There are many articles out there that provide a wide array of lofty advice about fundraising. Some of the groundbreaking tips in those articles may cause you to rethink minor details such as the order of the slides in your deck or even something as major as your go-to-market strategy. This is not one of those articles, but we do have an ebook full of stories that are sure to inspire here.
Early in his company’s history, entrepreneur Greg Vetter achieved a seemingly impossible feat: he convinced Whole Foods to distribute his family’s line of salad dressings on a national level.
Although the green light from Whole Foods provided an incredible opportunity, Greg knew it meant he needed capital—fast. So, he liquidated his and his wife’s 401(k)s, maxed out his credit cards, and even used his parents’ home as collateral to secure a bank loan. Then, he raised an additional $1 million from about 30 friends and family members.
Filing and paying your taxes on time is a lot easier when you a) know when they’re due (obviously) and b) have a year-round accounting system. When you outsource your business’s accounting and taxes with inDinero, we have you covered on both fronts, but, in this article, we’ll focus on the former to help all business owners build a 2018 business tax calendar so they can keep up with their filing responsibilities and avoid late penalties.
(Still working on your 2018 business taxes? You can find those dates in the 2017-2018 version of this calendar.)
True or False?: Every business needs a Chief Financial Officer (CFO).
Answer: True, every business needs CFO- or Controller-level insights but not necessarily full-time.
It’s clear why a later-stage operation would need a CFO—with growth comes complexity, but a brand new startup can also benefit greatly from some time with a CFO as they set up t
heir business. Right off the bat, this can help them understand how their industry, business model, entity type, financing options, or team of founders might affect their finances at a long-term, holistic level. After that, they might not speak to a CFO for a few years or until a round of debt financing, for example.
With tempCFO joining the team, inDinero is making it possible for every business owner to work directly with a team of highly trained and experienced financial experts for less than what it might cost to hire a bookkeeper.
Computers have long since become an integral facet of companies of all shapes and sizes. With computer systems becoming more complex and adaptable, they have been able to meet the demands of both giant manufacturing organizations and small B2B operations. For companies both large and small, there comes a point when operations are made much easier by implementing an Enterprise Resource Planning (ERP) system.
Many are still torn on how the Tax Cuts and Jobs Act will help or hurt U.S. small businesses, but there is one change that would have a sweeping effect on most startups: The more rigid restrictions on what businesses can deduct for meals and entertainment expenses (M&E).
These stricter limits affect spending on any dining, grocery, celebrations, etc. that took place starting January 1, 2018. For companies that rely on these benefits to attain and retain employees and customers, this may be a big blow.
Short Story: The penalty for failing to file your Form 5472(s) is increasing from $10,000 to $25,000. (This applies to each filing per month—which can add up fast!)
Q: Which businesses are affected by the penalty increase?
Tax season can be stressful for any individual or business owner. Unless you’re an expert, the guidelines feel complicated and vague, and the repercussions can get expensive and detrimental. This alone can leave the most confident entrepreneurs paralyzed by uncertainty, but gets even more complex if your business is involved in any relationships or activities overseas.
“Overseas" can apply to any foreign country, even if it's not over a sea or ocean. Failing to take proper tax filing precautions for all your foreign financial activities could land you or your affiliates in hot water. How hot? Upwards of $10,000-per-error hot.
Here’s what you can do: Be proactive in identifying your tax filing responsibilities and timelines to avoid an uncomfortable conversation with the IRS (Internal Revenue Service) and other scary branches of the U.S. government such as the SEC.
As someone who spends all day, every day, listening to entrepreneurs share the challenges they face, I’ve learned a few things: Every business may be unique, but business owners have a lot in common.
Lately, I’ve been hearing a lot of anxiety from founders of SaaS companies and other rapidly growing startups as they approach their series A fundraising round.
The Internet is full of great advice for approaching a series A funding round. Most of them emphasize a few basic points:
One of the most thoughtful and hardworking CPAs I’ve ever met once told me that businesses are like fingerprints—each one is unique and has different ways of tracking and sharing financial information internally.
I was brand new to inDinero, and she was helping me understand why GAAP is so essential for so many of our clients. GAAP, or generally accepted accounting principles, has become the guiding light for financial professionals preparing public-facing reports for companies in the United States. Accountants use these principles to create statements that give outsiders an easy-to-understand window into your business’s financial performance in order to compare it alongside other businesses, while still maintaining the individuality of each company’s financial profile.