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Choosing a Financial Team

Published by Summit Marketing Team on 18 Jun 2021

If you want your business to be successful it’s essential that you have the right financial team. If you’re the owner of a business, you are the CEO and you have the last say about all your business decisions. However, you also need a good financial team. Below are suggestions to consider for your winning team.

  1. CFO (Chief Financial Officer). A CFO will oversee complex financial strategies for the business. For example:
        • Manage the financing options for growth
        • The cash flow
        • As well as, debt ratios.Your Financial Team
  1. Controller. A controller should have knowledge of your business industry. Other skills should include:
        • Cost control
        • Budget and forecasting
        • Risk assessment
        • The ability to prepare and analyze financial statements.
  1. Your CPA should have a wide variety of financial skills that include the knowledge of:
        • Taxes
        • Auditing
        • Cost accounting
        • Finance
        • The ability to prepare financial statements, etc.
        • The ability to prepare and file all Federal, State, sales, franchise, and payroll taxes as well as offering a tax plan for the business.
  1. Office manager. The office manager will oversee employees and ensure that the office runs smoothly and make suggestions on how to speed up office procedures. This may include:
        • The frequency of the billing process to improve cash flow 
        • Initiate the segregation of duties to guard against or prevent errors and irregularities.
  1. Technical Support. Tech support will ensure that the company has:
        • Appropriate software for your type of business
        • Keep software up to date and running smoothly
        • Your tech support may also train your employees to use the software with time-saving tips.

Having a good financial support team at your side will benefit your business in multiple ways giving your business a much better chance of success.New Call-to-action

Having a good financial team will only benefit your business. At Summit CPA we offer multiple resources to keep your business on the right financial track. For assistance, contact our office at (260) 497-9761 to schedule an appointment with our advisors.

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