The Right People on the Bus “Building a Winning Accounting Team” - Celia Powell

The Right People on the Bus “Building a Winning Accounting Team”
​
Introduction‌ ‌
Understanding your company’s finances is key in being profitable and successful. Most emerging companies understand this at a basic level and monitor their books or hire a bookkeeper, and that’s a good start. However, as a company grows, the overall needs for protecting it financially grow as well. Whether you’re at a point where you’ve decided you’ve outgrown your current bookkeeping practices or you’ve been informed by a lender/ government agency/ other parties that you need to add a financial controller, you’ll learn the basics of getting the right people on your accounting team. ‌
​
The business management classic Jim Collin’s book, “Good to Great”, expands on the what to look for when determining the “who” should be on the bus and should get exit at the next bus stop. We will spend time using some of his insights and take always, as we process through what’s the right accounting support needed to drive the business towards achieving success.

Show‌ ‌Objectives‌ ‌-‌ ‌The‌ ‌Why‌ ‌
To understand when to hire and who to hire when building a winning finance team. What matters most is to focus on building high-performing finance teams with the right mindset that help push their business teams in a positive direction. Teams that are in alignment with the business culture and contribute to improving the profitability and growth of the business.

Key‌ ‌Issues‌ ‌-‌ ‌​Owner/Manager‌ ‌Perspective:‌ ‌
Many business owners have outstanding skills, experience and expertise to run and grow their businesses. The area where many fall short and typically shy away from is the accounting function of their business, many will be hands on with bookkeeping for many years and this typically serves them well until opportunities arise that may take them above their skillset. 

When the need to get outside help in some form of accounting/bookkeeping support, it’s important to focus on key qualifications and characteristics that make for building the winning accounting/finance team that supports the businesses strategic goals, provide solutions and answers.
 
What‌ ‌You‌ ‌Need‌ ‌to‌ ‌Know:‌‌ ‌

• The triggers for when to hire or engage accounting support
•  All accountants are not the same (skillset alignment vs. business structure)
• The cost vs. benefit outsourcing vs. in house hiring of the accounting-finance team

​What‌ ‌You‌ ‌Need‌ ‌to‌ ‌Do‌​‌ ‌-‌ ‌‌The‌ ‌How‌ ‌

• Communication - Have conversations
• Understand the need - Do your research
• Get Validation - Get referrals and references 

Article‌ ‌link:‌

• How to Build an Accounting Department for a Growing Business (credofinance.com)‌ ‌
• The Top 20 Accounting Job Titles | Ongig Blog
• Hiring In-House or Outsourcing: Which is right for you? (zippia.com)
• Should My Business Outsource or Hire In-House? - businessnewsdaily.com

​Shows‌ ‌
Previous:‌ ‌ Episode‌‌ ‌‌2‌  ‌‌ Who Calls the Shots?
Next Episode 4 Are We There Yet? The Post Pandemic Financial Plan.

Written‌ ‌by‌ ‌Celia‌ ‌L.‌ ‌Powell‌ ‌CPA‌ ‌ ‌
www.celiapowellcpa.com
Celiapowellcpa@mymoneyandmore.net‌ ‌
 

F2.03.4NA