Your financial puzzle
When you started your business or became the head of an organization, figuring out the financial statements and bookkeeping was probably the most complicated and stressful part of the job. You didn't start your company to become a bookkeeper or CFO, you started it because you are passionate about your business and your future. You are passionate about the core of your business and you vision for the company.
However, working your business and running your business are both important to your success. Most owners spend all of their time working their business and not enough time in running it, and both need to happen. Without reviewing your financials and spending the necessary time to create the budget and adhere to financial statements, your company will be headed for trouble.
Simple solutions are starting with an accounting software system that makes the management of the company much easier. Get very comfortable with your financial statements, take the time to review your balance sheet, P&L, cash flow and projections on a monthly basis. Work with someone to identify trouble spots and solutions. Work with bookkeepers, CFOs and accountants to keep you on the right track. This will help you save and prepare for taxes, track expenses and revenue, and determine times of year for growth or cut backs.
Keeping this simple solutions in mind will help your company to stay healthy and allow you to focus on your vision.
Why do I need a CFO?
You didn't start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports. CFOs are responsible for timely and accurate presentations and financial reports in order to capitalize on your growth.