A strong Accounting & Finance function is mission critical to an organization’s success but it doesn’t need to be a daunting task. So many times we hear from clients that a family member is “doing the books.” Perhaps your dad, sister-in-law or close family friend has some bookkeeping experience and has offered to help. When you’re sitting at your kitchen table, growing your side hustle, this might be a perfect solution.
As you begin to grow your customer base it is important to turn those receivables and payables into useful information that can help manage your cash balance. Reconciling your bank account and credit card transactions allow you to categorize each item of income and expense and assign them to a specific business account to generate your income statement. Now, you can analyze your business more robustly and identify revenue trends and potential expense management opportunities. During the same monthly exercise you can generate a balance sheet that will show you the overall health of your company including cash, assets, and liabilities. However, this takes time.
Outsourcing your accounting and finance function allows you to do what you do best -- serve your customers. Fractional or part-time help can generate monthly financial statements to help you make better business decisions. When you are ready to take the next step we’ll be there.