Build Your Financial Team

The financials of your business, whether you are a start-up or Fortune 100 company are critical. Financials are a performance management metric that can give you information about your current position as well as equip you with information to make future business decisions.

A good financial system is a critical success factor. According to the a Small Business Administration study, "Financial Difficulties of Small Businesses and Reasons for their Failure," over 28% of businesses that declared bankruptcy cited problems with the financial structure of the company as the main cause of failure.

If you are a small and growing business, it's difficult to know what type of financial help you need. Do you hire a Bookkeeper, or an Accountant? You may need each type of professional at some stage of your business, but how do you know which type of professional you need?

We've compiled a quick list of guideline to help you build your team of financial professionals.

When your team of financial professionals would include a Bookkeeper:

New Company. As a brand new company a bookkeeper will be able to handle your needs. You will need help with setting up a good financial record keeping system, managing financial transactions, and producing financial statements.

Numbers Make your Head Spin! For many people the mere thought of profit and loss statements, balance sheets and cash flow planning can send them straight to the medicine cabinet. A bookkeeper can take the headache out of your financial management and help you to gain a better understanding of the financial aspects of running your business.

Solopreneur. If you are a freelancer, solopreneur or someone running a home based business, it's important to keep expenses low. Hiring an accountant on a monthly basis may not make sense. A bookkeeper can help you with ideas to improve your profits, provide advice on payroll and staffing costs.

When your team of financial professionals would use an Accountant:

Hooray you're growing! When you begin to build a staff and are on your way to building an empire, an accountant can be a valued member of your financial team. A virtual Accountant is an even better way to get the specialized help you need without breaking the bank.

Seeking Outside Financing. When your business pursues outside capital such as a bank loan, selling stock, or private investors it's wise to use the services of an auditor. An Accountant can put your financial statements in order which will facilitate the funding process.

You're Changing Your Business Structure. If you have made the decision to change your company's ownership structure, you will need an Accountant. An Accountant can help you to avoid any financial or tax pitfalls that may result from changing from a sole proprietorship to a partnership, corporation or limited liability corporation.

Complex billing. If your business has a complex billing cycle, an Accountant has the expertise you need. An Accountant can help you manage the cash and billing to keep your company on good financial ground.

Build your team of financial professionals with our help, contact us today.

IAC Professionals is equipped to handle all of your financial needs. We offer Bookkeeper and Accounting Services and our clients range from one person companies to multi-million dollar companies. Because we work virtually, you do not have the expense of on-site staff. You pay for just the work you need when you need it. You can effortlessly receive bookkeeping and accounting from one provider.

IAC Professionals is a single source for contracting qualified professionals to assist you with your most critical business needs. They offer a wide range of outsourcing solution which include Accounting, Bookkeeping, Virtual Assistants, Company Formation and Business Consulting.