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Launch
Finances
Quarterly Reporting and Taxes
After you open doors to customers and begin to establish a rhythm to your operations, you'll need to summarize and report your financial statements on a regular basis. Typically these reports are for internal use, but you may need to share them out to advisors or even loan officers for instance if you are seeking financial resources.Given the early stage of your business there may not be much data yet to show, but much of this will fill in over time as you track expenses and revenue. You'll be replacing projections with actual numbers and then using these reports to track trends and refine estimates for the future.A key point is to make certain you understand what the reports are telling you. It takes practice to get comfortable with them so reach out to your financial advisors and they can help you interpret the data.
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You should complete the following tasks before proceeding to the current one.
Account Consult II
Now that you've worked with an attorney and put more time into your business model, it's worth a second visit to your CPA. There may be questions from consult #1 that you need to follow-up on and the attorney may have given you homework to explore with your CPA.The goal here is to make sure your business is set up for successful operations so you can track revenue, costs and have no surprises from a tax perspective. If you made some initial business model projections, the CPA may be able help evaluate your model and assumptions. They might even recommend a part-time CFO (Chief Financial Officer) to further help with this process.
Building
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Bookkeeping Services
Similar to accounting, you'll need bookkeeping services. You may be able to handle these on your own, but it is often one of the areas that entrepreneurs outsource because it's not core to their business. There are a range of services from local to online to virtual. Interview 3 to 4 choices, some local and some online. There are many online services that assign a professional bookkeeper to your organization so they will actually perform the bookkeeping tasks.
Pre-Launch
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Small Business Marketing 101: Using Email, Social, Video and More
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