The Right People on the Bus “Building a Winning Accounting Team”
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:
What You Need to Do - The How
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
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