Business Owners Need Help
Many failed businesses had bookkeepers or accountants.
According to the SBA, half of small businesses don't make it to year 5.
Who is in the best position to help your business avoid failure?
Your current bookkeeper, accountant or CPA understands the financial statements, but they lack a system to help you strategize on how to have a more profitable business. Plus, that's not their job.
They're not getting paid to help you strategize.
They're getting paid to make sure the books are accurate and that the IRS is happy.
Business owners need help and direction
Bookkeeping records transactions that have happened already.
Many small business owners don't even review the financial statements on a regular basis.
Even if they do review, the cash in the bank guides guides many decisions, and the financial health of their business remains "fuzzy".
You may get monthly or quarterly financial reports, including the Profit & Loss, Balance Sheet, and Statement of Cash Flows, but these reports don’t help much if you don’t understand them.
All three reports link together, and tell an important story, but business owners are busy, and don't have a degree in accounting.
Besides, these reports don’t tell us what is working and what is not.
Why are you in business?
Lets face it, starting and running a business is hard and carries risk.
So why do it?
Why leave a job for a new job with longer hours, more responsibility, and above all, more stress and risk?
Many businesses owners start a business with the hopes of gaining more freedom and making more money, instead they end up with a new job, or multiple part time jobs, this results in burn-out and frustration.
How is my business doing?
A good business advisor does more than explain what is on the financial statements.
After a monthly meeting with your CFO, a business owner should be able to answer the following questions:
1. How much did I make?
2. Do I have enough money in the bank?
3. What do I need to keep doing?
4. What do I need to stop doing?
5. How much can I take out of the business?
CFO Services Should Provide Financial Clarity
CFO Services provide financial clarity to business owners and decision makers. It goes beyond providing a myriad of reports each month.
A CFO should use language non-accountants know, and should provide real insights and advice the business owner can use.
A CFO's job is to make sure the business is profitable, has enough cash flow, and that the owner can take home more money.
James Fleming III, EA
Sentinel Tax & Accounting