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| Can Your Accounting Staff Take You to the Next Level |
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| Written by Margot Brandlin |
| Thursday, 24 July 2008 20:18 |
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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 your business continues to expand, so, too, will your business's requirements and needs grow. There may come a time when the bookkeeper you hired can no longer do the job. As your business grows, transactions, too, will get more complex, and this can make the books undoable for some without that level of skill. And if the bookkeeper is just focused on keeping up with basic tasks, more finely oriented details get neglected. For example, profits could be ignored, cash not managed. It may also be that you're not building relationships with lenders you need to. In short, you're letting opportunities for your business to grow slip away. If you as the owner know how to present the business to an investor or bank, your numbers might still let you down if they haven't been done properly. This can negatively impact your entire organization. Hold on, There's Help for the Business Owner It's true that many business owners don't think they are versed in accounting or finance, and don't have a formal background in these types of skills. This can leave them with little skill and knowledge so that they can't properly supervise the bookkeeper they've hired, much less train them. It's also true that they might not be able to handle issues like financial forecasting, keeping costs under control, and analyzing profitability. A Qualified CFO or controller can help in two important ways: * The CFO or controller can support and train your existing accounting staff, so that they can operate at optimal levels. This might include putting together procedural manuals, automating some processes, and reorganizing disorganized books, so that the bookkeeper can have a fresh start. * The CFO can perform duties outside of the bookkeeper's or owner's expertise, such as analyzing and preparing financial statements, putting together business plans, determining budgets and 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. Efficient Processes Increase 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 question your accounting staff's ability to take you to the next level, you might want to consider calling 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. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
| Last Updated on Thursday, 31 July 2008 17:32 |
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