Small Businesses have very simple financial profiles. There are few employees, few products, and simple production processes. In Family Owned businesses, the family may be the only employees, and the time they spend working is not valued, because it’s free.
The immediate concerns are the cost of raw materials, packaging, and freight. Even a Part Time Controller would help, but for now, there is no one to guide the record keeping, provide the Business Metrics to help with an Analysis of Profitability, Cash Flow, or Forecasting. Detailed record-keeping is something you’ll take care of later. There are more important things to deal with now, like customers and product development.
But before you decide to put off detailed accounting till “later,” here are some tips on why you should start doing that work right now:
Financial complexity arrives slowly. The best time to create the financial structure for your company is right now. Implementing proper financial reporting AT THE OUTSET will make your life easier. The help of a Part Time CFO or other consulting advisor provides you with the guidance to do it right, and information in your hands to make the right decisions for your future.
What are the PPP Loan Forgiveness Rules You Should Know? By now you have probably heard about the Paycheck Protection
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