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Top 6 financial mistakes for early-, mid- and late-stage startups

Feb 18, 2017 / by Michael Burdick

This blog was contributed to Paro by Tiffany Meyers at Built In Chicago. Built In is a network that allows people to get connected to local startup communities in Austin, Chicago, Colorado, and Los Angeles.

The savviest startup leaders understand (and avoid) specific financial pitfalls across the three stages of their company’s life: early, mid and late. Michael Burdick is CEO and Co-Founder of Paro, a company that matches businesses with top financial services professionals. Here, he breaks it down for us, outlining the mistakes to avoid across each of these three stages.

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Understanding What You Can't Do: How to Know When and What to Outsource

Jan 24, 2017 / by Jon Repka

This blog was contributed to Paro by Patrick Hechinger at Built In Chicago. Built In is a network that allows people to get connected to local startup communities in Austin, Chicago, Colorado, and Los Angeles.

The term “gig economy” is a terrifying phrase for older generations. After decades of valuing tenure and work stability, it’s hard to comprehend how employees and companies can operate with a revolving door of labor. Yet, to any millennial, this concept seems entirely natural, if not more efficient.

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How To Create A Financially Stable Business: Two Experts Discuss

Jan 16, 2017 / by Michael Burdick

As a small business owner, the concept of financial stability might sound like a far off dream but it doesn’t have to be. We got into the brains of two Paro employees with years of finance experience in the hopes they could lead us in the right direction. We posed the question: What is the most important step a small business can take to become financially stable?  Their answers can guide you along that quest.  Here are a couple of their suggestions:

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Do You Have 1099 Contractors? The 1099 Deadline Has Changed!

Dec 28, 2016 / by Dan Wywrot

Are you sending out 1099 forms soon to the contractors you worked with this year? If so, you should know that the IRS moved up the deadline to send out 1099s by a significant amount of time; all must be mailed by January 31st, 2017. If you’re late, you could face severe fines from the IRS for each late form, therefore it’s imperative to have your financials in tiptop shape. For purposes of this post, we will only be discussing Box 3 of 1099’s, or non-employee compensation.

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Tags: Insider, Finance

Bolster Your Business Finances with a Financial Model!

Dec 14, 2016 / by Kody Myers

If you followed the advice of one of our earlier blog posts and built your own financial model, you’re probably wondering what to do with it. For starters, if you’re a startup or small business that’s experiencing high growth, you should be updating your financial model on a regular basis.  If your company is more established, you can probably get away with updating it quarterly, semiannually or even yearly. Give your financial model the love and attention it deserves, and here’s why:

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Tags: Finance, Startup

Behind Every Great Business Is a Great Accountant

Nov 23, 2016 / by Kaitlynn Sirotkin

As a business owner, you’ll find yourself relying heavily on your accountant’s unique insights - trends and ways of thinking that you may not know to look for. They can give you a high level view of your business’s financial health and steer you towards improvements month over month. They’ll also be there to support you if/when your business is audited. For these reasons, it’s imperative that every business invests in a great accountant. Still not convinced? Read on; we’ll sit tight and help you find the best accountant when you’re done.  

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What Is The Difference Between An Accountant And a Tax Preparer?

Nov 9, 2016 / by Pat Stokowski

It’s time to clear up the misconception that all accountants prepare taxes. While working towards my graduate degree in accounting, I was constantly asked by family and friends if I could prepare their tax returns. While I’m always willing to lend a helping hand, I studied accounting because I enjoy working with numbers and wanted to learn how to efficiently and effectively run a business from a financial standpoint, not because I wanted to learn how to prepare my cousin’s tax return. For these reasons, I’d like to shed some light on the differences between accountants and tax preparers.

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Do The Math: 4 Financial Metrics Your Business Should Track

Nov 4, 2016 / by Kody Myers

Having worked closely with many CEOs across several industries and growth stages, it’s become clear to us that each business has unique nuances it must focus on. People who make broad statements like, “These are the financial numbers EVERY business needs to know” are casting a very wide net and not considering your business’s unique needs.

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How To Never Meet Your Accountant

Oct 26, 2016 / by Kaitlynn Sirotkin

The accounting arm of your business is just as crucial to success as your sales team.  Without an accurate financial history, it’s difficult to predict how long into the future your business will be around!  Therefore, it is of the utmost importance that you have a good bookkeeper and accountant on your side.  But is it better to outsource your accounting or hire someone in-house? Let’s take a look at the pros and cons.  

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Bad Budgets Kill Startups: 4 Early Steps to Avoid Financial Failure

Oct 19, 2016 / by Michael Burdick

This blog was contributed to Paro by Patrick Hechinger at Built In Chicago. Built In is a network that allows people to get connected to local startup communities in Austin, Chicago, Colorado, and Los Angeles.

If you clicked on this article you’re one of two people: a fresh startup founder optimistically seeking advice or a less-recent startup founder who is realizing something has gone terribly wrong.

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