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Problems with running my business - Coggle Diagram
Problems with running my business
Laurentiu Dicu
I use a fuel card as it gives me discounts
My problem is transferring large number of proforma invoices to accounting software
My problem is reconciling invoices with cash flow
John Henry
I collect physical invoices, print out invoices and reconcile bank statements manually - it's good practice for me to keep financial control
I wouldn't want the hassle or burden of a credit card
I used my overdraft in my early business days when I was spending on tech and advertising
Ashish Saggar
My number one problem is insight in to my cash burn
I've had to hire two people to manage P/O reconciliation and budgeting analysis
Spendesk only controls employee T&E - it is a minor part of our cost base
Danny Mullins
I have a few customers so tracking invoices is not a concern
I use manual time sheets for my employees that is a hassle
Simon Theodorou
Counting Up: interesting concept but put off my monthly charge
I need to segregate my income by category
I need to capture my expenses quickly and in a way that keeps my accountant happy
Viola Llewyllen
I wanted a daily notification of cash inflow, outflow and balance for last 24 hours
We ran out of equity capital because we pivoted so much and didn't understand impact on cash
We couldn't afford a CFO in early days but we needed help financial planning
Raised capital and it sat in a bank earning no interest and losing on fees
We needed to see how reality was changing vs our projections
Yulia Vasilyeva
SaaS is simple business model I can update my cash forecast in 20 minutes
My expenses and revenues are highly predictable
I took out a bridging loan, it was expensive but bank o/d was 15K I needed 250K
I'm still small so I'm on top of my customer invoices
I have a small business 6 FTE that I keep tight control over
Aman Mehra
Bookeeper makes journal entry with no oversight from business so gets incorrectly allocated
FC exports Xero GL in to Excel for summary P&L but the aggregation is unhelpful
Summary financials don't address why working capital has changed
When actual is off budget I go to multiple systems to understand why.
Spend is easy to allocate in Xero but problem is with accruals
I create the annual budget with all teams at start of year
Kim Goetzke
It's difficult to know which subscriptions we're still paying for and do we still need them
We got an AmEx for large value purchases as it gives rewards points
Netsuite is too difficult to implement
You always start of with a budget spreadsheet and need to map it to GL codes in an easy way
I want to know budget vs actual without going through individual GL line items
I need to keep track of all supplier contracts