Growing Your Business in 2013 Part 2

Accountants and Controllers
Most small businesses can not afford a controller to manage their finances and they rely on an accountant that they meet with yearly to simply do their taxes.
Proper planning and oversight through out the year can save you thousands in the end.  You need an accountant or controller that can also be a strategic planner for your business.  They should be able to help you create budgets for the new year and help review all of your reporting from the previous year to see where savings can be had or more investigation is needed.  They should be on your “board of experts”.
Many business owners have no idea if they are actually making money in their business.  They see sales increases and assume that everything must be going well.  It is imperative that as a business owner you understand where your money is going and why.  You need to be able to set up budgets within your business.  You need to be able to properly plan your spending for each quarter based on projected sales.
I can not recommend highly enough taking an Accounting Fundamental class online.  It will give you the basic skills you need to be able to interpret the reports and understand what the numbers in your business mean.  Being a business owner, we all have strengths and weaknesses.  Understanding your finances and how your business runs needs to be one of your strengths.
When choosing an accountant be careful to chose one that understands your industry and knows how to properly prepare your yearly returns.  Ask for referrals from other small business owners.  Interview them.  Make sure you feel comfortable “opening the books” to them and letting them into your business.  You want them to be a strategic planner and need to be able to trust in their ability to steer you and your business in the right direction.   Check their reviews online.
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