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In this episode of the Cult Products podcast, host Phill Keaney-Bolland and accountant Dave Sellick delve into the often-overlooked world of accounting and finance for startups. They discuss the emotional journey of founders, the creativity involved in accounting, and the importance of having a trustworthy accountant. Dave shares practical advice for early-stage startups, emphasising the need for financial literacy and the value of having an accountant from day one. The conversation highlights the significance of understanding the emotional and practical aspects of running a business, and how the right financial guidance can lead to better decision-making and overall success.

Takeaways:

• Accounting can be exciting and creative.
• Founders often start businesses to solve personal pain points.
• Building a business requires creativity and innovation.
• Trust is essential when choosing an accountant.
• Startups should seek financial advice early on.
• Automating finance processes saves time and improves data quality.
• Understanding financial information is crucial for business success.
• The emotional journey of founders impacts their business decisions.
• Accountants should be collaborative and transparent.
• Financial literacy is important for all business owners.

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