Hope you're good.
I am still in ideation stage and working to create an MVP to prove out market, however trying to be forward thinking so as when I do launch I put the best foot forward, in particular, in the running and operating of the company and more specifically the financial side of things.
Generally speaking, can anyone advise on best practice when it comes to accounting and financial planning & analysis.
I was of the understanding that in the first instance I will use a mix of Quickbooks or Xero etc for basic bookeeping along with an outsourced accountant too. I understand the three main financial statements to keep and maintain – Cash flow statement, income statement and balance sheet, which I believe are within the scope of a piece of software such as Quickbooks or Xero. Would anybody advise a different way to keep such statements perhaps google sheets or excel?
With accounting and the financial statements a case of keeping track of the present and past I guess the other aspect is looking forward i.e. budgeting, forecasting, projections & modelling. As I understand it, you can find a lot of templates online to fulfil this side of things as is just a case of using sheets or excel?
Would appreaciate your advise from your experience and whether there is any particular best practices you can advise on, any particular tools or software you would recommend. Anybody using EY financial navigator software?