Managing your small business finances can be tricky territory. It has to be done consistently and accurately, and many small business owners lack the desire, knowledge or experience to manage their books effectively.
Although your inclination may be to keep all financial matters close to home, you could be hurting your business over the long run if you don't get help when you need it.
There are four types of accounting help small business owners can consider:
Bookkeeper
A bookkeeper keeps track of a business's day-to-day financial transactions, and manages purchases, sales, receipts and payments. Bookkeepers can also manage the small business's general ledger and prepare taxes to be filed.
Accountant
A certified public accountant (CPA) has received certification from the state, and while he or she knows how to manage the same accounting tasks a bookkeeper manages, an accountant will typically think in terms of the bigger picture. A CPA may use financial information about a company for analysis and to provide advice about important financial decisions that need to be made.
Controller
A controller oversees the entire bookkeeping and accounting system of a business and may have the authority to make decisions that impact the financial health of a company.
Chief Financial Officer
The chief financial officer (CFO) is an officer of a corporation who is responsible for managing the financial risks of the business. The CFO typically manages financial planning and record-keeping, as well as financial reporting to higher management.
Continue reading to find out how to tell when it's time to get accounting help, and which type of help you need in your small business.
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