How to Know if You’re Ready for a CFO?

bookkeeping consultingIf you can answer yes to any of these questions, you might be ready…

  1. Do you have access to all the reports you need to make crucial business decisions at crucial moments?
  2. Do you need loyal customers, suppliers, banks, shareholders, or government regulators?
  3. Are you in a mode of rapid growth?

As growth occurs, the company and its key customers, suppliers and employees will face new risks. Managing risk involves not only having insurance, but the business must also protect the company from regulatory, environmental and human capital risks.

If you couldn’t spend anymore in labor, how much would you need to grow to get to 10% profitability? How long will it take you, do you have enough access to capital to make it there? A good clean set of books is used to then measure and answer all these questions above. The more current and accurate your books are will allow you to protect, insure and capitalize your company when the opportunity arises.

Do you have a successful accounting system in place? There are many options to choose from these days to automate your accounting system. Here are the elements you need to address before you make an investment:

  1. Functionality/Ease of Use – Do you need industry specific software to integrate with your current information ecosystem?
  2. Ease of implementation – how fast and easy is it to deploy?
  3. Learnability/Training – do they have good customer service and training options available?
  4. Initial Price & Upgrade Options – consider the future growth of your company as well as its current needs. Scalability of the software is key.

Things to consider before you go paperless:

  1. Plan your paperless system to work similarly to your current setup
  2. Be sure you have all the equipment to process the paperless environment
  3. Put in a backup system for your electronic files
  4. Continue to talk to your staff about not printing extra paper that they do not need – multiple monitors are a good investment to help your staff be more successful!

Countify Consulting is offering a 1 hour free business health inspection… so give them a call! (512) 677-7808

Image credit Flickr

Posted on September 30, 2015 in Small Business Tips

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