Money is the blood of the business. You need to act professional in the following areas:
- Capital: you may need to raise capital in order to fund its operations, such as through the sale of equity or debt. The company will need to carefully consider the amount of capital it needs and the most appropriate sources of funding, taking into account factors such as the cost of capital, the terms of the financing, and the potential dilution of equity for existing shareholders.
- Budgeting and forecasting: a company will need to develop and manage a budget in order to plan its expenses and allocate its resources. The company will also need to make financial forecasts in order to understand its likely financial performance and identify any potential risks or opportunities.
- Financial reporting: a company will be required to prepare financial statements, such as a balance sheet, income statement, and cash flow statement, in order to report its financial performance and position to stakeholders. The company will also need to ensure that its financial reporting complies with relevant accounting standards and regulations.
- Tax planning: a company will need to consider its tax obligations and develop a tax strategy in order to minimize its tax liability. This may involve structuring the company's operations in a tax-efficient manner, taking advantage of tax incentives and credits, and managing its tax compliance.
- Cost management: a company will need to carefully manage its costs in order to maximize profitability. This may involve identifying and reducing unnecessary expenses, negotiating favorable terms with suppliers, and implementing cost-saving measures.
There are a variety of software products available that can help a technological company manage its finances, such as:
- Accounting software: QuickBooks, Xero, Zoho Books
- Budgeting and forecasting software: PlanGuru, Adaptive Insights, NetSuite
- Invoice and payment processing software: FreshBooks, Wave, PaySimple
- Expense management software: Expensify, Zoho Expense, Certify
- Financial modeling software: Excel, Palisade @Risk, Crystal Ball