your company or sector. You can ignore these only at your peril.

Buildup a financial model

You need to know when you will run out of cash. Build up a financial forecast model to capture your income, expenses and your targets for the year. Cash-flow forecast is as critical as your product or service you are creating.

Organise due diligence files

Always organise your due diligence files for quick reference. Investments will go smoothly when materials are ready for due diligence. You never know when you will land-up with a term-sheet, always be prepared and get best out of situation. You can look forward for a template from us shortly.

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