Accounting, Part 1: Essentials

Don’t repeat my DIY accounting mistakes

You can’t run a business without a solid accounting foundation. Unless you specialize in accounting, don’t try to save money by doing your business accounting on your own.

Very early on, you may be able to get by with your own spreadsheets and a few manual invoices, but as soon as you begin taking on more clients, my baseline recommendation is to work with a bookkeeper to set up your main accounting categories, known as your “chart of accounts”:

  • Revenue
  • Expenses
  • Assets
  • Liabilities
  • Equity

Learn more in the video about the right way to approach accounting for your early-stage consulting or professional services startup.

Feras Alhlou

Feras Alhlou

Feras has founded, grown, and sold businesses in Silicon Valley and abroad, scaling them from zero revenue to 7 and 8 figures. In 2019, he sold e-Nor, a digital marketing consulting company, to dentsu (a top-5 global media company). Feras has served as an advisor to 150+ other new startup businesses, and in his current venture, Start Up With Feras, he's on a mission to help entrepreneurs in the consulting and services space start and grow their businesses smarter and stronger.

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