Accounting essentials for startups
Nudge presented to over 70 startups and founders at the Melbourne University Accelerator Program (MAP) about key accounting essentials to manage their startup. The presentation was recorded by MAP as part of their Masterclass series designed to give startups applying or going through the MAP program the best possible chances for success.
The presentation covered off many of the basics around accounting that all business owners should understand. One key slide of interest that related to both a startups operations and also investors covered off many of the key questions that startups need to ask including:
The slide asks some really important questions around the viability of a startups business model and whether it can generate sustained returns in the future. These questions ultimately come back to what potential investors are looking for and the future you are working towards with your startup.
While many startups are looking at the solution to a particular problem, these questions continually come back to the ‘how’ of your startups operations. Without answering the ‘how’ in your business, a vital link between the startup strategy and operations / finances is missing.
Sean Moynihan from PwC was also presenting and talked about the R&D tax incentive and how it applies to startups through the MAP program