The following story is true. Names have been changed to protect the innocent. If you think this story about you ... you are probably right.
The martyrs and the Intimidator
Leslie is the owner of a home, a business they inherited from their father. Back in the day, he succeeded his father, a small crew and operated with a handshake agreements and piles of cash. Now that his father retired, he sees a different future ambitious Leslie. He wants to grow their businesseswho make a fortune ... and career opportunities for their team. And she wants her (and her father) to build a reputation for great care of their customers.
Leslie called me one day, after reading one of my articles. He described the vision established for their company and its intention of an empire. In response to my questions, said that ...
He knew what they had in the credits, but I've only seen the budget once a year ... being imposed.He did not understand how the budget is what every day ... Sales, labor, material ... so that virtually ignored the statements of fact, however. He knew he was in debt ... but I was not sure how much. He has just secured another line of credit to maintain cash flow.
Sigh. I sat in front of Leslie on their lack of financial literacy. "It 's your business and your business is at stake is to know. Devi. Tell me who is responsible for the accounts of your company."
For thelast fifteen years has been the mother of the accountant. Mom's books as a "favor" to Leslie. She works 40 hours per week, but nothing is ever really ready or willing to Leslie, so Les is a day to day financial information left questioning look. All other office prevents Mom, who seems to have a different set of rules from the rest of the team. While the mother is responsible for the payment of invoices paid and when is a mystery. Once, when Stan the man had a question about storagehis salary, he flew out of the office sobbing mother, "and this is the thanks I get?" It took three phone calls Leslie apologetic to advertise your back.
At the end of the year, Mama's hands, what is that gathered for the financial information of a man by the name of art. Art is an accountant, the tax return to file. Leslie's art to help the understanding of the balance sheet and profit and loss account is preparing asked to return. He called and make an appointment to meet with him. His secretarySchedule an appointment to meet ... in six weeks. During the meeting, Art leaned over his massive mahogany desk and patted the hand of Leslie. "He takes care of business management. I am a professional. I take care of the accounts," he said coldly ... then to the door. For the money they have paid to be treated? He is ripping them off!
Martyr Mom Leslie holds. Nature of the Intimidator would hold them hostage. I have advised both fire Leslie.
"But,So what? "Leslie sputtered in response to my proposal." Where can I find another auditor? Who else would I trust with my money? Where do I start? And by the way my mother deny. "
Leslie asked me to help her get a handle on your financial situation.
"I can do. I can help you get a well-known financial position. I can provide a clean, precise set of financial data for you. However, they can build an empire, you must learn to do it. You need a team to buildfinancial professionals to help you produce timely, accurate data in a format that ... You will understand ... so you can make the right decisions.
"And, Leslie, your mother will get over it."
Here's what I shared with Leslie on the development of the financial group ... Start with the definition of who is responsible for what. Create financial position descriptions. Here is a list of essential tasks for each of these positions.
The accountant, the accountant is responsible for the day to day data entryin the accounts.
Accounts / receivable on deposits in accounts Payment / Accounts Payable
Notes:
Accounting should be performed in-house. It 'just not that hard to do! 90% of the accounts is to enter invoices, receipts and bills to pay. These functions in real time accounting system. It makes no sense for them and with an accountant to do it again. Accounting is a part-time work if your company is very large. Come on! How many calls do youCompanies run a day? How long does it take to type up to 10 bills? Apply for 10 payments and attach a deposit? Pay five or six bills? Accountants must be up-to-date. At a minimum, all information for the previous week and entered accurately by the following Wednesday. The Customer Service Rep (CSR) or dispatcher can help with accounting tasks. For example, the dispatcher responsible for the liabilities. The CSR can bills. This also adds protection for the system;because only one person is responsible for all accounting and all money transactions.
Moreover, if the financial reports.
Balance Sheet Profit and Loss Other financial reports are necessary or required, in order to have good management decisions.
Building payroll information.
Calculate commissions and bonuses.
Controls the balance sheet accounts - Monthly.Compensates bank statements - monthly. The controls and corrections of accounting errors.
Notes:
This is a very part-time work. perhaps only a couple hours a week. This person could be in-house, or an entrepreneur who comes to your shop once a week. Use a payroll service like ADP or Paychex. They do a great job. Then, the controller, journal entries, reports of Payroll Services. The control functions are often neglected in a small business. These tasks areno-where-land. Accept responsibility for those functions even if they are done correctly. Then, the tasks of the hand. Get the controller responsibilities and managed to take note of how your decision-making improved!
The Auditor The Auditor is primarily responsible for Federal Tax Compliance. A good accountant is an appropriate tax advice and lets you run your business, your best tax advantage.
Prepare your tax return. Prepare monthly, quarterly,and reporting of annual fees and disbursements. Create your repayment plan. It helps to manage resources, the invoices for the purchase or sale of assets. Controller monitors reports for accuracy and tax implications.
Notes:
Find an accountant who see it in-house accounting systems is stimulated. He or she should be ready to train your accountant and the controller, or to offer help from someone on his team to help in that capacity. There is no place in yourThe life of a bully, arrogant, know-it-all, too busy for your accountant.
The Financial Planner Financial Planner will work with you to help you achieve your long-term financial goals.
Contributions to your personal goals and work, financial reports and make recommendations for asset management. Help you make a final opportunity - for the sale or transfer of ownership in your company.
This brief description in position responsibilities, what should be doneYou and your financial professionals. Now, this does not mean that you have four separate people. Here are some of the possible financial team rosters ...
Option 1
An, performs duties of the audit. An accountant will help with financial planning.
Option 2
Accountant. An, performs duties of the audit. A financial consultant.
Option 3
Accountants perform the duties of the controller. An accountant. A financial consultant.
No thisThe professionals will have the main administration of your company. Your assets are at the forefront. Care should be taken. A good financial team can help you make the right decisions. You guide them ... are not directly to you.
Make at least two people have the financial team. Be sure to document any process in writing. So it is an imposing structure, responsibility ... and a system of checks and balances. Protect your assets and keep your business safe from scammers. And keep your team safe from financial suspicion.
And you will never take place again, or as hostages.
Now that you are ... Here are some ideas for research are the best of your accountant! O best of your accountant / controller. Of course, being a good human resource procedures for the recruitment and hiring. This is an informal checklist of things I want.
Winning the characteristics of accounting and control ...
She loves crossword puzzlesPuzzle. He unwittingly aligns objects on the desktop. E 'clean. An accountant disordered is an oxymoron. He is young at heart. I'm trying to be biased, but I for children. Children are people who are younger than me. She is a virgin or a scale. If you buy into indicators of astrology. He has good relations ... with family, friends, life partners. Several ex-wives and the emotional baggage associated with are not good indicators. She is a non-smoking. ALWAYSa non-smoking office. He takes it personally when the bank reconciliation has fallen out of balance. It will work on him like a flea on a dog until you exit. She loves to Microsoft Excel. He is a good cook. There are many similarities between the kitchen and accounting: The importance of the fairs. Respect, order and process. Quick response to errors. She is friendly, enthusiastic and had a beautiful voice. After all, this person is forced to put his hat on CSR, at least once in a while.If you ask: "Could you ...," he replied:" Yes, I can "It focuses on a task .. You can do a lot of debts, without getting up, even once. He drives people crazy with her attention to detail. It is you crazy sometimes. You can say: "I have it, it would be better to face the fourth decimal place I'm fine with integers, it will be alright ..." Better yet, "around" the edges with someone who's sloppy.
Wherewatching ...
Recruit new mothers. The untapped resource of valuable skills for women, children chose to work part-time or at home because they are young. These mothers value flexibility more than money. Remember, all these financial positions are part-time. In addition, new mothers, large ERS multi-task. What can be done in an hour is amazing.
Developing the skills of those working. For the accounting and control activities, NOTneed a certain amount accountant-ed. Is there anyone in your team has some of the above? Talk to him or her about the expansion of its role in the company through the acquisition of accounting tasks. You can learn the skills of accounting and financial management together.
Non-discriminatory recruitment and hiring. Finding people that others overlooked. Physical disabilities are not a problem in these positions. I recently met an accountant fan of outdoor goodsDealers. This woman was born with just two fingers. She loves her job, and I bet she is great!
Consult your tax advisor and / or financial advisors to take for you. You know people who know people. Put the word.
I went through this process myself when I realized that they do not earn enough, and nobody wanted to see how the fix for me. It 'was my responsibility. I have a great financial team and I learned enough about finance and accounting to understandHow good is my team!
can support the conclusion is the right team to build your financial empire appear to be a daunting task. Take heart and take my advice: do not pass out with a finance team. Fire them! Learn how to do the tasks alone if needed. NOT being held hostage. Knowing that there are people who love accounting and bookkeeping, and decided to visit him. Finally, you build an empire. What to play for a great game! I am honored to strengthen your team.
Yourecognizes in this article? I thought I could.
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