In finance and accounting departments, you will come across posts like bookkeeper, accountant, controller, financial analysts, VP of finance, and CFO. How do they help their organization? What are their job responsibilities? Can they help grow your business? How your organization benefits if you outsource your finance and accounting jobs to an outside accounting firm?
Running a business involves lots of financial transactions and processes. There are invoices, salaries, expenses, incomes, and other financial matters. You have to generate financial reports from your account data, analyze your business operations, and order different types of supplies. A startup company generally does not have a trained and certified accountant to handle its financial transactions. This job requires a person who has training and experience in accounting.
The transactions with your customers, suppliers, and others will become complex as your business grows. The volume of sales will increase substantially. You will see the growth and profits, but soon you will start viewing trouble due to poor accounting practices. This is where the new business owner starts feeling the need for a professional accountant. Assigning this job to someone who never had any formal training in accounting can be detrimental to the health of your business. People who have not studied accounting face difficulty in understanding it. They often make errors that prove costly for their organization.
Accountants are hired when the transaction process becomes difficult to manage. It becomes necessary to hire a professional accountant to manage the accounts payable, accounts receivable, payrolls, and other financial transactions. There is a professional to handle the finance and accounting functions. Now you will hear words like account reconciliations, accrual, month-end, and year-end financial statements, and other accounting jargon. Now your organization requires a trained and certified professional accountant.
Establishing the accounting department becomes necessary when you feel the need for a Controller. This professional is capable of handling more sophisticated accounting and financial jobs. The professional can prepare the necessary budget, forecast economic trends, analyze financial data, prepare financial reports, develop proper accounting processes, and manage the relationship with the accounting firm. Now you will hear words like audit, compliance, review, and GAAP. The robust accounting procedures are put in place, and analysis of financial data becomes essential.
It is time to appoint a VP of finance for financial analysis. There are some jobs that require business intelligence expertise. Now the business model becomes complex, and there is a need for interactions with the investors and lenders.
A CFO is appointed after establishing the finance team. Now the focus shifts to future strategies. It becomes necessary to identify the new business areas for growth. Determine the business goals and develop plans for the future. The CFO has to focus on strategic planning, interact with the executives, forecast business prospects, and connect with the capital market.
Outsourcing Account and Finance Jobs
If any of these tasks look complicated and intimidating to you, think of hiring the Ribeyre Chang Haylock team. The firm has experience in all sectors of accounting and finance. We offer you customized services. You can hire us only for the services you need. You do not have to devote unnecessary resources to hiring the staff for the accounting jobs.
We offer services of experienced and talented accountants and financial experts. They will complement your accounting staff. At the same time, we have the capacity, resources, and staff to handle all jobs of an accounting department in an organization. We can offer you services of all accounting professionals, from CFO to accountants, at short notice and only for the periods or projects you need them. Contact us if you need the services of any staff for accounting and financial jobs.