A Financial Team For Better Results
A well experienced and full fledged business man has all possibilities of getting tired after looking over the entire finances of his business for several years. As he has to look after several complicated and tiring criteria’s regarding finance like money management, receipts and other such paper works and prepare for taxes, a general boredom sets in. That’s when one gets the thought about whom to surrender this hectic responsibilities and whom to contact in order to entrust with this financial assistance. The first and always the best possible and apt reply for this solution would be, setting up an own financial team.
The workers and their roles
Well, one need not be anxious about how to set up a financial team and whom to contact for the same reason. A financial team is nothing but a separate section in office created with the posts of a bookkeeper, accountant, personal banker and a financial planner.
Now coming to the role of each financial team member the first in line is the bookkeeper. His duty is to maintain and organize bank statements and similar records. This person will be handled the entire receipts and so he should always be ready with the prepared summary of the bank dealings and receipts. It is also a part of the book keeper’s duty to prepare reports on monthly statements. A book keeper can also help with the sales tax issues and sales tax license if necessary.
Whereas an accountant with the help of the various statements of the book keeper would work on taxes to be paid at the end of each year and finds ways and means to deduct all possible taxes to benefit the business. This job can be easier if the book keeper is good at his work. There are many firms who did not get possible taxes deducted due to the fact they didn’t have an accountant.
Personal banker for a firm will be very much useful in pointing out the loans suitable for the business and various financial tools that can also be availed. Similarly setting up a separate business account and a business line of credit can also be discussed.
Financial planner plays the role of suggesting possible financial savings, precautions, growth and investments. Insurance, retirement, disability planning etc… are some of the fields dealt by the financial planner. It is very much essential to consult a financial planner regarding long term goals.
Book keeper may not be necessary to a firm when one is personally skilled and knowledgeable regarding the financial status of the company. At times even the financial team might be inefficient when the company faces a debt and is in a position of not knowing how to come out of it.
Concentrating to organization
Overall a financial team can lend a helping hand to achieve the ultimate goal of an organization. This might at times need a financial coach in order to provide coaching or counseling regarding your locality. They help to sort out the perfect financial team required and stay connected to them.
Too many members on a financial team might spoil the reason for which it was created. This can end up in a disaster. So the better resolution would be starting a financial team with a book keeper and accountant alone in beginning stages. If possible try to choose either one of them. But it is always good to know or have a personal banker.
It is better to first decide our position and then whether it is a true necessity to hold a financial team. Financial team can really save a whole lot of time in which the factor of success and failure itself is decided. Setting a financial team is in short to prepare the business towards success.