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Managing Finances and tarting a new busi-

ness can be an excit-
Accounting for Startups ing adventure, but it
also comes with its
Sown set of challeng-
One of the biggest challenges for startups is managing es. One of the biggest chal-
finances and accounting.
lenges for startups is managing
finances and accounting.

As a startup owner, it is crucial
to keep track of every penny
that comes in and goes out of
your business. In this article,
we will discuss some of the
essential financial management
practices and accounting tech-
niques that can help you keep
your startup finances in order.

Create a Budget
Creating a budget is the first
step in managing your start-
up’s finances. A budget helps
you to plan for your expenses,
set financial goals and prior-
itize your spending. Start by
listing your expected income
and then your expected ex-
penses, including overhead
costs, salaries, and other
expenses. Make sure that your
expenses do not exceed your
income. If they do, look for
ways to cut down on expenses
or find ways to increase your
income.

Track your Expenses
It is essential to keep track of
every expense, no matter how
small. Whether it is the pur-
chase of office supplies or rent
for your office space, make
sure you have a record of
every expense. Tracking your

42 IN THE MIND OF STARTUPS