Only Large Companies Need An Accounts Department, Right?

In small business, non-billing jobs are the last to be taken care of, and support staff are the last to be hired, first to be let go, and when things are going well, their work backlog is given the lowest priority, after all, doing the billable work is the first and most important step in establishing healthy cash flow. The rest can wait. Until it can’t.

If “Checking with the accounts Department” about an invoice or overdue bill means finally going through the pile/box/drawer/storage unit of paperwork that was ‘Tradie Filed’ (thrown in a general location) sounds familiar, you are definitely not alone. If that sounds ridiculously un-organised because you generally just have to get some stuff together for your bookkeeper, confident that you will resolve that enquiry in good time, as long as the bookkeeper hasn’t ‘Tradie Filed’ that particular paperwork or gone on another life coaching/yoga retreat to Bali for too long.

But it’s okay, people have to understand that we aren’t all running large companies with a separate office for our Accounts Department. We just don’t have the money.

At least that’s what we tell ourselves.

Contract CFO (Chief Finance Officer) services give smaller business an affordable way to access the benefits of having their own Accounts Department at a fraction of the cost that would come from hiring the staff needed to cover your Payroll, accounts receivable and payable and a CFO to oversee the work and give you the guidance and advice to have your business finances working for you, knowing that any problems will be identified and a plan will be developed before you, as an owner operating alone would be able to identify without the time to spend going over the numbers like a Finance Department would.

Having this kind of service gives you a real time heads up if anything is going wrong in your business which is important as a lot can go wrong in between the average annual visit to see your Accountant. Time is of the essence when dealing with financial problems, the earlier you identify and deal with them, the more options you have.

We might not all need our own dedicated Accounts Department, but absolutely everyone would benefit from having one keeping an eye on things for us from the background, reading to tap us on the shoulder when we need it. Which is almost always before we realise it.

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