Software businesses, even profitable ones, have occasional WILD VARIATIONS in cashflow. "Expenses on CC, revenue to pocket" helps survive.
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Replying to @patio11
I grew up terrified of debt. This view is not optimal for business: if you can profitably buy growth by buying X, buy X, pay interest.
3 replies 7 retweets 19 likes -
Replying to @patio11
Banks need to know what you do for a living but are clueless about our industry. Be able to succinctly describe biz model in one paragraph.
2 replies 1 retweet 6 likes -
Replying to @patio11
If you ever find yourself innovating with finances you're *probably* doing it wrong. Higher returns to brainsweat everywhere else in biz.
1 reply 2 retweets 7 likes -
Replying to @patio11
Turn on two-factor authentication for your bank account. Ask your bank to put a note on your file require a branch visit 4 any acct changes.
4 replies 15 retweets 28 likes -
Replying to @patio11
You think that's inconvenient. So will the guy trying to empty your account. This has "near missed" friends of mine; terrified them.
3 replies 3 retweets 9 likes -
Replying to @patio11
Never use a debit card for any purpose other than to withdraw cash from an ATM. Worse protections than CCs, costs more.
9 replies 37 retweets 35 likes -
Replying to @patio11
You should probably never touch cash ever in your business. a) You're in software, why do you need to? b) Easy to lose records of expense.
2 replies 0 retweets 8 likes -
Replying to @patio11
ROI (tax savings) on having bookkeeper sum up 100 pages of $10 ~ $250 transactions from your CCs for the year >= 1000%.
2 replies 1 retweet 6 likes -
Replying to @patio11
If your revenues exceed $200k then talk to bank about getting a line of credit. Hard to get these days, require work, but VERY useful.
3 replies 2 retweets 10 likes
Should you ever have an issue with your bank, escalation path is phone call -> branch visit -> paper letter to "office of president" or IR.
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Replying to @patio11
"In what world do you get faster resolution by sending a paper letter to the CEO of Bank of America than by approved channel?" THIS ONE.
3 replies 2 retweets 9 likes -
Replying to @patio11
As your business gets larger/more complicated you need to know what banks find risky and assist them in managing risk w/r/t your business.
1 reply 1 retweet 5 likes - 5 more replies
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