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7 Surprising Ways A Financial Specialist Can Help Grow Your Business

7 Surprising Benefits of Having a Financial Specialist

In this two-part series of One Next Step, Melissa Baggett and Melissa Tidwell covered the specifics of how Accounting Services can help you grow your business here and here.

Bringing on a new position can be a hefty investment for any business. Most small business owners shy away from bringing on a Financial Specialist because they aren’t sure how to get the most bang for their buck. 

What they don’t know yet are the many ways a Financial Specialist can bring value to a small business.

Melissa and Melissa talk about the surprising ways a business can use a Financial Specialist to grow their business – and all while saving money along the way.

1. Financial Specialists Do More than Just Crunch Numbers

As a business owner, the ability to be transparent and talk with someone about your finances only builds your confidence. 

The relationship between leader and Financial Specialist becomes much less of a transactional relationship than people anticipate.

They understand the business leaders and understand that they need to communicate the information in such a way that the leaders can make the informed decisions necessary to grow the organization. Getting to that level of trust can only help your business.

Financial Specialists are not just focused on debt and credit processes, but they bring a lot of experience, resources and tools that can help a business owner continue to build their organization.

2. Financial Specialists Can Help With Your Budget

Every business needs a budget. Your Financial Specialist isn’t going to tell you how to spend your money, but they will run reports and talk through history with you to give you a good place to start. 

So many business owners are overwhelmed by the idea of undertaking a budgeting process. Financial Specialists can help with the building blocks that will enable you to build out the rest of your spending plans for the year, establish processes, and set a foundation for healthy finances. This is vital because your budget reflects your values.

3. With A Financial Specialist, You're Not Just Getting a Service – You're Getting Peace of Mind

As you develop trust and step away from the books and have more confidence in what your Financial Specialist can do, you’ll experience more and more peace of mind. And that can only help as you grow your business and focus on what you need to focus on.

Finding the right Financial Specialist for your business will allow you to ultimately have a partner who knows your business and is a consistent presence for you. This will be the person who will be able to help you understand, grow and find efficiencies.

Our Financial Specialists are so passionate and invested in serving their clients – and for our clients, having someone who is on the same page helps them develop trust and provide comfort.

4. Financial Specialists Can Help With Your Chart of Accounts

Financial Specialists can create a report intentionally by looking at your chart of accounts first. 

Sometimes, that list can grow seriously long. 

A Financial Specialist can sit down, review the chart, and provide detailed reporting that helps reflect your business goals.

Understand what level of detail is important to you so your Financial Specialist can create reports and clean everything up to make it clearer for you.

5. Financial Specialists Can Help Reduce Expenses

You may get more relief hiring Accounting Services before a Virtual Assistant. A Virtual Assistant can obviously do a lot of things for you and provide your business with umbrella coverage. 

However, don’t overlook the peace you can get from a Financial Specialist. Your business finances may be taking a big mental, emotional and even personal toll on you – maybe even more than you realize.

Depending on where you are in the business, getting relief from those things might bring more than a Virtual Assistant could offer.

6. Financial Specialists Can Help With Financial Forecasting

Don’t try and get your books in order before you hire a Financial Specialist.

They love that stuff! 

And there’s actually a lot of value in letting them do it because they learn so much about the business and can make informed suggestions.

Things don’t have to be in order, in a perfect place, or even cleaned up. There is value in having a new Financial Specialist do that work. They learn a lot about your business in the process of getting everything in order, and they may even identify gaps.

Letting a Financial Specialist step right in will allow them to identify where things aren’t coming in or going out before it turns into a catastrophe. This will help them identify pitfalls or quick misses more easily.

Then, you can use the information and reports generated to achieve the outcomes you seek.

7. A Financial Specialist Can Help You Save Money on Taxes

Having a detailed accounting services plan of action can help you maximize your tax return and minimize the amount of taxes you owe annually. 

Your dedicated team can make sure your financials are accurate so that you can keep your CPA, the IRS, and banking institutions happy by collecting and preparing all necessary documents and forms. 

They will even take things a step forward and file your business taxes, including 1099 filings, sales tax, and quarterly filings so you’re compliant with the IRS. Your team can also prepare and file your quarterly and annual tax returns.

Even better news? Not only could you start saving money on taxes, but you could save money overall with a Financial Specialist.

Good news: A Financial Specialist loves creating order out of chaos. You don’t have to be “ready” before bringing a Financial Specialist onboard. Our Accounting Services also bring consistency to your finances, and that is a huge value-add.

The resource for this two-part episode is BELAY’s Financial Wellness Quiz — a quick and easy assessment of your company’s financial health and accounting needs.