How to Work Without a Financial and HR Department in an IT Company: Dmytro Kizema
Learn how to work without a financial & HR department in an IT company, to grow and succeed the business or startup with Dmytro Kizema
Hello! My name is Dmytro Kizema, and I am the owner of a business that develops mobile applications. When I founded my IT company, I had limited capital, so there were no funds left to pay the salaries of accountants and HR specialists. So, let me teach you so you can learn how to work without a financial and HR department in an IT company with Dmytro Kizema, in order to grow and succeed your business at the setup level.
That is why I decided to take up these areas on my own. And in the process, I realized that accounting and reporting are not as difficult as it seems, so this problem is actually easy to solve.
But there is one nuance – all this is possible if the company does not have investors. Then it is really easy to handle it yourself. If the business has partners who have invested their money, do not skimp on the financial department. It is much more difficult to keep records independently with such a large amount of information.
How To Work Without Financial & HR Teams?
So, first of all, I advise you to find a convenient and understandable version of the program to facilitate the task. For example, if you know how to use Excel well. Then use these tables, you know all the nuances of working with Google tables – then, of course, choose this option.
In the early days, all you will need to track are account balances and cash flow. Reporting on this is mandatory because, without clear accounting, you can end up with a negative cash register. And we definitely don’t need that.
The nuances of banking operations, creating financial reports, and keeping records
You will gradually gain experience in all this of work without financial or HR.. Consult with your manager at the bank, read the laws, search for information on the Internet, and find an experienced accountant who will show you the basics.
Yes, it will be scary, unusual, and it will seem that not everything is going right, but over time it will get easier. Experience and practice – this is what adds confidence.
When the business develops and brings more profit, hire an accountant, and do some other important work in your spare time.
Such a specialist will carry out transactions and submit reports to the tax office. This may be enough, and such work will not cost a lot because you can agree on an hourly payment. If only these tasks are considered, it will be about 20 hours per month. Learn how to work without a financial and HR department in an IT company in order to grow and succeed your business at the setup level ollowing the Dmytro Kizema ideas.
HR manager: necessary or not?
In the beginning, you can also not form an HR department but look for employees yourself. Word of mouth among friends and acquaintances works great.
You may find a worthy candidate among those you have known for a long time. But as often happens – you don’t want to work with friends or relatives to not worsen the relationship. In this case, post the vacancy on popular job posting platforms.
When choosing HR, I advise you not to rush to close the vacancy, especially if the team is small. It is better to choose longer, but get better. From my own experience: even two months, in this case, is a normal period of work without financial or HR.
Be sure to carefully study the resume; if something does not suit you, reject the candidate. It is advisable to develop a test task, and after its completion. So, you can meet with the candidate personally, at least several times, because often the first impression is wrong.
After that, evaluate everything in the complex and, without a doubt, take it to your team. Keep reading to learn how to work without a financial and HR department in an IT company in order to grow and succeed your business at the setup level following the Dmytro Kizema tips.
If you do not feel you have the time, desire, or other reasons for all this, choose outsourcing services. It is also cheaper than hiring employees. Although the company is small, it is better to work more on its development.
Author is Dmytro Kizema – entrepreneur and investor.