Your Business is Bigger than Your Finance Function: When You Need More than a Bookkeeper

Growing a business is hard work, but it can create amazing opportunities. As any business succeeds, decisions become more complex – and clear financial insights become increasingly necessary.

For many business owners, the “wearing all the hats” approach leaves them without a clear picture of where the business is going and when it has entered a new stage of growth that demands a different level of accounting and financial support.

The financial processes that worked to keep your books clean as the owner of a business with under $2 million in revenue will not support your growth strategies at the next level.

In our experience working with closely held businesses with $5 million to $50 million in revenue, bookkeeping alone may no longer provide enough financial insight. At this stage, business growth requires a holistic approach built around up-to-date financials and a strategic roadmap to your goals.

Signs Your Business Needs More Financial Support

Often, this stage of growth can be easily overlooked in the bustle of everyday responsibilities. If you’re running your business in start-up mode and viewing your business through the lens of basic financial metrics, it is unlikely you have time to see the big picture that shows you where the risks and opportunities lie.

Early-stage businesses can often rely on their ability to read a profit and loss statement and financials that depict historic performance, but growth-stage businesses require financials they can use to see what is coming next.

How do you know when your business has reached a stage of growth that requires a more robust and forward-looking approach?  A growing business may need more than bookkeeping when its owners need financing, have an unexpected tax bill, or have an opportunity, but other symptoms also make a strong case for making a switch. These may include:

Stalled decision-making or decisions made with incomplete information: From hiring to growth to avoidable risks, working with incomplete financial information impedes your ability to make timely or confident decisions about your business.

Missed opportunities:  An incomplete financial picture that provides only historical numbers can blind you to growth opportunities that fall outside your scope of vision. Historical financial data provided by basic bookkeeping support can create a distorted picture of business health and mask problems that holistic and forward-looking accounting will reveal.

Information gaps:  Like your business, your financial information requirements also scale as your business grows. The roadmap for business growth is paved in comprehensive, forward-looking financial data, including a clear picture of cash flow, profitability and key performance indicators.

Next Level Accounting Services for your Next Stage of Growth

As your business grows, make sure you are not relying on an incomplete financial picture to make decisions. Growing businesses need a fuller picture of their financial health and a strategic approach to financials. Outsourced CFO, controller and business advisory services, along with outsourced accounting and strategic tax planning, can provide you with the right level of support for every stage of business growth. It’s the difference between decision-making that fuels growth and keeps you on the path to your goals, and decision-making that courts risk, including the risk of stalled growth.

At Kirsch CPA Group, our services are tailored to ensure the right fit between your goals and your financial strategies. Schedule a conversation with a Kirsch advisor to learn how we can help your business thrive and grow.

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