How You Know You Need a Bookkeeper
You’re likely familiar with the term “bookkeeper,” but what does the role encompass? Bookkeepers take on many of the time-consuming accounting services. They:
Handle data entry.
Complete transactional paperwork, including income and expenses, accounts payable and receivable, bills, invoices, and payroll.
Keep codes accurate while paying bills.
Create general reports (think income statements and balance sheets).
Why might you need a bookkeeper?
- You don’t have a thorough understanding of generally accepted accounting principles.
- Your business is growing, and the paperwork is getting more complicated as you scale your operations.
- Your focus is needed elsewhere, and you don’t have the capacity to take on this time-consuming process.
How You Know You Need an Accountant
Accountants are vital to every company and keep you in the IRS’ good graces when it comes to year-to-year finances.
The position does more than you might realize. They:
- Handle billing.
- Maintain ledgers.
- Oversee the bookkeeper.
- Manage accounts and reconciliation by reconciling invoices and balance sheets and ensuring overall accuracy.
- You need someone to generate custom financial reports, whether it be quarterly financial reports or annual statements of accounts.
- You want to stay compliant with government requirements in regard to taxes, financial documentation, and audits.
- You desire educated guidance for CFO services and general financial decisions that can impact your business’s ability to grow.
How You Know You Need a Controller
As masters of financial strategy and accounting systems, controllers can help reach the company’s goals on time. They:
- Take the lead over the accounting department by overseeing accountants and bookkeepers while maintaining a budget.
- Control cash flow by utilizing data analysis to discover where a business is losing money.
- Build budgets.
- Create and manage month-end closing schedules to ensure accurate reporting.
Why might you need a controller?
- You need someone you can trust to oversee your existing accounting department.
- You want to stay in better compliance with financial reporting laws.
- Your business needs to implement financial procedures and policies.
How You Know You Need a CFO
CFO services focus on making your organization valuable to shareholders and increasing your ROI through a series of responsibilities and big-picture planning.
An effective CFO will:
Plan the company’s financial future while managing existing finances and expectations.
Create new efficiencies based on the business’s strengths and weaknesses.
Take the lead on strategy by forecasting and modeling to make informed decisions.
Assess investment opportunities to help scale the company.
Assist with debt management, from securing new lines of credit to ensuring compliance with debt terms.
Why might you need a CFO?
Your need to integrate your business operations with your finances.
You want to generate capital and maximize cash flow.
You’re planning a merger or acquisition and desire a knowledgeable professional to help.
Propel Your Business with CFO Services
Taking on the responsibility yourself when you already have so much on your plate leaves you open to inefficiencies, compliance missteps, and even misplaced finances. So don’t take it on alone. Ignite Spot is here to help, and it’s what we do best. In fact, it’s all we do!
Not only can we help you choose the right fit for the job, but our professionals remotely provide the guidance and knowledge you need to excel in the present and build toward a successful future.
Outsourcing your CFO services is easy, saves time, and gives you the peace of mind to focus on what matters most: growing and running your business. Learn how Ignite Spot can help.