In Pursuit of Profit
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 When your business is growing and requires additional capital to keep it moving in the right direction, it will need to decide how to come by that funding. This is a complicated decision that can benefit substantially from the expertise that an experienced financial leader like a CFO or Controller can provide to the business’s owner or CEO. But, regardless of which avenue a business takes, it will need to be prepared to open itself up to scrutiny by funders.
Companies looking for funding need to have the right essentials in place to land the money they are hoping to secure. Whether the funding will come from a bank loan, grant, angel investor, VC or private equity firm, corporate investor, or other type of financier, applying requires the right kind of financial planning and preparation. Simply put, you will need to not only have your financial house in order but be able to prove it! This is where your accounting team is instrumental in the process.
Take the time needed to effectively plan for not only the most fun parts of the new venture, but to think through key accounting considerations that can aid in promoting growth and mitigating financial risk.
Either way, they typically come to us with their books in disarray looking for someone that can get them back on track and put the foundational elements in place for them to manage continued growth more effectively.
Their goal is not simply to have clean books for the mere sake of doing so. Their goal is to have the kind of accurate and timely financial information needed for strategic decision-making – enabling yesterday’s growth to fuel tomorrow’s growth as well. They understand that sustainable growth must be built on a solid financial foundation. 3/23/2023 Do We Need a Chart of Accounts?
We’ll break down what a COA is and why you need one, give you some pointers on how to create a COA, provide an example of a chart of accounts for you, and give you some helpful reminders to be aware of as you create your own COA. Let’s get started talking about accounting chart of accounts fundamentals:
Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. There is no doubt that our work is more satisfying and fulfilling when we are experiencing joy in what we are doing. Here are a few reminders about finding the joy in your work:
 Cash-strapped startups need to be judicious with how they spend their money on everything from operating expenses to hiring costs. When there is just not enough room in the budget to pay an accountant market value for their experience, a startup may need to get creative with their overall compensation package, rethink their “ideal candidate” profile, and potentially even consider outsourcing as an option (at least temporarily).
 Finding an accountant for a startup company can be extremely challenging because new companies typically do not have the same cash reserves that more established companies do. This pain point is shared by small businesses everywhere but can be exacerbated by the perceptions around startups.
As the owner of a startup company, hiring an accountant can be a difficult task to undertake. Use these tips to find an experienced accountant to help get your startup off the ground:  There is no doubt the US workforce landscape continues to experience significant changes. The business challenges of the last few years have caused many companies to rethink how they can best execute their operating plans. With more and more companies outsourcing their accounting functions, there are a few important things to keep in mind to ensure a beneficial outcome.
 Written in conjunction with our partners at CFO Selections
A cash flow shortage is the number one reason why small businesses fail, but even mid-sized and large companies need smart cash flow management to survive and thrive. Insufficient cash forces companies to make difficult decisions about who is going to get paid and when. Unfortunately, this can lead to vendors and suppliers being paid late, being overdue on rent, even employees waiting on paychecks. It is not an exaggeration to say that cash is the lifeblood of any business. Not having enough money to pay for expenses can erode business credibility, which leads to:
Ultimately, a company’s potential will be stifled if there is not enough capital to invest in the assets that facilitate growth, and its very existence can be threatened as well. So, are you ready to manage cash flow for the coming year?  As an accounting recruiting firm and financial services provider, we work with businesses everyday who ask, “Should we hire or outsource our accounting needs?”
This question is especially important for companies in the startup phase because they likely have significant cash flow concerns to consider. However, startups may also have other unique characteristics that make this question more challenging to answer, such as:
While every business will have their own unique needs and challenges, it is generally best for a startup to outsource their accounting activities initially and then hire internally as their needs change. Where does that shift happen? |
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