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More Questions to Ask Before Hiring a Potential Accountant

HIRING an ACCOUNTANT for YOUR PORTLAND BUSINESS

Your accountant needs to be someone who can help your business thrive—a person who can look ahead, plan thoroughly, and help grow your business alongside you. Hiring an accountant to allow your Portland business to grow is a huge step along the path to success. However, you must make sure you are hiring someone who can put your business on the right path toward forward growth. Here are some more helpful questions to ask your potential accountant during the interview process:

 

Can you represent me in all the states where I do business?

If your business operates across more than one state, check to make sure your potential accountant is certified in the states that you operate. Different states sometimes have different requirements for what makes an accountable qualified.

 

By what means are you be willing to communicate? Are you open to email or other online communication?

The digital age of communication makes it easier than ever for us to keep in touch and exchange information. Most professional firms will use email, Skype, teleconferencing, and other online means to stay in touch with their clients. Open communication is key to building a successful business relationship and the more up-to-date your accountant can keep you on your finances, the better. There are some individuals, however, who may not feel comfortable emailing due to security reasons. You will ultimately do better business if the preferences of you and your accountant line up.

 

How often should we meet to discuss my business taxes?

One of the primary services your accountant can perform is tax consultation. Generally, it is recommended that you meet with your accountant mid-year, after the June financial statements are prepared. Some firms and accountants even recommend meeting quarterly. While you may pay a little more to meet more often, it is better than finding out at the end of the year that you have a tax problem. Orchestrating a last-minute rush to secure the issue may prove to be just as costly in the end.

 

What are your tax philosophy and tax planning priorities?

Have an open and honest discussion about the tax philosophy of your potential hire. Make sure that their approach to doing taxes is one that you are comfortable with. For example, is your potential accountant cautious, assertive, or aggressive about taking deductions? Which do you prefer? Which would suit your business best? Some good examples to discuss with the potential hire are things like travel expenses and home office deductions. If you find yourself uncomfortable with the accountant’s style of approach, it is best to keep looking.

 

Looking for outsourced accounting services in the Portland area? Business & Accounting Solutions can help you manage your company's financials for healthy growth.

Consider hiring the services of Business & Accounting Solutions for the accounting needs of your Portland business. BAS offers a wide range of outsourced CFO services to our business clients in the Portland area. We bring our extensive knowledge and years of experience in bookkeeping and other accounting services to your growing business. We are certified in cash flow, finance consulting, and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

 

Questions to Ask When Hiring an Accountant for Your Portland Business

Your business needs an accountant and, after some looking, you have some hopeful candidates. Before you make the decision to hire, though, there are some key questions you should ask. Your accountant will be helping you to grow your Portland-based business, after all, and you want to make sure you’re making the right choice.

When considering hiring on an accountant, ask the following:

 

What are your fees?

You’ll want to know about billing options and what services are covered by the accountant’s fees. For example, many firms will charge an hourly rate, but some will have a monthly rate, which may be more of a deal. Ask what is included in the monthly rate, as this will likely differ from one accountant to the next. While some might include posting cash receipts and disbursements in accounting software, another might also include preparing monthly journal entries, balancing the bank statement, and printing a profit and loss report for you. It’s about more than getting the lowest price. Make sure you’re getting enough bang for your buck with your accountant.

 

What services do you provide?

Although there are some basic services that accountants generally offer, they may not all offer or specialize in the same types of services. Generally speaking, your accountant can likely assist with monthly bookkeeping, payroll processing/payroll taxes, and taxes and audit representation. However, if the firm you’re hiring from has several accountants on staff, they likely will have different areas of specialization. Those specializations may lend themselves better to your particular business. If you prefer the all-in-one option, though, consider hiring a Certified Public Accountant, as they are qualified to do more, including representing you at a tax audit.

 

Can you represent me if I get audited by the IRS?

While you may never be audited, it’s still wise to have someone on your side who knows what to expect with the IRS. All CPAs are certified to represent clients before the IRS, but not all accountants are.

 

Do you have experience with my type of business?

Different business will naturally have different nuances when it comes to dealing with taxes and accounting. Hiring an accountant that understands the particular ins and outs of your business is extremely useful. For example, healthcare professionals such as chiropractors, acupuncturists, physical therapists, psychologists, and so on would benefit from an accountant who is knowledgeable about valuing equipment and accounting for patient receivables.

 

Business & Accounting Solutions offers quality accounting services to Portland.

Consider hiring the services of Business & Accounting Solutions for the accounting needs of your Portland business. BAS offers a wide range of outsourced CFO services to our Gresham clients. We bring our extensive knowledge and experience in bookkeeping and other accounting services to your business. We are certified in cash flow, finance consulting, and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

 

 

When to Hire an Accountant for Your Gresham Business

When growing a small business, the truth is that there are many stages in which an accountant can be useful. Keep in mind that you may not need a full-time accountant. Hiring an accountant part-time, or outsourcing accountant services, can be beneficial if you only need a few hours’ worth of advice.

For example, an accountant's knowledge and experience in filing corporate taxes is worth their cost in labor. You’ll have peace of mind knowing your taxes are filed correctly and your time can be spent toward benefitting your business in other ways.

 

YOUR GRESHAM BUSINESS CAN USE THE ASSISTANCE OF AN ACCOUNTANT FOR THE FOLLOWING:

When you need advice on a business plan. An accountant can add important financials to the business plan of your Gresham business such as projections and other reports that will figure into strategy and growth. Knowing the numbers behind implementing your plan will make it more likely to succeed. Although making a business plan is done early on, hiring a professional accountant at an early stage of your business’s life will mean you have the benefit of their financial knowledge right from the start. This could ultimately save you time and money later in your business’s life.

 

When you need advice about your company’s legal structure. Different types of business have different types of legal structures and they can vary from state to state. You need to carefully consider which type best suits your business. Each one has its benefits and drawbacks. For example, as a sole proprietorship, you are self-employed as the owner and may be able to offset some of your living expenses against taxes. However, you could also be held personally liable for any business-related obligations. If your business fails to pay a supplier, defaults on a debt, or loses a lawsuit, the creditor could legally come after your house or other personal possessions. A limited liability company stricture, on the other hand, limits your business assets to those owned by the business so your personal assets are protected. Your accountant can explain these different business structures and help you figure out which structure is best for you.

 

When you need help with finances. Accounting can seem easy enough when your business is just starting out, but as it begins to grow it can quickly become complicated. If you feel that you’re in over your head and can’t keep your finances straight, it’s time to hire an accountant. An accountant can help you keep track of what you owe and what’s owed to you. He can manage payroll and cashflow and share the information with you. Cloud-based accounting software makes it even easier to share accounting information. Your accountant can help monitor the pulse of your business and be able to break down the finances in a way that is easy for you to understand.

 

When you’re ready to delegate. Many small business owners value the freedom and control that comes with managing a small business. Too much control, however, can lead to being overworked. Owning your own business may require you to delegate certain jobs to other people. You need to take on help to allow your business to grow. A good start is to delegate your company’s financial affairs to a good accountant. Handing over your company's finances to someone more experienced in accountancy than you are will allow you more time to concentrate on other aspects of your business.

 

Business & Accounting Solutions offers quality accounting services in Gresham. We offer a wide range of outsourced CFO services to our Gresham clients. We bring extensive knowledge and experience in bookkeeping and other accounting services. We are certified in cash flow, finance consulting, and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

Choosing the Right Accountant for Your Small Gresham Business

Growing your business in Gresham. Growing a business is no small task. To ensure that your business keeps growing and doesn’t stagnate, there comes a point where every business owner needs to take on an accountant. The task, however, can seem daunting. With so many options out there, how can you be sure you’re making the right choice?

Choosing the right accountant is key to running a successful business. A good accountant, after all, can save you time and help your business grow while a bad one could end up costing you in fines and fees. Ask yourself the following questions as you consider hiring an accountant for your Gresham-based business:

 

Why should I hire you? When you have a potential candidate for an accounting position, make sure you ask yourself if they are truly the right choice. You need someone who can act as your business partner – someone who demonstrates the skills and knowledge for supporting a small business.

Take your time choosing. Research each candidate and meet with multiple candidates before making your final choice. In the interview process, make them prove themselves. Ask about their qualifications. Are they regulated by a professional body? Have they worked with small businesses before? Have they worked with businesses in your field?

 

Can you get more bang for your buck? Your accountant can do more than just look after annual accounts and tax compliance issues. Utilize your accountant’s time and skills to the full extent of their capabilities. Accountants can help you with finding grants, government funding pots, and tax relief schemes. They can help you sell shares in the business, crowdfund or find angel investment.

 

Are we a good match? If your accountant has previous experience working with businesses related to your sector, they will naturally be adept in the operations of your business and be able to guide your small Gresham business towards growth. Ask your accountant which companies they’ve worked and if they’ve worked with businesses in similar life stages to yours.

Different accountants offer different levels of engagement. Be clear and upfront with your expectations about how often you’ll be in contact and how you’ll stay in contact – be it by phone, with personal meetings, through email, skype, or other means.

 

Are things working out? The process doesn’t stop once the accountant is hired. When you’ve finally taken on an accountant, continue to measure their performance. Hold monthly meetings where you can ask for their views on the business and its finances. It can be a good sign if you find that their view is close to yours, but keep in mind that you should still want to see a degree of challenge and initiative. If your accountant is only telling you what you want to hear, they aren’t doing their job properly.

Your accountant should have questions for you, too, as you continue to work together. A good accountant is proactive and will approach you with concerns and questions. The key to building a trusting relationship with your accountant is continual, open communication.

 

Business & Accounting Solutions can help grow your Gresham business. Business & Accounting Solutions offers a wide range of outsourced CFO services to businesses in the Portland area. Our services include: bookkeeping, finance consulting, cash flow management, system design, and capital needs assessment. We bring knowledge and experience to your company’s financials. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

Benefits of Strategic Planning

To grow a business, you need to have a vision of your organization's future and the basic steps required to achieve that future. Simply put, you need a strategic plan for achieving that growth.

 

What is strategic planning?

A strategic plan is used to communicate the goals of the organization, the actions needed to achieve those goals, and all the other critical elements developed during the strategic planning process.  In short, strategic planning is the process of determining what a business should become and how it can best get there.

 

What are the benefits of strategic planning?

Strategic planning allows your business to be proactive rather than reactive. Taking the time to put together a strategic plan allows you to take the time to plan for your future – the good and the bad. You’ll be able to anticipate unfavorable scenarios and take precautions to avoid them. As you hit milestones along your plan, you’ll know exactly what needs to be done next to keep growing your business. When you are proactive with your business decisions, you are better able to keep up with the ever-changing trends in the market and always stay one step ahead of the competition.

 

Strategic planning sets up a sense of direction. A strategic plan allows you to find your way from where your business is now to the future you envision for it. Your strategic plan is like a map that helps you plot out the path your organization must travel. Part of strategic planning is establishing realistic objectives and goals what align with the vision and mission you have for your business. It’s the foundation upon which an organization can grow, evaluate its success, compensate its employees, and establish boundaries for efficient decision making.

 

Strategic planning increases operational efficiency. Having a map to follow allows your employees do their job more efficiently. Your strategic plan should guide management discussions and decision making in determining resource and budget requirements to accomplish set objectives.

 

Strategic planning helps to increase market share and profitability. Taking the time to develop a strategic plan allows organizations to get valuable insights on market trends, consumer segments, as well as product and service offerings which may affect their success. Taking an approach that is targeted and well strategized can help to turn sales and marketing efforts into the best possible outcomes, which will in turn increase profitability and market share.

 

Strategic planning can make your organization more durable. The business world can be fickle. Industries and world markers are constantly changing, and a business that does well one year may falter then next year. Organizations that lack a strong foundation, that don’t have focus and foresight, have the most trouble making it from year to year. With a strategic plan, though, you know exactly what you need to do to ride through that harder years. Preparation can bring your business through the roughest waters.

 

Rely on Business & Accounting Solutions to help with your strategic planning

Is your business in need of a part-time finance professional? Business & Accounting Solutions offers a wide range of outsourced CFO services to businesses in the Portland area. Our services include: bookkeeping, finance consulting, cash flow management, system design, and capital needs assessment. We bring knowledge and experience to your company’s financials. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

How to Choose an Accountant in Portland, Part 2

While hiring an accountant is a critical step in growing your Portland business, there are several things that Portland business owners will want to look for in the recruitment process. Portland business owners who are looking into bringing an accountant onboard will want to follow this advice:

 

Make use of your connections online. This doesn’t mean that you should rely on Facebook or other forms of casual social media to make decisions about the future of your business. Connect with other professionals to find good referrals. For example, LinkedIn is one of the largest websites used by professionals globally and can be helpful in finding accountants that come highly recommended.

 

Five ways to use your social network to gain more information. Using Linkedin or other similar networking sites gives you the opportunity to dig deeper into the credentials and background of any potential hires. When considering a possible account, try to get answers to the following questions:

  • Who are they connected to?
  • Do they have a strong network of professional people?
  • How do they talk about their services?
  • Are they enthusiastic and interested in their work?
  • Have they received any recommendations from their clients?
  • What do those recommendations say?
  • What is their experience?
  • How long have they been in business, and what were they doing before?
  • What are their qualifications?
  • Are they a chartered or certified accountant, a bookkeeper, a financial adviser or something else?

 

Decide how accounting work will be divided. Although your accountant can handle every aspect of bookkeeping if needed, this may not be the best use of their time and your money. You pay your accountant by the hour, so do you want them to spend a lengthy time on tasks like simple data entry? Not likely. Delegate accounting duties accordingly. For example, you could choose to enter the basic accounts data in-house, while leaving your accountant to handle the more involved tasks such as bank account reconciliation, filling out tax return forms, payroll and capital depreciation calculations. Investing in good accounting software will also simplify tasks like invoicing, automatically sending the invoice and recording its contents at the same time.

 

Get someone who is proactive about saving you money. Before hiring, ask your accountant where your company could save money. The best accountant will not only help to manage your finances but look for ways to help you keep it as well. Your accountant should also be familiar enough with tax laws to save you money without legal consequences.

 

Interview several candidates before you decide. Don’t rush into hiring an accountant. Allow yourself time meet and compare your options. By the end of several interviews, you will be even more familiar with what an accountant can offer you and what you need most for the future of your business.

 

Is your business in need of a part-time finance professional? Business & Accounting Solutions offers a wide range of outsourced CFO services to businesses in the Portland area. Our services include: bookkeeping, finance consulting, cash flow management, system design, and capital needs assessment. We bring knowledge and experience to your company’s financials. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

How to Choose an Accountant in Portland, Part 1

Finding the right accountant for your Portland business is an important process, and one that should be done with much consideration. You’ll want an experienced and capable accountant to help your Portland business develop and grow. The right accountant will save you both time and money and be a remarkable asset in helping your business achieve greater successes. Here are a few things to consider when looking for an accountant in Portland.

 

IS LOCATION IMPORTANT? What suits your company best? If you’d rather have your accountant with you in person to conduct business and go to meetings, you’ll have to pull from local resources. However, your accountant doesn’t necessarily have to be from the local area. With outsourced CFO or accounting services, your accountant can operate from anywhere in the world and still offer you real-time data.

 

MAKE SURE YOUR ACCOUNTANT IS CERTIFIED. Qualifications differ from country to country for certified or chartered accountants. Depending on the country you’re in, professional accountants may be called Certified Public Accountants or Chartered Accountants. Chartered Accountants (CAs) are highly qualified professionals who have completed degree-level study along with workplace experience and a professional competence program. A certified or chartered accountant will have greater knowledge and experience to bring to your business.

 

LOOK FOR AN ACCOUNTANT WITH RELEVANT EXPERTISE. Look for an accountant with experience preparing tax returns and financial documents for companies of a similar size and revenue to yours. If your company uses cloud-based software for much of its business, you'll probably want someone who’s savvy with cloud computing. Better still, if your accountant has worked with companies in similar market sectors to yours or have larger clients, the knowledge and experience will show.

 

TALK TO GOVERNMENT AND BUSINESS ASSOCIATIONS. Governments like to encourage the growth of small businesses because they contribute so greatly to the economy. You may be able to find voluntary organizations and local chambers of commerce willing to advise you. Make use of these resources, as they are there to help you and advice is usually free. Join a local business organization and start networking with other business owners. You may end up forming a mutually beneficial partnerships and perhaps even have an accountant recommended to you.

 

TAP INTO SOCIAL NETWORKS. Ask friends and family who own small businesses if they would recommend their accountant. You may find the accountant you need right under your nose. Keep in mind, however, that the accountant that works for your friend’s business may not work for yours. Businesses may differ in their accounting methods and operations.

 

IS YOUR BUSINESS READY TO GRADUATE TO FULL SERVICE ACCOUNTING? Business & Accounting Solutions offers certified accounting services that can help drive increased profits and growth for your company. We offer a wide range of outsourced CFO services to Portland area businesses including bookkeeping, cash flow, finance consulting, forecasting, system design. Contact us or call us at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

 

 

More Qualities of a Reliable Bookkeeper

Gresham business owners, having a professional bookkeeper is absolutely essential to helping your business develop and grow. Your bookkeeper will not only help you keep track of your finances, but help you plan for the future. Of course, you want to be sure your bookkeeper has the right qualities. Gresham business owners, here are a few more key qualities you will want to look for when hiring your bookkeeper.

 

REGULARLY UPDATES KNOWLEDGE. A good bookkeeper will make the effort to stay abreast of evolving tax and business regulations rather than relying on past knowledge. You will want a bookkeeper from a firm whose skills, business services, and technological savvy are continually being updated. Your bookkeeper needs to keep you ahead of the competition, so their knowledge and abilities must but cutting-edge.

 

UNDERSTANDS YOUR INDUSTRY. In order to ensure your business succeeds, our bookkeeper must have a solid understanding of the specifics of your industry. When your bookkeeper is familiar with your industry and how that relates to your financial situation, they are more likely to spot oversights and patterns in your data. This ability can not only prevent reporting errors, but also help you capitalize on potential tax savings.

 

SEES THE BIG PICTURE. Your bookkeeper mustn’t bee too near-sighted. Your bookkeeper needs to be able to keep in mind the big picture and help improve your long-term profitability. Your bookkeeper should help you effectively plan for maintenance, growth, fundraising, and acquisition. Be sure your bookkeeper has the expertise to plan for your business’s future.

 

PRIORITIZES YOU. Your bookkeeper should be prepared to make your business a priority. They should be respectful of your time, proactively keep communication open, and be able to understand your professional objectives. To ensure your bookkeeper will work closely with you and prioritize your need, look into their customer services habits and client relationships.

 

WHERE CAN I FIND A GOOD BOOKKEEPER IN GRESHAM?

Business & Accounting Solutions offers a wide range of outsourced CFO services to business in Gresham. The professionals at Business & Accounting Solutions bring knowledge and capability to Gresham businesses with our bookkeeping services. In addition to bookkeeping, Gresham businesses can also look to Business & Accounting Solutions for other services, including cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

Finding a Reliable Bookkeeper in Gresham

THE IMPORTANCE OF HIRING A RELIABLE BOOKKEEPER

No matter the size of your business, keeping track of the flow of your finances is necessary. You need to know where your business stands regarding sales, expenses, and salaries if you hope to grow. If you’re a Gresham business owner, don't wait to find a reliable bookkeeper. A bookkeeper will have the experience and knowledge needed to help your business develop.

 

FINDING THE RIGHT BOOKKEEPER IN GRESHAM

When it comes time to bringing on a bookkeeper, there are a few essential qualities you'll want to look for. Gresham business owners, your bookkeeper should always be:

RELIABLE. Credentials aren't everything. You'll need a bookkeeper who can consistently and regularly keep track of your financials and keep you informed along the way. Look for companies with a long-standing presence that consistently demonstrates their integrity and ask them to point to current clients who can provide honest opinions on the timeliness, efficiency, and confidentiality of their services.

WELL-INFORMED. You'll want your bookkeeper to be able to understand the significance of your company’s income, expenses, assets, liabilities, and equity. However, they should be able to offer you more than just that. Your bookkeeper should also provide real-time, customized financial reporting and analysis. A professional bookkeeper will offer insight into your financial progress as it relates to your goals, and will be able to help with strategic planning, financial forecasting, and acquisition or expansion management.

ORGANIZED. Not all bookkeepers are necessarily naturally organized and detail-oriented. You'll want to make sure your bookkeeper can keep track of a lot of information from multiple clients. Ask about review policies and safety nets. Look for a bookkeeper who has streamlined their operations.

A GOOD COMMUNICATOR. You'll want a bookkeeper that is adept at dealing with both numbers and people. Your bookkeeper should listen closely to your needs and be able to communicate information in a way that makes sense to you.

 

WHERE CAN I FIND A GOOD BOOKKEEPER IN GRESHAM?

Business & Accounting Solutions offers a wide range of outsourced CFO services to businesses in Gresham. The professionals at Business & Accounting Solutions bring knowledge, experience, and reliability to your financials with our certified bookkeeping and CFO services. Our CFO services include bookkeeping, cash flow, finance consulting, and more.

 

If you're considering outsourcing CFO services for your growing company, look no further than Business & Accounting Solutions. Contact us or call (503) 710-6213. Know someone in need of CFO services? Consider our referral program. Know someone in need of CFO services? Consider our referral program.

 

Signs Your Business is Ready for a Part-time Outsourced CFO, Part 2

Once your business grows to a certain point, having the expertise of a CFO is crucial to keep your business developing. For a business just reaching the point where CFO services are necessary, it is usually a smarter, more cost-efficient option to hire a part time or outsourced CFO.

 

Here are some more signs that your business is ready for a part time or outsourced CFO:

 

YOU HAVE GAPS IN YOUR AP/AR. If you notice significant gaps in your accounts payable or accounts receivable, there could be something majorly flawed within your systems. There may be cash flow issues that need to be addressed or perhaps your billing, collections, or payment processes simply aren't effective. An outsourced CFO can pinpoint the problem and help you find solutions to resolve it.

 

YOUR DEPARTMENT LACKS CHECKS AND BALANCES. If it seems like your departments are not working efficiently together, then it is time to call in a CFO. Departments shouldn't act autonomously. All pieces of your company should act as parts of a machine – relying on and helping one another to keep business running smoothly. CFOs are experienced in the operations and systems that go into an effective organization. Your CFO can help you optimize each department and bring the systems together for a more functional, cohesive whole.

 

YOUR BOARD OF DIRECTORS IS ASKING TOUGH QUESTIONS. Is your board asking questions you can't answer? Are you unable to identify a problem, address a problem, analyze an opportunity, or validate a decision sufficiently? An outsourced CFO can help you answer the tough questions and empower you with the high-level financial knowledge you need to discern your own answers.

 

YOU DON’T HAVE A LONG-TERM FINANCIAL STRATEGY. It is a common practice to put together a financial forecast when your company is first started. But have you looked at it since? Has it been kept up-to-date? A part-time or outsourced CFO has experience making educated financial projections based on your historical data, industry trends, and data from companies in a similar lifecycle stage. Your outsourced CFO can help create a realistic financial blueprint to help you achieve your goals.

 

The benefits to hiring a part-time or outsourced CFO are numerous. If you're considering outsourcing CFO services for your growing company, look no further than Business & Accounting Solutions. Our CFO services include bookkeeping, cash flow, finance consulting, and more. Contact us or call (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

Signs Your Business is Ready for a Part-Time Outsourced CFO, Part 1

Once your business grows to a certain point, it’s important to bring on the assistance of a CFO. A CFO’s primary role is to elevate financial strategy, streamline operations, trim fat, and maximize sustainable growth. CFOs are experts in their fields and can bring a level of strategy and organization to your business that would be impossible to find on your own.

 

The easiest way to determine if you need a CFO is to look at your company's growth. For example, if your company is generating revenues of over $6M or has over 60 employees, hiring a part-time CFO is advisable. While mid-sized companies will often have a full-time CFO on staff, a full-time in-house CFO is usually not necessary until the mid- to upper stages of small business growth. You'll want to start with a part-time CFO and could even consider outsourced CFO services.

 

Aside from the size of your company, here are some signs that your business needs to look into hiring a part-time or outsourced CFO:

 

YOU CAN'T OBTAIN EASY ANSWERS TO YOUR QUESTIONS. It takes detailed financial knowledge to make informed business decisions. If you find yourself unable to get useful data your financial team it will prove difficult to make financial or strategic decisions. A CFO aims to make sure your company can engage in a higher level  of strategy for sustainable growth. He or she will get the answers you need on your company's finances and help form a strategy for the future.

 

YOUR COMPANY IS LOSING MONEY—BUT YOU'RE NOT SURE FROM WHERE. If company spending seems to have gotten out of control but you're not sure of which costs to cut or how to make those cuts, then you need a part-time or outsourced CFO. A CFO will help ensure your business’ spending is strategic spending. A CFO can analyze your cash flow to determine where your money is going and eliminate unnecessary spending. He will also utilize his knowledge in benchmarks and vendor relationships to help optimize company spending and keep it competitive in the market.

 

YOU'RE RAISING CAPITAL. A part-time or outsourced CFO's services will be very useful when wanting to raise capital. This is especially true if you aren't sure how much you need to raise, don't have a strategy for the right debt-to-equity ratio, or are raising a series C or later.

 

Your part-time or outsourced CFO will utilize his extensive knowledge and experience to benefit your company operations. Your CFO will likely have already worked with companies in similar stages and industries and draw on his past relationships and draw on his credibility to help achieve company goals. A part-time CFO will be valuable in steering your company towards key financing strategies, practice due diligence in defining contract terms, and advise on company financials.

 

The benefits to hiring a part-time or outsourced CFO are numerous. If you're considering outsourcing CFO services for your growing company, look no further than Business & Accounting Solutions. Our CFO services include bookkeeping, cash flow, finance consulting, and more. Contact us or call (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

CFO Services with Business & Accounting Solutions

Businesses in Gresham and Portland can rely on the services of Business & Accounting Solutions to help keep their finances in order. Outsourcing CFO services is a smart, cost-efficient way to get expert assistance with your finances. Having an outsourced CFO in your back pocket means having a wealth of knowledge and experience available whenever you need it.

BUSINESS & ACCOUNTING SOLUTIONS OFFERS A WIDE RANGE OF SERVICES INCLUDING:

BOOKKEEPING. We can assist with getting your books under control with exceptional, trustworthy bookkeeping services, which provides business owners the necessary tools needed to make informed business decisions. As a QuickBooks Pro-Advisor, BAS can save you literally dozens of hours of learning. Your financials contain valuable information to help you run your business, so it is important that your bookkeeping operations is accurate and up-to-date. After updating your books, BAS can develop and run the critical reports that are essential for day-to-day operations as well as for targeting and measuring future growth.

 

CASH FLOW. Cash flow measures a company's general internal growth and its ability to return profits to shareholders. BAS can do a cash flow analysis of your business to provide insight into how your company generates and expends cash and how much is left over after expenses. Additionally, we can give you a breakeven analysis, which helps to explain how each expense category is affected by an increase or decrease in revenue. BAS can break down these details for you, so you can make better informed business decisions.

 

FINANCE CONSULTING. The ability of a company to forecast for its future depends on its ability to budget properly. Having a strategic CFO consultant as a business partner can help you understand the numbers and use them to help develop accurate forecasting and budgeting decisions. Let BAS be your strategic business partner with forecasting and budgeting services. With finance consulting from BAS, you get excellent financial advisory.

 

CAPITAL STRUCTURE. When it comes to capital structure, all businesses have some difficulty understanding the right combination of financing that will allow their company to thrive in the marketplace. This is because risk assessment must be taken into consideration. Effective CFO’s collaborate with other functional leaders to develop ways to use finance to improve their effectiveness and bottom-line results. BAS can help you make the call and assist in raising capital that aligns with corporate financial strategy.

 

A company’s most important business decisions are often dependent on financial information and projections. Having a CFO consultant as a member of your corporate team can provide valuable insight to align business goals with long term financial strategy. BAS can offer this type of advisory service to achieve the goals of your organization. Let BAS provide the kind of authentic leadership style that will inspire others and make a difference to your team.

 

If you're considering outsourcing your CFO services, look no further than Business & Accounting Solutions. Our CFO services include bookkeeping, cash flow, finance consulting, and more. Contact us or call (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

 

CFO as MVP: Why Accounting is a Team Sport

A weakness that many starting businesses share is not being truly invested in their accounting team. Often, accounting teams are viewed as a necessary evil, a cost that must be dealt with, or as just a data processing department. This mindset, however, can seriously hinder the growth of your business. When business owners only think of accounting as overhead and focus more on minimizing expense than investing in their accounting team, the functionality of the accounting team suffers.

DISADVANTAGES OF A NON-TEAM ENVIRONMENT

When all parts of your business don’t work together as a team, there are many costs and disadvantages that can develop.

  • ISOLATION. When any one department, such as accounting, becomes isolated from the rest of the business there is a greater chance that the department will begin operating more for its own benefit rather than the benefit of the business.
  • STAFFING ISSUES. When teamwork is not a priority, you will see more disengaged employees, lower productivity and satisfaction, and higher turnover rates.
  • LACK OF INFORMATION. Isolated departments tend to hoard information and, rather than share it freely, dole it out to a select few, which doesn't foster teamwork and stifles innovation and productivity.
  • POOR DECISIONS. The shortage of information between departments will inevitably lead poor, uninformed decisions that could be costly to your business.
  • INEFFICIENCIES. Efficient work cannot exist in an uncooperative work environment. Isolated departments that are mostly concerned with looking out for themselves and hoarding information will not make efficiency a priority.
  • HIGHER EXPENSES. The above-mentioned poor decisions and lack of communication and hoarding of information will soon lead to costly mistakes that will be costly to the business.
  • BUSINESS FAILURE. When left unchecked, an uncooperative, non-team-based work environment can easily lead to the kind of grave errors that will undo a business.

To prevent an uncooperative work environment, think of accounting as a team sport. Each member of the team has an important, specialized role and each team member must work in harmony to achieve a common goal. Most successful companies are those that have integrated their accounting team as a key part of the strategic planning process.

HOW A TEAM APPROACH CAN BENEFIT YOUR BUSINESS

Prioritizing a team approach to accounting will allow many other critical elements to fall into place that will benefit your business. Some of these benefits include:

  • MORE ACCURATE DATA. With all departments working together and no one hoarding information, data can be shared and reported with greater accuracy.
  • ACTIONABLE INFORMATION. Data will be produced faster which will allow for more timely decision-making. The allows the company to evaluate and take advantage of otherwise missed opportunities as well as minimize potential issues which can now be forecast with accurate data.
  • INFORMED DECISIONS. More accurate, timely data means that the decisions made will be based on the best possible data. It will be easier to make the right decisions for the business.
  • BETTER PLANNING. Planning for the future is much easier with accurate and timely data. Budgets, cash flow projections, and strategic planning all depend on information that is accurate and current. This translates into savings through better inventory management, reduced shrinkage, and more efficient buying.
  • MORE EFFICIENT OPERATIONS. Departments that work as part of a team are always more efficient than isolated departments. Members of a team can hold each other accountable and help steer each other towards a common goal.
  • BETTER MARGINS. Accurate and timely data can help you reduce costs, boost revenue, and run your business more capably. As a result, you see a difference in your bottom line.
  • HIGHER MORALE. Happier employees are more productive and as your team cooperates with one another you will see a collective improvement in morale.

If you're considering outsourcing your CFO services, look no further than Business & Accounting Solutions. Our CFO services include bookkeeping, cash flow, finance consulting, and more. Contact us or call (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

Outsourcing Key Positions

Over the years, new businesses in the US have faced many challenges to keeping their company afloat. There are many costs that come with running a business, including regulatory and compliance costs, labor, infrastructure, and more. Those costs often pile up and sink new businesses before they have a chance to get on their feet. Depending on the business, just starting out can cost hundreds, thousands or even millions of dollars.

 

There are better ways to save, though. Every business uses outsourced services of some type. Many businesses don't deliver their own products. For example, a business may hire outside cleaning services or get help with taxes and audits. Outsourcing can be a smart, resourceful way to save, especially for a new business. If a particular process is not strategic to your business, consider outsourcing it. You can outsource your human resource support functions, accounting, manufacturing, and even your executive staff.

 

MANUFACTURING

It is common for companies in the U.S. to outsource manufacturing and assembly work to offshore facilities, such as those run by companies in China and other parts of Asia. This saves money because building a manufacturing plant is a significant endeavor. This would not only involve the purchase of a facility but also the manufacturing equipment and the hiring of workers. Over the last few years, outsourcing to onshore manufacturing facilities has become more viable and cost effective. When considering outsourcing your manufacturing, don't rule out the U.S.

 

TECHNOLOGY

With cloud computing, you eliminate the need for capital investment in technology, which offers usage-based pricing similar to electricity usage. With cloud-based technology, your computing resources, i.e., your hardware and software, are delivered as a service over a network—typically via the Internet. With cloud technology, you can achieve greater scale with fewer employees and little capital investment.

 

ADMINISTRATIVE COSTS

Fixed costs such as office rent, administrative and support costs, utilities, security, phones, and office equipment can also add up to a healthy sum for any business. Because of this, many companies are moving to a shared location and shared administrative service concept in the form of executive office suites. Such suites have full administrative support, do not require a long-term lease, have offices already built out, are generally found in several locations in a city, have facilities worldwide, and are very cost-efficient for new and emerging businesses.

 

FINANCE and ACCOUNTING

While using simple accounting packages such as QuickBooks is effective for small and mid-sized companies, this may not help your business as it grows. The biggest expense for a finance and accounting department is often the human resource element, including hiring and retaining qualified people. Unless your business is larger, however, you may not need a full-time CFO. To save on those costs, consider outsourcing all of your accounting and finance functions, which could include using a “fractional” CFO who would spend a few hours a week as your company’s financial executive. With an outsourced CFO, you have the knowledge and experience of a high-level professional at your fingertips for a fraction of the cost of having a CFO on staff full time.

 

If you're considering outsourcing your CFO services, look no further than Business & Accounting Solutions. Our CFO services include bookkeeping, cash flow, finance consulting, and more. Contact us or call (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

Small Business Bookkeeping: Solutions to Common Challenges

If you've found issues with your bookkeeping, you’ll want to correct those issues as quickly as possible. After all, the livelihood of your business could be at stake if these issues go ignored. Fortunately, there are preventative measures you can take, both to correct mistakes in your bookkeeping and to make sure these issues do not reoccur.

 

TECHNOLOGY. Sometimes early-stage small businesses track and manage their finances using tools like Excel. However, Excel is an antiquated tool that won't be useful for long, especially once your business starts to pick up. You need to employ the use of a more advanced and robust system. Accounting software that provides regular, automatic updates, such as QuickBooks, is a much better solution. QuickBooks operates and saves your data on the cloud, making it easily available wherever and whenever you need it.

 

AUTOMATION. Embrace tools that make your work simpler. Automation can make completing jobs easier and, in some cases, even completely eliminate unnecessary work. For example, if your bookkeeper is overwhelmed and overworked because of data entry requirements, you can take some of the burden away by allowing your bank or another third party financial institution to automatically feed entries into your accounting or operations system.

 

TRAINING. All businesses are subject to change, and if you're not careful you can fall behind or lose your business because your accounting team has failed to keep your financials up-to-date. Ensure that your team is able to perform their jobs to the best of their ability by keeping them abreast of changes and giving new training whenever it is needed. There are a few methods to keep training up to date:

- Instructional Videos. Make use of training available online for bookkeepers. Quickbooks has free training courses available that can even lead to a certification.

- Engage a Trainer or Mentor. When significant changes to tax laws occur, or when a new state payroll regulation is passed, bring in an expert. Let them give a seminar to get your team up-to-date. Consider establishing a mentor program to help junior staff become more adept bookkeepers as future managers.

- Formal Education. Furthering education formally can greatly improve the abilities of your employees. Your company can sponsor the continuing education of employees in the accounting field with programs like tuition reimbursement and pay incentives for advanced degrees.

 

OUTSOURCING. Outsourcing is an excellent way to tap into the high-level experience and skill of a professional. With outsourcing, you get the services of a knowledgeable and experienced professional to assist with your company's financials at your convenience, while avoiding the high price of hiring a full-time CFO.

 

Business & Accounting Solutions provides quality outsourced CFO services. You don't have to address the shortcomings of your bookkeeping alone. Let Business & Accounting Solutions assist you. Founder Don Lewis has over 37 years of accounting and business experience. By hiring outsourced CFO services through Business & Accounting Solutions, those years of expertise become available to you whenever you need it. Evolve with the everchanging market with the help of Business & Accounting Solutions today.

 

Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider out referral program.

Small Business Bookkeeping: Benefits of Addressing Shortfalls

Once you've spotted problems with your bookkeeping, it's time to address the shortfalls. Bookkeeping is a vital function that is necessary for the survival and growth of your business, so any shortfalls must be approached with the utmost thought and consideration. You must have accurate and timely books in order to have numbers to review. Without that point of reference, your company can't even accomplish basic tasks such as paying employees and filing tax returns.

 

BENEFITS OF ADDRESSING SHORTFALLS IN BOOKKEEPING

Taking steps to correct shortfalls in bookkeeping must become a priority. The benefits of addressing these shortfalls include:

 

VISIBILITY TO THE COMPANY'S CASH POSITION

Once you get a handle on your company's bookkeeping shortfalls, you will be able to clearly see the cash flow of your business. You will know where you stand regarding your cash position at all times.

 

OPPORTUNITY TO MAKE TIMELY AND INFORMED DECISIONS

Having up-to-date information at your fingertips means you are better able to make healthier business decisions. You will be able to make informed choices about adding new product lines, bringing on new staff, or investing in equipment.

 

IMPROVED BANKING AND VENDOR RELATIONS

Another side effect of an accounting function that suffers is relationships with business partners inevitably suffer as well. When you work to address former shortcomings in your bookkeeping, you show your business partners that you are serious in your endeavors. This will strengthen the bond with your partners and can act as a catalyst for business growth.

 

ACCURATE AND TIMELY DATA FOR STRATEGIC INITIATIVES

Once you have addressed the shortcomings in your bookkeeping, you will have timely and accurate data from your bookkeeping team. This will allow you to create the strongest strategic plan possible for your company, which will determine the direction of your business and determine its level of growth and financial success.

 

Remember that your business doesn't have to settle for sub-par bookkeeping. Demand excellence and get your business on the right track for success. The ability to have financial reports done on a quarterly basis can give you a serious competitive edge.

 

Need help addressing the shortcomings in your bookkeeping? Business & Accounting Solutions can help you with that. Founder Don Lewis has over 37 years of accounting and business experience. By hiring outsourced CFO services through Business & Accounting Solutions, those years of expertise become available to you when needed. Your company can evolve with the everchanging market with the help of Business & Accounting Solutions.

 

Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider out referral program.

 

Small Business Bookkeeping: Signs You May Have a Problem

It is often tough for small businesses to stay afloat, especially newer ones. While there are many things that can lead to the downfall of a small business, more often than not, failure and struggle is the result of strategic and financial missteps. For example, bookkeeping challenges can adversely affect small businesses. If there is a lack of visibility in upcoming cash flow or if financial statements are consistently late, then it can be difficult for small business owners to manage their finances properly.

 

If you suspect you are having bookkeeping problems, there are some warning signs to look out for that will indicate if your business is in trouble. Look for these red flags that follow:

 

UNSUCCESSFULLY APPLYING FOR BANK FUNDING. If you are unable to secure bank funding for your business, it’s important to know why. The reason for the denials may be simple as an overlook or something that requires more time and effort to resolve. In such cases, simply defining the missing parameters may result in approved funding. The worst-case scenario would be that your business is in such poor shape financially that you don't qualify for funding at all. Business Accounting Solutions can provide your business with a capital needs assessment to help you raise capital.

 

ACCOUNTING REVEALS YOU CAN'T COVER PAYROLL. Paying your employees first should always be a priority. If accounting reveals that you can't cover payroll, especially if this comes as a surprise, someone somewhere has dropped the ball and has been doing so for a while. Business & Accounting Solutions is a certified ProAdvisor for QuickBooks and offers online consultation. Learn more about our Bookkeeping services.

 

OUT OF COMPLIANCE WITH LOAN COVENANTS. Loans come with stipulations. If your company borrows money and violates the covenants of that loan, then you could get into trouble with the lender. There are three types of loan covenants.

 

  1. Affirmative covenants require you to do certain things such as carry insurance or submit financial statements.
  2. Negative covenants preclude you from doing certain things without approval, such as selling assets or taking on additional debt.
  3. Financial covenants require you to maintain certain performance or liquidity ratios.

 

Violating covenants will have consequences, which may include the lender calling in the loan or seizing assets posted as collateral. Business Accounting Solutions can find Finance Strategy Solutions for your business.

 

A LACK OF CLEAR, REPEATABLE MONTHLY CLOSING PROCESSES. A disorganized closing process can easily lead to bookkeeping practices that result in overlooked details, which can lead to errors piling up. Unreconciled accounts, missed expenses, mistakes in payroll, and other such errors are more difficult to correct over time. Make sure a process is put in place for closing so everything is accounted for in a consistent manner. Business Accounting Solutions can resolve your company’s Cash Flow issues.

 

MONTHLY FINANCIALS NOT COMPLETED TIMELY. Bookkeepers should update books in a timely, regular fashion. You need that data to be current and available to enable you to make good business decisions. This information is crucial in making decisions regarding staffing, inventory, or equipment replacements. Business Accounting Solutions can resolve System Design issues.

 

TOO MANY EXCUSES AND NOT ENOUGH DELIVERABLES. If you are getting more excuses than results from your bookkeeping operations, it is time to make a change. Business Accounting Solutions provides Financial Consulting services.

 

If you would like a professional's help in addressing bookkeeping issues for your small business, consider Business & Accounting Solutions. We offer many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider out referral program.

 

Is Outsourcing Right for You? 9 Questions to Ask

Outsourcing is a business practice that has been popular for decades now. Many American companies depended on outsourced labor to make the products they sell. We're often told that this outsourcing of jobs saves money – both for the company and the consumer. Lower costs for the business, after all, means that they are able to pass those savings on to their clients, which can be a smart and competitive move to make.

 

However, when considering employing outsourced services of any kind it is crucial to consider if this will benefit your business. Like any business decision, there are pros and cons to weigh. You must make sure you are deciding to outsource services you need for the right reason, because outsourcing for the wrong reason can be detrimental to your business.

 

Many companies outsource in hopes of cutting cost. However, this can “lock in” your business and stifle it. When you control your business's functions, you have options to make changes as needed. Outsourced services come with a contract that takes away some of your flexibility, sometimes for years into the future.

 

Outsourcing should not just be used to take responsibilities off your plate. Outsourcing can be used to create flexibility but depending indefinitely on outsourced services isn't always the best choice. Many business leaders outsource services that they will either never consider or never intend on taking on themselves again. This can leave your management team left with little to nothing to manage and could leave you incapable of shifting with changing needs.

 

Though it's tempting to save every penny you can when you're running a business, you should also consider if outsourcing is making your business perform better. Consider not just the short-term savings, but the long-term needs of your business.

 

If you are considering hiring on outsourced services, ask yourself the following questions first:

 

- Am I doing this because I want to simplify my life, or offer the market something new?
- Am I doing this so I can focus on my "core" business?
- How will this advantage me versus competitors? Would emerging competitors do this?
- Can competitors do what I'm doing? Can this lead to a price war?
- How will this make me more competitive in 10 years?
- How will this make me more connected to markets?
- How will this make me more flexible to deal with shifting markets, and how will I exploit this flexibility?
- Am I doing this because I'm desperate to cut costs?
- What could I be doing instead of outsourcing to be more competitive?

 

If you make the decision that outsourcing it right for you, Business & Accounting Solutions, LLC offers superior outsourced CFO services. Founder Don Lewis has over 37 years of accounting and business experience. By hiring outsourced CFO services through Business & Accounting Solutions, those years of expertise become available to you whenever you have need of them. Evolve with the ever-changing market with the help of Business & Accounting Solutions today.

 

Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

Strategic Planning in 5 Steps

Strategic planning is a comprehensive process for defining your business strategy, or direction, and making decisions in allocating resources. These skills are essential and the keys to success for any business and helps in determining what your business should become and how it can best achieve that goal. Planning and looking towards the future will help you steer your business towards success.

 

Developing a plan to determine the future of your business can seem like a daunting task. Like most things, however, developing a strategic plan can be broken down into a series of smaller, easy-to-tackle steps.

 

DETERMINE WHERE YOU ARE.

Knowing where you are is a necessary step for moving forward. You want an accurate picture of your business's current standing. To accomplish this, conduct external and internal audits to get a clear understanding of the marketplace, the competitive environment, and your organization’s competencies.

 

IDENTIFY WHAT'S IMPORTANT.

Once you know where you are, you need a direction to go in. Determine where you want to take your business in the long-term. What are your goals? What is your vision for your business's future? Once you have these clearly defined, you can determine your priority issues. Your priority issues are the issues that are crucial to the overall well-being of your enterprise and require the full and immediate attention of the entire management team. Your strategic plan will focus on these issues.

 

DEFINE WHAT YOU MUST ACHIEVE.

Definite the expected objectives that clearly state what your organization must achieve to address the priority issues.

 

DETERMINE WHO IS ACCOUNTABLE.

Figuring out strategies, plans of action, and budgets are all steps towards effectively communicating how you will allocate your resources. These help you determine where to allocate your time, human capital, and finances to best achieve the defined objectives.

 

REVIEW, REVIEW, REVIEW.

The key to strategic planning is that it never ends. You must make sure the plan plays out as designed and the only way to do that is to hold regularly scheduled formal reviews of the process which allows you to refine and adapt your strategy as necessary. Having these reviews as often as every quarter will keep your plan, and your business, on track.

 

With careful and strategic planning, you can steer your business towards greater successes by reaching your goals and redefining them as your business grows.

 

Need help with putting together and executing your strategic plan? Do you need assistance in managing your small business's finances? Consider hiring outsourced CFO services with Business & Accounting Solutions, LLC. Founder Don Lewis has over 37 years of accounting and business experience. By hiring outsourced CFO services through Business & Accounting Solutions, those years of expertise become available to you whenever you have need them. Evolve in an ever-changing market with the help of Business & Accounting Solutions today. Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

Finding the Right CFO for Your Business

When you first begin your small business, you may be fine with handling all the upkeep of your finances. In those early days, bookkeeping and expense management can be handled personally with a fair amount of ease. As your business grows, however, and your attention is pulled elsewhere, you'll want someone with a more sophisticated set of skills and knowledge to handle your finance needs.

Bringing someone with experience on board to help manage your business's finances is key to allowing your business to flourish. Outsourcing CFO services allows your budget more flexibility, too. Of course, it's important to find the right CFO service.

WHEN CHOOSING AN OUTSOURCED CFO:

Ask for referrals. Tap into the network for your business. Ask service providers, fellow business founders, your advisors, and incubators/accelerators/co-working spaces. Anyone you know who has opted for outsourced CFO services is someone whose advice is worth asking.

Look for a fit for your business. Remember that the first person or firm you meet isn’t your only choice, nor necessarily the best one. Make sure that the CFO service you hire is right for your business. What works for another business may not work for you, or there may be better options to consider. Check credentials, background experience, and skill sets against your business needs.

Ask to see a client list. Ask candidates for a list of clients that display the range of services they provide. Look for clients that are your business in terms of industry, stage, etc. If the firm works with someone similar to your business, that's a good sign they have the expertise your business needs.

 

QUESTIONS TO ASK IN THE INTERVIEW:

In your interview with potential outsourced CFOs, you'll also want to make sure you're asking the right questions. CFOs offer many services – some of which you'll be familiar with and expect. They can assist with financial forecasts, budgets, business modeling, financial plans, and so on. CFOs can also help with things you may not think of – things like investor relations and strategic planning. To find the right fit, be upfront with your needs. Listen to the CFO's suggestions and find a CFO that can grow with your company.  Consider asking the following questions as you interview potential CFO's.

 

What specific experience do you have working with startup businesses?
You'll want someone with experience with startups. Accounting credentials and expertise with financial projections is important, but a startup CFO also needs to be good at negotiating and strategic planning.

What's your domain of expertise?
Different CFOs will have different specialties and strengths. Pick a CFO service that complements the needs of your business.

How do you typically work with clients?
You need to figure out if your candidates have the desire and capability to help you develop your financial infrastructure. Look for flexibility and willingness to adapt to changing circumstances in your CFO.

Ultimately, you want a CFO you can trust. They are your business partner. You'll need to keep a continued open dialog with them while developing your business.

Still looking for an outsourced CFO service that fits your business's needs? Consider Business & Accounting Solutions, LLC. Founder Don Lewis has over 37 years of accounting and business experience. By hiring outsourced CFO services through Business & Accounting Solutions, those years of expertise become available to you whenever you have need of them. Evolve with the ever-changing market with the help of Business & Accounting Solutions today.

Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider out referral program.

 

7 Benefits Outsourced CFO Services Can Offer Your Business

 

Managing your finances is the key to success for any business, large or small. However, for many businesses sometimes financial management tasks such as bookkeeping gets left on the back burner. For smaller businesses focused on just getting by, this can be especially true. The services and experience a CFO can offer your business are highly valuable. However, this also means that keeping a CFO on staff can be very costly.

What's the answer to balancing a need for financial management assistance without breaking the bank? Outsourcing! With outsourced CFO services you can get the professional service your business needs. There are a number of benefits to seeking outsourced CFO services.

AFFORDABILITY. The average salary for a full-time CFO is around $300,000 a year. Outsourcing your CFO services, however, means you are using a fraction of the CFO's time on an as-needed basis. You get all of the knowledge and experience of a CFO at a fraction of the cost.

INCREASED REVENUE. An outsourced CFO can do more than just balance your books, he or she can produce results. A skilled CFO is able to increase revenue in a number of ways, and often faster than you may think—by negotiating lower costs with vendors, invest in efficient software, offer transparency in bookkeeping and finances, advise cutting back on unnecessary expenses, increase production with strategic investment advice, project revenue and create a plan for growth—and much more!

IMPROVED TIME MANAGEMENT. Bookkeeping is a time-consuming and tedious process yet necessary for any business. By using an outsourced CFO service, you can direct more time and energy into running your business and leave all the bookkeeping to a skilled finance professional.

TAX TIME MADE EASY. Pulling together all the necessary paperwork to make sure taxes are paid properly is another time-intensive and tiresome task. An outsourced CFO can make tax time easier with regular organized bookkeeping.

FINANCIAL STRATEGY. Planning ahead is essential to making sure your business stays afloat. An outsourced CFO will take into consideration your current finances and goals for the future to create an effective financial strategy for your business.

NEW WAYS TO SAVE. CFOs are trained in seeking out ways to help you save, including using technology that helps your business run more efficiently. A CFO could introduce you to advanced bookkeeping software or other industry tools beneficial to your specific industry.

EXPERT ADVICE ON DEMAND. Learning the specifics surrounding financial management can be difficult and confusing. With an outsourced CFO, you'll get the answers you need directly from an expert.

Business & Accounting Solutions is here to provide the CFO outsourced services your business needs. Founder Don Lewis brings over 37 years of accounting and business experience to the table. Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting, and more. Contact or call us at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.

 

Outsourced CFO Financial Forecasting Services in Portland

 

Even the smallest businesses need planning and control. Lacking a plan is one of the biggest reasons small businesses fail. Leon Herman wrote, “much like a map helps you plan a long journey, a financial forecast helps your business achieve goals.” By having a financial forecast, businesses can help reduce the risk of failure.

A Business & Accounting Solutions outsourced CFO wears many different hats. One of those hats is the ability to create financial forecasts for businesses. A successful financial forecast can do a lot of great things for a business including:

  • Allows you to guide your business in the right direction and take control of cash flow
  • Helps with obtaining loans or other funding from investors
  • Provides a benchmark when measuring future performances
  • Identifies potential risks and cash shortages that can put your business in trouble

The most successful small businesses know the value of a financial forecast. Businesses which fail to make financial forecasting as part of their fiscal duties often end up struggling to meet financial goals. This kind of oversight is common without an in-house CFO with the tools or knowledge to create such a forecast, as well as keeping it accurate and updated. BAS PDX can be your outsourced CFO, providing you with a financial forecast at a price point your business can afford.

Call Business & Accounting Solutions, LLC (BAS PDX) today (503) 710-6213 for your Financial Forecast Solution. BAS PDX provides a complete list of outsourced CFO services to Portland and Gresham, including how to raise capital, financial forecast services, high-level strategy, finance consulting, system design, cash flow, and bookkeeping.

 

What Questions Should You Ask When Hiring an Outsourced CFO?

 

Hiring an employee is always hard. It’s important to make sure that this person is the right fit and brings the right expertise with them. Hiring an outsourced CFO is very similar. Although this person may only be working with your organization a few days per week or month, it is important that they bring relevant financial expertise and that they are the right fit for your organization.

Make sure you pick the right outsourced CFO with some of these interview questions:

1. Do you have relevant industry experience?

Most likely the CFO you are interviewing will be well versed across different industries. It is still important to ask this question though. Each industry is different. Making sure that the outsourced CFO has experience and knowledge of your industry is a must. By hiring a CFO who has experience in your industry, your organization will end up saving time and money.
 

2. What is your Prior Project Experience?

It is important to know that an outsourced CFO’s experiences line up with what your business or organization needs. A CFO can offer many different services, but make sure they offer what your business needs. Get what you need done and don’t waste time or money.

3. How do you typically work with clients?

When hiring an outsourced CFO you are looking for a partner. It’s important to understand if your partners work well with each other. It is essential to make sure that your newly hired CFO has top notch communication skills and can wear the many hats it takes to complete the financial responsibilities for your business.

Business & Accounting Solutions has experience across many different industries. We understand that each business will have different needs and expectations. Our CFOs are well-versed and have the knowledge to wear the many different hats needed in the financial industry.

Business & Accounting Solutions is here to provide the CFO outsourced services your business needs. Founder Don Lewis brings over 37 years of accounting and business experience to the table. Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider out referral program.

How to Choose an Outsourced CFO in Portland

Chief Financial Officers (CFOs) traditionally require larger salaries which makes hiring a CFO an unattainable expense for many small and mid-sized businesses. With the rise of outsourced CFOs, however, businesses are now able to hire a CFO without breaking the bank. CFOs can help solve budgeting problems, process payroll, financial forecasting, and even help obtain capital. Outsourced CFOs have proven to be helpful for small and mid-sized businesses, but how does a business choose the right outsourced CFO?

According to Wheeler Financial Solutions, there are four factors to consider when choosing an outsourced CFO:

SECURITY Security is an important aspect to consider when hiring an outsourced CFO due to the sensitive information that CFOs deal with daily. It is important to research which CFO agencies believe in and cherish privacy.

RELIABILITY — When using an outsourced CFO, it is common to only work with them a few days each week/month. It is important to find reliable CFO agencies, so your business doesn’t waste any time or money.

FLEXIBILITY — Flexibility is important because no two businesses are alike. Each client a CFO takes on should require adjustments and tweaks. Find a CFO agency that is efficient and that can adapt to your business.

KNOWLEDGE — A CFO should be well-versed in the world of finance. Make sure to hire a CFO that understands market trends and has experience with taxes, bookkeeping, financial planning, and operation process.

Hiring an outsourced CFO can be difficult, but Business & Accounting Solutions makes it easy. Business & Accounting Solutions is here to provide the CFO outsourced services your business needs. Founder Don Lewis brings over 37 years of accounting and business experience to the table. Business & Accounting Solutions offers many services, including bookkeeping, cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider out referral program.