Wed, 11 August 2021
In this episode, Hall welcomes Lee Shapiro, Managing Partner at 7wireVentures.
Headquartered in Chicago, Illinois, 7wireVentures is dedicated to building and investing in early-stage digital health companies supporting an informed connected health consumer.
Prior to stepping in as CFO of Livongo and leading its 2019 IPO, Lee served on the board of the company since its launch, chairing the audit committee and as a member of its compensation committee. During his tenure as CFO, Livongo also had a successful secondary offering, raised $550M in convertible debt, and entered into a merger agreement at the highest valuation of any healthcare technology deal, based on revenue multiples.
Lee served as president of Allscripts from 2001 through 2012. He is a co-founder and board member of The World Innovation Network, the University of Chicago Innovation Fund Advisory Committee, and the Samsung Digital Health Advisory Board. Based on his industry experience, he is a frequent speaker at industry conferences and a published contributor to the Forbes Business Council.
Lee has been a member of the National Board of Directors of the American Heart Association for a number of years and is currently its treasurer. Lee earned his JD degree from The University of Chicago Law School and a BS in Accounting from The University of Illinois Urbana-Champaign.
Music courtesy of Bensound.
Wed, 11 August 2021
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Startup founders need some accounting skills.
Here’s a list of skills to bring to your startup:
Accounting vs. bookkeeping - bookkeeping is entering revenues and expenses into the proper accounts. Accounting is generating the income statements and balance sheets, along with filing tax returns.
Accounting methods - know the difference between cash vs. accrual accounting.
Cash-based accounting recognizes revenues when it is received, while accrual accounting recognizes it when it is earned.
Recurring revenue businesses need to watch for this as annual subscriptions should be recognized over each month the service is provided.
Record keeping - you should be able to enter transactions, reconcile accounts, pay vendors, and review outstanding invoices.
Have an accountant set up the system with the chart of accounts, but know how to run the system and read the reports.
You should be able to calculate your runway, cash burn, and cash balance at all times.
Payroll taxes - you should know how payroll taxes work and how they impact your cash flow.
Income taxes - you should know the taxes you’re required to pay and when and how that impacts your cash flow as well.
Workforce commission - you should know how the workforce commission works for your area and the laws around it.
Basic accounting is important in understanding how to generate and read the documents that show the health of your business.
For more episodes from Investor Connect, please visit the site at: http://investorconnect.org
Check out our other podcasts here: https://investorconnect.org/
For Feedback please contact firstname.lastname@example.org
Music courtesy of Bensound