Can Your Accounting Staff Take You To The Next Level?

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.

Typically a business owner hires a person they know and trust, maybe a sister or a neighbor, to do their bookkeeping. This person may not even have a bookkeeping background, they just have a greater aptitude for it than the owner.

Have You Outgrown 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.

Efficient Processing Adds to Your Bottom Line

Your accounting operations directly impact the profitability and growth of your company. For example, when you’re processing accounts receivables efficiently, payments are collected more promptly, cash flow evens out and banks view your business as being more credible.

If you don’t feel confident that your accounting staff is poised to take your company to the next level, it’s time to call in help.

Relief 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 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.
• By performing financial duties that fall outside the expertise of the bookkeeper and the owner-this might include things like preparing and analyzing financial statements, creating business plans, defining budgets and performing cash flow analysis.

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.

Efficient Processing Adds to Your Bottom Line

Your accounting operations directly impact the profitability and growth of your company. For example, when you’re processing accounts receivables efficiently, payments are collected more promptly, cash flow evens out and banks view your business as being more credible.

If you don’t feel confident that your accounting staff is poised to take your company to the next level, it’s time to get more sophisticated in your financial operations and reap the benefits in the form of improved bottom line results.

One of the best ways to gain a macro view of your business is through SG&A Reporting.

If you’re looking for a trustworthy bookkeeper or accountant, contact us today to learn how Owl can help you. 

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