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Club Event tomorrow and next week Next Week Lecture Team Scheduling for VC presentations (April 24th)R\_ \_ v  B     7 %  Overview TODAY Statements: Income Statement Cash Flow Balance Sheet Cash is King Dividends The Role of the Accountant Financial Basics TPPPPv # AccountingBoth science and an art Expertise needed as company grows Balancing Act Accounts Payable Accounts Receivable R & D treatment (R in the UK is expense)  ComparativeLWolfson Microelectronics Spin-out of UoE Floating company Based in Edinburgh Mid-annual report Google US based internet company SEC document  10Q (quarterly report) XF@FA$ StatementszCash Flow Income Revenue (Turnover in UK) Expenses Operating Income EBITDA Balance Sheet: A = L + OE Productive vs. Non-productive assets Liabilities: Short vs. Long Term Owner s Equity hZ:ZZWZ3W  Sources of Financial InformationUK: Company house  all private and public companies http://www.companieshouse.gov.uk/ US: SEC for publicly traded companies www.sec.gov Dun and Bradstreet and other databases for private companiesn6Z#ZZ"Z Z=ZYlU 06WU 0% Cash is KingCash flow statement most important for start-ups Other statements relatively unimportant Project cash uses and needs on rolling basis Know breakeven month Know cash burn rate Know  Zero Cash Date (& DividendsWhat they are Technology companies don t pay them Why? In what cases might they? Stock buybacks vs. dividends Taxes on dividends62<2<, Role of Acct.Early stages: One day a month; later, one day a week until company is ~30 big Monthly P and L Cash Flow Balance sheet Bank reconciliation Help w/ leasing, banks, etc. Software: Quicken& do it yourself?6OY#OY#. Ratio AnalysisUse to better business A few common examples NOI percentage Gross Operating Profit percentage Marketing and Sales percentage R & D percentage Sales per employee (on of my favorites)&--5  Business Plan  Sources *Equity (angels, vc, friends and family, founders stock) *Debt (loans, equip financing) *Grants *Programmes (ie EPIS) ? Others "H  Z    Uses *Salaries *Equipment *Consulting *Accounting *Legal *Marketing *Supplies *IP & and so on"]X\ 6 Sources and Uses Drive Balance Sheet from this /  ConclusionAccounting in early stages necessary but don t waste a lot of time on it Use accounting and finance to help frame the strategic mindset; research the competition; learn business models Remember cash is king and cash flow statement is what matters most Turn non-productive assets into productive assets Hire an experienced start-up accountant: Small firm, nimble, reasonably priced May grant him or her options/warrants Later hire good Director of Finance; then CFO In later stages bring aboard Big 8 accounting firm.WPPW9Part II T STRUCTURING THE COMPANY Equity Shares Options and Employee Stock Option PlanUUT ;Equity &Owners Shares Common shares Preferred & C&Typical  US vs. UK tFirst Round - UK Founders 40% Employees 20% Investors 40% $ 2 million investment $10 million post-money valuationuZut  First Round  US Founders 70% Employees 10% Investors 20% $400 K investments $2 million post-money valuationoZon <Debt OLoans from family and friends Loans from banks Venture debt and use of warrantsO = Valuation  HHow Are Start-ups Valued? 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