Understanding how financial organizations are structured and knowing when to expand can be difficult for startup founders that are focused on the technical side of the business. Stacie Faggioli, head of Corporate Finance at Stripe, shares tips with Pilot, on how to set up your financial team from the start, and how they can work with the rest of the business to reach company goals.
She has experience in corporate finance at Dropbox, and most recently is the Head of Corporate Finance at Stripe.
Here’s a breakdown of today’s video:
0:07 What led you to corporate finance?
1:00 What are some trends on how companies grow their financial organizations?
2:21 What does your day-to-day look like?
4:08 When should you hire a bookkeeper?
4:59 And what tends to come next?
5:26 What size or complexity requires hiring finance operation roles?
6:05 How do the various teams in finance fit together?
8:13 What makes for a great relationships between finance & accounting and the other business units?
9:00 Are there financial triumphs or financial catastrophes that companies can learn from?
10:54 What do startups get wrong about building their financial organizations?
12:12 Do you have any examples of workflows or changes that have evolved by using the right tooling?
13:45 What are easy wins when setting up the financial process for a startup?
14:35 What qualities should the first full-time financial hire have?
15:36 When should companies think about hiring a controller or CFO?
16:54 What do you think about in-house versus outsourced bookkeeping?
17:55 What finance concepts are important for founders to actually understand so they know the state of their business?