5 Beneficial Tools for Startups with Finance Expert Lorenzo Seu
Sep 16, 2021 21:48
Any startup with its mind on progressing needs to come from an informed place in preparation for scaling. NewtonX’s own Lorenzo Seu offers advice in how to accomplish this process to maximize the benefits and counter challenges. As Head of Finance at NYC based NewtonX, Lorenzo is key to the internal strategies which have empowered this B2B marketing research company to grow extensively, even during the Covid 19 pandemic.
While NewtonX’s clients include some of the world’s biggest companies like Facebook and Google, they also work with a wide range of entities including smaller ones. With NewtonX taking a groundbreaking tech approach, Lorenzo clarifies that there’s a great deal of human expertise which can benefit a startup. If you want your business to grow, utilizing these tools and some very basic ideas will take you quite far.
#1 Google Drive and Google Applications (Gmail, Doc, Spreadsheets, Keep)
These are so commonplace that you might overlook them but don’t, they’re powerful! This is the ultimate work centralizing tool. The connectivity with other applications as well as the ability to set restrictions and real time edits offers substantial financial and productivity benefits. Lorenzo notes, “We connected the Google Calendar and the Google spreadsheet by writing a script that exports all the calendar invites in a spreadsheet. This was extremely useful for NewtonX and time saving.”
#2 Accounting software: QuickBooks
The online version is a must have. Inexpensive and user-friendly, the vast number of online videos and training materials make this a quick self-starter for a 360 approach to financial housekeeping. From the recognizing of recurring transactions to the easy exporting of spreadsheets and management of all payments, QuickBooks is an ideal tool for startups.
#3 Productivity Tools: Slack
Mr. Seu highlights his affinity for Slack Technologies “Slack” which allows for internal communication that can be organized with a variety of parameters. This allows for different groups including private groups and DMs. It’s ability to share documents, connect to tools like calendars, create archives, etc. makes it quite helpful but Lorenzo cautions, “Slack is extremely useful but can quickly become a nightmare if employees don’t use it properly. At NewtonX we implemented a set of rules to ensure people use it the right way. I’d suggest limiting the number of messages and avoiding unnecessary ‘tagging’ to instead focus on creating dedicated, private group chats for specific needs.”
#4 Management tool : Quickbase
From Operations to Finance and beyond, Quickbase offers a variety of uses. It allows the design of any type of report or dashboard. Numerous benefits such as the centralization of all the inputs on a project (timelines, staffing, number of outputs, revenue and costs tracking, etc.). Though the learning curve can be intimidating at first, a dedicated Quickbase team can train the organization to leverage most of the benefits of the tools.
#5 People Performance Management software: Lattice
Setting goals and making note of their advance requires clarity and communication. Lattice is a user-friendly way to list goals, competencies, and objectives across the company while tracking their progress. Whether in terms of the employee, the team, the department, or at the company level, goals and competencies are easily tracked and assessed.
#6 Carta : the ultimate tool to manage company equity
Carta is exceptional in its simplicity. This is a comprehensive tool for access all aspects of equity. Offering Company valuation (409A) on demand and the ability to customize levels of access to shareholders and employees, among other facets makes Carta a wise choice for any startup.
Mr. Seu declares, “You will need freelancers and the crème de la crème is out there; you just need to connect with them. Upwork lets you find almost any type of freelancer in any country. Simply by posting a description, freelancers will reach out to you directly. Its ability to manage contracts, autopayments, chats, etc. makes it very user-friendly. The only downside is a commission taken by Upwork directly on the amount paid to freelancers but in my opinion it’s worth it.”
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