A fantastic interview with Melbourne-based accountant Hani El-Rafei, the Founder of Crunchlab.com.au.
We went into detail about why startups & small businesses need to adopt accounting systems to improve their business operations and processes (and ultimately, ensure they have accurate financials & data to make better informed decisions).
We discussed a lot and asked him these key questions (and he had some really good answers):
- Why is it so important to have a solid accounting system in place?
- What are the best tools you recommend as part of your accounting workflow? In other words, what’s your ultimate accounting workflow stack / process?
- How much effort should small businesses or startups look into their accounting?
- What best practices would you say if a small business or startup isn’t confident in their existing workflow?
- How can you structure your forecasting assumptions? What are the best ways to do things?
- What are the biggest outgoings for a business? How can you forecast that effectively?
- What advice do you have for businesses do you have for businesses to manage their cash flow during this Covid-19 crisis?
A very good interview worth watching if you're a small business or startup :)