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OTOH, you can generate paystubs through literally any halfway-decent bookkeeping software. I get running a lean shop, but once you expand from one employee to t
by nameless912 10y ago
OTOH, you can generate paystubs through literally any halfway-decent bookkeeping software. I get running a lean shop, but once you expand from one employee to two, one of your first investments should be in some sort of accounting system in order to make sure every last goddamn penny is tracked with as long and complete a paper trail as possible.
Any good entrepreneur knows that if you don't know where every cent of your VC money is going, you're going to get eaten alive at your next investor meeting or VC round. On the other hand, if you can pull out a spreadsheet that says "We spent exactly xx% of our previous round on payroll, xx% on rent and utilities, xx% on chinese food, etc." you're going to have a much easier time convincing investors that you're a business that knows what the hell they're doing.
Not having decent bookkeeping can't be chalked up to "fast-moving startup woes", it's just irresponsible, and there's no excuse for not being on top of it.
- fluxquanta 10y agoWasn't one of the excuses the CEO had for missing pay dates that his money was tied up in IRS dealings? Maybe a copy of QuickBooks would've helped with that.
- nameless912 10y agoVery probably. It's much easier to deal with an audit if you have a button to print exactly the report the IRS is asking for.