The right answer is – Now!
As an entrepreneur or small business owner, one of the best things that you can do is hire the support that is needed to move your company to higher levels of success. Many new business owners start by wearing a lot of multiple hats. Instead of bringing in the right support, they attempt a do-it-yourself model to save money.
But ignoring these valuable specialized services can potentially send your company down a pathway to failure. Set the tone early in your business efforts to ensure that you aren’t skipping any important steps. Cutting corners might save you a few bucks right now, but you will likely regret your decision later when you encounter problems that were preventable.
What Financial Services Do You Need?
There are many ways that small businesses can benefit from a financial services firm. Most business owners don’t have formal accounting education, which means that it is essential to consult with someone who understands the numbers.
The inclination might be to hire a CFO or in-house accountant. But, then you will need to bear the cost of another full-time employee. Instead, consider partnering with a financial firm that offers extensive financial services. You can get personalized support for accounting, CFO consulting, and tax services, without ramping up your overhead costs for a full-time CFO.
When to Hire a Financial Firm
Now that you can see the benefits of working with an experienced financial firm, you are probably wondering when you need to incorporate these services into your company. The answer is simple: the sooner, the better! Put together a strong financial system right now so that you can set your business up for future growth and success.
Here are a few signs that you need to get started with outsourced CFO and outsourced financial services as soon as possible:
- You’re Having a Hard Time with Accounting: If you find you don’t have time to catch up on the bookkeeping or that you can’t get bank accounts to reconcile or that things just don’t seem to make sense then you need to bring in a pro to help.
- Business and Personal Spending Overlap: As a small business owner, it can be tempting to let the business and personal costs overlap – or indeed you may never even realize its occurring! This practice can lead to significant complications with your taxes and problems with both business and personal filings in the future. Hire an accounting team to help you draw a clear line between business and personal expense activity.
- You Want to Boost Business Results: The growth of your company will be inhibited without a strong financial plan in place. A CFO can help you manage spending, put together a budget to control cashflow, and help you develop the tools to attract investors for growth funding.