How should I address finance discipline in my startup?

Check out our thirteenth video in the series of 1-minute tips for startup founders from Alexander Konoplyasty, co-founder of Flashpoint Venture Capital.

❓How should I address finance discipline in my start-up?
👉Reporting is required, take seriously your budgeting process, start having a dedicated finance manager, agree your accounting policy with your VCs.

The topic of financial discipline in start-ups has been dismissed by many as useless for a while. No one needs regular financial Reporting, a budget is not required for our company, cash vs accruals is a vague concept, revenue/bookings/MRR all mixed together, and we are too small to have 2 bank accounts. At times like today, I would like to stress that reporting is required, take seriously your budgeting process, start having a dedicated finance manager, and agree on your accounting policy with your VCs.