Knowledge Base
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What are the common mistakes entrepreneurs make while funding a startup and how should they deal with them? What are the basic tools that entrepreneurs should have today? When should external consultants be considered? These questions and more will be answered on this awesome podcast by our COO, Tomer Haims. Thank you, Gilad Bregman for hosting! Check it out.
There are three major reasons why CEOs should work with a budget: 1. Maintain a cash burn rate and ensure that the company has enough cash to reach the next milestone. 2. Working with a budget necessitates that the company's entire management backbone plans and executes control based on the planning. This ensures careful future planning and assists the CEO in prioritizing what is needed and when. 3. It's a great way to keep in touc...
Our first physical open experts meetup, finance Vs. legal, was a blast! On the Mic there were three talented entrepreneurs: Ana Lipnik Levy, our CMO that Hosted the event, Tomer Haims, our COO, and last but not least Paul Weinberg, Founder and CEO of Weinberg & CO Law Office. At The-Founders, we often see the benefits of connecting different disciplines. These are issues that may seem simple but have complexities and implicati...
Congratulations! You’ve built your start-up, recruited a successful first round, and entered the development phase. Now you're facing complex financial challenges that require ongoing budget control, professional conduct with investors and dealing with unforeseen challenges along the way. We’ve put together the key elements you should pay attention to. Check it out.
What does the CFO do and how will you know you need one? Is it worthwhile for a young startup that has just raised money to take on a full-time CFO? Should the CFO be an expert in finance or economics so that he or she is also proficient in investing and fundraising? Check out the answers below by our legendary CEO & financial services leader, Aviad Sorek.
Budgeting is not just for people who do not have enough money. It is for everyone who wants to ensure that their money is enough. So how can you set up a good budgetary control process for your company? We've outlined the steps your company should take below. First, examine the revenue table of the company’s recent year, and together with the CEO/entrepreneur, build the expected revenue plan for the current year. Anal...
FAQ
The most important contribution of a CFO service is preventing a scenario where a venture with real feasibility, an original idea, a widely needed product, and fantastic people, fails merely because of financial problems. Or rather, because of poor economic management. The answer for this one is simply all of them. And to be precise: any startup that needs professional financial management and still can’t afford a full-time CFO. It’s especially recommended to take advantage of such services prior to raising capital – at least a full quarter before the start of the process.
Startups at the beginning of their journey face a dilemma. On the one hand, money is a critical resource that should be managed by a skilled, experienced professional: a Chief Financial Officer. But employing a full-time CFO is a major expense. Fortunately, this dilemma has one incredibly effective solution: outsourcing.
Naturally, the work of an external CFO must be tailored to the specific needs of each startup at each point in time. Among other things, the service’s responsibilities include the following:
- Optimizing financial management according to the startup’s goals.
- Tight control of budget and cash flow, as well as accurate forecasting, so that the company always has the resources to finance its essential needs.
- Insights that form the basis for optimal decision-making.
- Advising on economic issues.
- Mainly, peace of mind, that is, the ability of CEOs to concentrate on what they do best, developing their business’s core product.
If your startup is in growth stages and you do not see the need for a full-time CFO but you still want a person with experience and knowledge to understand the company and to build an accurate work infrastructure you are definitely suitable.