Who Is On Your Financial Team?

You can’t go it alone when it comes to your business finances. As a small business owner, you wear a lot of hats. You’re the CEO, the FD, and the HR manager all rolled into one. But when it comes to your finances, it’s important to have a team in place to help you make decisions and keep your business on track.

The importance of having a good FD on your team.

Having a good FD (Finance Director) on your team is essential for any business. They are there to safeguard the financial well-being of the company and to ensure that the objectives of the organisation’s owners or investors are accomplished in the most effective and efficient manner. A great FD can protect an organisation from potentially risky financial decisions, whilst also managing projects to increase profitability.

They will have substantial knowledge of cost analysis, budgeting and forecasting, taxation, contracts as well as pensions and investments, thus contributing much-needed advice and direction. This expertise is particularly valuable during times of unexpected turbulence when fast-acting decisions need to be made in order to keep a business afloat.

An accountant – an invaluable asset for any business.

In smaller businesses, there is often not the luxury of a dedicated FD and with the business owners trying to fulfil all functions an accountant’s role in a business cannot be underrated. As a professional, an accountant uses their extensive knowledge of financial processes and regulations to help the business realise its potential. Not only can they expertly manage the finances of a company, but they may also be able to offer invaluable guidance on forming long-term strategies; from helping with taxes to providing insights on financial growth.

An accountant is not just a bookkeeper, but an influential advisor who plays a major role in assisting in decision-making while seeking to maximise profits. Having an accountant on board is essential for any business to ensure stability and success in the long term.

How to choose the right accountant for your business.

An experienced and knowledgeable accountant can begin to add value to your business right from the start so when it comes to finding an accountant for your business, it’s important to do your research. It’s essential to choose someone with relevant accounting qualifications, such as a chartered accountant with ACCA, ACA, or CIMA qualifications and, experience within your business industry can bring additional benefits.

Consider speaking to your local Chamber of Commerce and attend their networking events to be introduced to local firms. Referrals from your own network are often invaluable providing real world confirmation of their skills and expertise (and pricing) as opposed to picking someone at random because they have a good marketing presence or a slick website.

Hiring a bookkeeper for essential day-to-day management of accounts.

For busy businesses that have a lot of transactions to track, hiring a bookkeeper can be the perfect solution. Not only will they help ensure accountability and accurate tracking of income and expenses, but they also save precious time by managing the day-to-day accounts.

A qualified bookkeeper can deal with invoicing, reconciling bank accounts, managing payroll, as well as other business analysis tasks. This allows business owners to focus more on growing their businesses with less stress about the financials.

A professional funder.

When it comes to planning for the growth of your business, having a funding partner at hand is incredibly beneficial. Not only do professional funders want to assist you in your growth journey, but they also have access to a wide range of resources that can make the process easier and smoother.

Other key professionals, you need for your business.

You should also ensure that you have help from the following people to make sure your business is in the best possible hands.

An accountability partner.

Working with an accountability partner can be a great way to help you reach your financial goals. An accountability partner is someone outside of yourself who will hold you accountable for meeting the objectives you have set for your business. This person could be your accountant, a mentor, business advisor or someone else in your network who provides sound financial advice and demonstrates strong money management skills.

By working with an accountability partner, you can ensure that you stay focused on reaching financial milestones that you have set for your business and make more informed decisions regarding your finances.

Financial Advisor

Once your business finances are addressed then a financial advisor can help you create a long-term plan for your finances, including budgeting, saving for retirement, and investing. They can also help you make sound decisions about your money and plan for the future.

Business Bank Manager

If you are fortunate enough to find one! a Bank Manager will have a wealth of experience in helping your business on its journey, and will oversee all of your banking needs with a strong support team to help set up accounts, process payments etc all the way through to helping you apply for a loan if needed.

Partnership Invoice Finance.

Partnership Invoice Finance provide an innovative finance solution designed to help businesses unlock working capital. We provide simple, fast and affordable access to invoice factoring solutions to help SME owners sustain their success without tying up all of their assets.

From funding to managing your credit control, we can help save you time and money. Our goal is to provide you with flexible and convenient solutions tailored to the needs of individual business owners, so you can efficiently manage cash flow and scale your success. Our team of experienced finance professionals are here to help your business succeed and flourish.

It’s important to have a strong financial team on hand to help you navigate through the challenges of managing your finances. With the current cost of living increasing, it’s more important than ever to make sure you have a handle on your finances. We can help you navigate through these challenging times and ensure your business stays on track.

Contact us for more information.