Quite a few startups have made their mark on the industry in recent times. But one look at an expenses spreadsheet and a lot of journalists might feel lost quickly.
As James Breiner suggests on IJNet, getting your head around the numbers is no different from telling a story with words. His accounting and budgeting tips for journalism entrepreneurs make it easy to get to grips with common headaches like cash flow.
“Cash flow tells you how fast you are burning the fuel (money) you have in the tank, and how fast you are replacing what you have burned,” he writes.
“I suggest to entrepreneurs that they build their revenue budget (use the same spreadsheet above) around the amount they need to cover expenses. Start using the term "revenues" to mean the total money that you bring in, because “income,” for accountants and business people, means profit after expenses.”