Growth, whether it be personal or professional, holds a lot of exciting possibilities. It can also be intimidating and downright painful at times. The fear of the unknown, drastic changes that will have to take place, and the steps outside of your comfort zone to grow your business often hold people and businesses back from reaching their full potential.
As a leader, you don’t have to go through growing pains alone. Having a qualified advisor by your side to help you make decisions, forecast cash flow, be accountable to your board, and put the right technology in place is a make-or-break success factor. When you’re ready to step out of your comfort zone and into growth, we’re here to lend a helping hand in the areas where we shine. Following are the top 3 ways a business or non-profit organization can partner with an advisor through the growth stage and beyond.
1. Financial Advice
Whether you’re seeking investors, opening a line of credit, taking out a loan, or taking other major financial steps, the right advisor can help you avoid mistakes. Having a qualified advisor in your corner when it comes time to grow your business can help you identify opportunities, mitigate threats, and make decisions based on solid financial data. Our financial advisory services scale with your business and are grounded in decades of experience with for-and non-profit organizations across all sectors.
2. Budgeting and Forecasting
Budgeting for growth can be a guessing game. For businesses that take the time to create a budget, a common process is to copy and paste the prior year’s budget and add about 4%. When it comes to business growth, there’s a lot more to budgeting than simply looking at last year’s numbers. As an example, it’s common for businesses to plan new hires as the organization grows. They may budget for additional salaries but neglect many other costs associated with a rising headcount—office space, tech needs, expenses, equipment, collaboration, and management platforms, etc.
An advisor brings many years of looking at the financials of growing organizations and can spot holes in your budget.
3. Full-Serviced Outsourced Accounting
Automating back office functions is one of the most important steps you can take to help ensure solid, sustainable growth in your organization. What started as a simple Excel spreadsheet quickly become unwieldy. Mistakes become that much riskier as the business gets bigger. Your main focus should be on running and growing your business; while you may be capable of keeping your own books, ask yourself if that is the best use of your time.
If you’re spending more than 10 hours per month on bookkeeping, outsourcing is well worth the investment.
A dedicated Cloud Accounting Specialist can help you in many ways such as:
- Reviewing and closing your books monthly or quarterly
- Paying bills, running payroll, tracking inventory, filing sales tax, monitoring expenses, and keeping records
- Reconciling bank, credit card, and loan statements
- Preparing and filing 1099s
- Setting up and supporting inventory software
- Assessing your technology workflow and building in new efficiencies
- Catching up your accounting and reconstructing past books
Ensuring you have secure back-office functions
When it’s time to grow your business, our team is here to be your strategic advisor, accounting specialist, and tax consultant, giving you more time to do what you do best. Contact us to schedule a consultation to see how our experts can help you and your business.