Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, this week’s host, and I’m here today with Danielle Supkis Cheek, a director on our Entrepreneurial Advisory Services Team. Welcome back to the Playbook, Danielle.
Danielle: Thank you.
Jen: So our Entrepreneurial Advisory Services Team tends to work with startups quite a bit, and I know you’ve got a lot of – your background is in the startup space – what’s your advice for them to get their accounting started off [on] the right foot for bankers, financials, all that kind of stuff?
Danielle: That’s a big area.
Jen: It is.
Danielle: For either pre-revenues or startup companies and those with not a lot of operation experience, it can be a really overwhelming task in the first place. Usually you need to start with some kind of model, because you don’t actually have any revenues or any transactions to actually account for, and then it all the way moves to once they start having transactions and the accounting. So in the more pre-idea stage on that modeling aspect my biggest piece of advice is really to think through every single step of your day, and make sure every single step of that day – once you’re in your future operations – is accounted for somehow in your model. So if you’re showing up to an office, there should be rent on your books somewhere or in your model.