Automating Financial Operations

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Clean books, clear financial operations, and productive accounting systems are essential for operators to build high-performing, best in class businesses. They’re also one of the most fundamental aspects of a company that investors expect to see, and have a profound impact on venture capitalists’ decisions of whether to invest.

Automating Financial Operations

Help! I’m Drowning!!! Why smart growing businesses automate financial operations.

Clean books, clear financial operations, and productive accounting systems are essential for operators to build high-performing, best in class businesses. They’re also one of the most fundamental aspects of a company that investors expect to see, and have a profound impact on venture capitalists’ decisions of whether to invest.

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Automating Financial Operations

So what is the accounting cycle anyway?

For businesses to be able to analyze their performance, it is necessary that they verify that their financials are accurate by completing certain steps. The accounting cycle consists of these steps because businesses complete the same steps after every accounting period is over. 

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Automating Financial Operations

Accounting Lingo You Need To Know - For Entrepreneurs and Operators (Volume 1)

We thought it would be helpful to put together a list of common lingo that goes into accounting and financial operations, that would be helpful for you as you try to scale up your business. These terms are what we call Financial Operations - or FinOps - 101. 

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Automating Financial Operations

The Difference between Cash Accounting and Accrual Accounting, and the terms you need to know:

For more complex businesses, accrual accounting is key. Accrual accounting is the only accounting method that allows you to see how you are performing by lining up expenses and revenue to the period in which the work was performed or the goods where sold (instead of when the cash changed hands).

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