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Atmrix

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YC

Y Combinator Cast

04/28/17

@ Y Combinator

As a founder, you must be involved in financial documentation because your bookkeeper or CPA won't know the specifics of your business expenses.

Video

YC

Legal and Accounting Basics for Startups with Kirsty Nathoo and Carolynn Levy (HtSaS 2014: 18)

@ Y Combinator

Legal and Accounting Basics for Startups with Kirsty Nathoo and Carolynn Levy (HtSaS 2014: 18)

04/28/17

Related Takeaways

KN

Kirsty Nathoo

08/22/19

@ Y Combinator

Outsourcing financial responsibilities to a bookkeeper is normal, but the CEO and founders must still understand the financial numbers and question any discrepancies in reports.

KN

Kirsty Nathoo

04/28/17

@ Y Combinator

It's vital for founders to stay informed about the financial and legal aspects of their startup, as misunderstandings can lead to significant issues down the line.

YC

Y Combinator Cast

04/28/17

@ Y Combinator

Keep your receipts organized so when you hire a bookkeeper or CPA for tax returns, they can accurately identify business expenses.

KN

Kirsty Nathoo

08/22/19

@ Y Combinator

You typically don't need a full-time CFO until after Series A; earlier, you can rely on bookkeepers and consultants for financial guidance.

KN

Kirsty Nathoo

04/28/17

@ Y Combinator

When considering expenses, founders should ask themselves if they would feel embarrassed explaining their spending to investors; if so, it likely isn't a legitimate business expense.

KN

Kirsty Nathoo

10/17/18

@ Y Combinator

Many founders mistakenly believe they don't need to worry about their cap table, but it's essential for you as the CEO or founder to understand it.

SA

Sam Altman

05/02/17

@ Y Combinator

Founders should consider setting up financial and legal structures early, including accounting systems and collecting legal documents, to avoid complications later on.

YC

Y Combinator Cast

02/13/25

@ Y Combinator

It's crucial for founders to be honest with themselves about their spending and revenue expectations, as unrealistic assumptions can lead to financial failure.

TP

Tom Preston-Werner

10/25/13

@ Y Combinator

As a founder, solving your own problems is essential.