The topic of finance is a red flag for many people. Decision-makers in start-ups often get sweaty hands when investors simply ask for numbers. Jana Ludwig-Martyushev, founder of Start Finance Now , knows this problem and would like to eliminate it with her toolbox. We spoke to the financial expert, who describes herself as a bean counter by heart, a stock market enthusiast and a do-gooder.
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Jana, please briefly introduce your company! What are you doing exactly? Gladly. I am a finance coach for start-ups. My mission is to help young companies not fail because of finances. This is a pressing issue. Only now have I read a study again, according to which 50 percent of all start-ups in the USA have to give up due to a lack of knowledge about their own situation. This is no different in Germany. It is easy to prevent such gaps in knowledge. The financial sector can make a big contribution to this. It’s just important to deal with it and set everything up properly. I want decision-makers to recognize this.
What exactly is your toolbox all about? My toolbox for start-ups, freelancers and small businesses is an all-in-one package to set up finances very easily in ten steps. This starts with accounting hygiene and simply setting up a chart of accounts. Users also learn how to find a good tax advisor, why cost centers make sense and how to create a financial plan. The toolbox also includes guidelines and ready-to-use Excel templates. Finally, from day one, I recommend two tools that I personally am 100 percent convinced of: GetMyInvoices for invoice management and the travel expense tool Circula.
How did you come up with the idea of the toolbox? After studying business administration, I set up accounting and controlling structures and implemented financial processes in various companies for more than ten years. I noticed that the same problems were occurring over and over again and I asked myself why there was no sustainable solution to them. After all, it doesn’t make sense to keep reinventing the wheel. I wanted to change this. That’s why I became self-employed and developed the toolbox.
Your claim is “Finance is not rocket science”. Tell us more about it! Most people, whether personal or business, are afraid of finances. The reason is that they do not understand how to tackle the issue. So they swim along in the flow of numbers without any control. When I realized that this fear goes away once a few simple tricks and process steps are known, I started telling everyone about it: It’s not rocket science - you just have to sit down and understand a few things. Then you won’t be afraid anymore.
Can you list any other pain points that start-ups in particular face in the area of finance in their first few years? Start-ups mostly fail in the first three years. One of the main reasons is that they lack an overview. They control everything somehow. Since they often don’t have good bookkeeping, they don’t know how long the money will last. They also don’t know the adjusting screws and levers. That’s why I’m starting at exactly this point. When the financial processes are set up accurately and everything is running smoothly, the start-ups have taken the biggest step.
How important is the topic of digital invoice management here? Digital invoice management is the basis for functioning accounting and good accounting. If things aren’t right in these areas, nothing works - neither setting up a budget nor financial planning or setting prices. Companies cannot then control well and be systematically successful. Any success is just a stroke of luck.
How did you come across GetMyInvoices and where do you see the main benefit? When I was in my first start-up, I faced a typical problem: How do I get the bills? How do I get employees to send receipts to accounting? This is the most annoying and unnecessary task for a financier. When someone close to me recommended GetMyInvoices to me, I used the software in this company and then recommended it to others. It’s just cool to have the receipts collected automatically from portals and other sources and to have interfaces to the tax advisor. This makes simple invoice management possible. Because often in start-ups there is no one who specifically deals with finance, and I don’t think anyone with the business idea of the century should waste their time looking for evidence.
What tips can you give start-ups when it comes to accounting and invoice management? My main tip is to start with the topic of finances on day one with employee one! Don’t wait until you have five employees or the first funding is there! It is important to have a good structure, a good filing system, a functional approval process and workflows right from the start - not to forget procedural documentation. Auditors always ask about this. With GetMyInvoices and my toolbox, all of this can be easily mapped. You are in control and always know where the journey is going.
