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Creating a Chart of Accounts
Creating a chart of accounts can seem mysterious, if you just let your accountant do it. Here are some practical points to help de-mystify the process.
By Brent Locks Posted 12/13/10
While there are some aspects of a company’s detailed accounting records that are reasonably identical across a number of different companies, it’s ultimately impossible to create a template chart of accounts that can be applied to different startups. One could create an all-encompassing, extensive and never-ending chart of accounts to account for all the potential transactions of a startup; however, this would likely lead to confusion on the part of the bookkeeper and to inefficient monitoring of performance on the part of management. Instead, below are suggestions, by financial statement type, that a manager should consider when building his/her company’s chart of accounts.
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Understanding Valuation
Raising capital is an art; and understanding how to set a value on your new company is even more subtle. Here’s a look from an expert.
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Increasing Revenue
Spartina's interest in Internet Business Models is a hot topic, as the videos from this recent Revenue BootCamp show.
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Raising Money from Angel Investors
It’s important for entrepreneurs seeking angel investments to understand the different types of angel investors, the nature of angel investment groups, and what it takes to approach them successfully.
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Incubators and Funding for New Businesses
The Founder's Institute offers incubators for new businesses with protection for the founders through their F-class stock.
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How to Hook an Angel
Even in a tumultuous economic environment, there are still tried and true methods to selling your business idea to a potential investor.
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