When you start a company you're not thinking about the skills and talents your employees will need years down the road. You're focused on survival, and that often means hiring just about anyone who will take the leap of faith with you at the pay you're able to offer.
Oftentimes, a business owner hires somebody they already know and trust, such as a relative or neighbor, to do bookkeeping for them. Even if it means this person doesn't have experience in bookkeeping (or very little), they're probably more skilled at it than the owner.
Are You Ready to Bolster Your Accounting Staff?
As the business grows, the needs and requirements of the business exceed the expertise of the original bookkeeper. As transactions get more complex, the books can get messy. And while the bookkeeper focuses on keeping up with the basic tasks, the big picture details go unattended.
No one is managing cash, monitoring profitability, or building relationships with lenders-no one is paving the way for growth. Even if the owner knew how to present the business to a bank or investor, the numbers might not be reliable. It can end up literally handicapping the entire organization.
Hold on, There's Help for the Business Owner
Many business owners don't have an accounting or finance background themselves-leaving them ill-equipped to properly train and supervise a bookkeeper, much less tackle the bigger issues like cash forecasting, cost control and profitability analysis.
A Qualified CFO or controller can help in two important ways:
* By training and supporting your existing accounting staff, so they can operate at peak performance-this might include creating procedure manuals, automating some processes, and cleaning up books that are in disarray so that the bookkeeper can start over with a fresh slate.
* In addition, the CFO or controller can perform tasks that the business owner or bookkeeper are not qualified to perform, such as preparing and analyzing financial statements, putting together business plans, making out budgets or making cash flow analyses.
It takes unnecessary pressure off the business owner, who is freed up to focus on running the business. And the bookkeeper tends to thrive with training and clear expectations in place.
Efficiency Increases Your Bottom Line
Efficiently running your accounting operations directly impacts your profitability, in your favor. For example, if you process accounts receivable effectively, you can collect payments much more promptly, which in turn means that your cash flow is much more even. This in turn means that your bank sees this and you have much more credibility with them.
If you don't think your accounting staff can take your company to where it should go, perhaps it's time to call upon a professional accounting service.
Oftentimes, a business owner hires somebody they already know and trust, such as a relative or neighbor, to do bookkeeping for them. Even if it means this person doesn't have experience in bookkeeping (or very little), they're probably more skilled at it than the owner.
Are You Ready to Bolster Your Accounting Staff?
As the business grows, the needs and requirements of the business exceed the expertise of the original bookkeeper. As transactions get more complex, the books can get messy. And while the bookkeeper focuses on keeping up with the basic tasks, the big picture details go unattended.
No one is managing cash, monitoring profitability, or building relationships with lenders-no one is paving the way for growth. Even if the owner knew how to present the business to a bank or investor, the numbers might not be reliable. It can end up literally handicapping the entire organization.
Hold on, There's Help for the Business Owner
Many business owners don't have an accounting or finance background themselves-leaving them ill-equipped to properly train and supervise a bookkeeper, much less tackle the bigger issues like cash forecasting, cost control and profitability analysis.
A Qualified CFO or controller can help in two important ways:
* By training and supporting your existing accounting staff, so they can operate at peak performance-this might include creating procedure manuals, automating some processes, and cleaning up books that are in disarray so that the bookkeeper can start over with a fresh slate.
* In addition, the CFO or controller can perform tasks that the business owner or bookkeeper are not qualified to perform, such as preparing and analyzing financial statements, putting together business plans, making out budgets or making cash flow analyses.
It takes unnecessary pressure off the business owner, who is freed up to focus on running the business. And the bookkeeper tends to thrive with training and clear expectations in place.
Efficiency Increases Your Bottom Line
Efficiently running your accounting operations directly impacts your profitability, in your favor. For example, if you process accounts receivable effectively, you can collect payments much more promptly, which in turn means that your cash flow is much more even. This in turn means that your bank sees this and you have much more credibility with them.
If you don't think your accounting staff can take your company to where it should go, perhaps it's time to call upon a professional accounting service.
About the Author:
Bookkeeper and Writer, Margot Brandlin writes for OWL Bookkeeping and CFO Services. Owl Offers Businesses in Minneapolis Quickbooks implementation and training.
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