How to Find Financial Clarity in Your Business's Finances
Some business owners don’t understand the value of having someone on their team who specializes in providing financial clarity. They might not even realize how beneficial financial specialists are until they have one.
Adding this team member on your side can help you save time and money. BELAY Financial Specialist Catherine Bowman has been a rock star contractor of ours for 11 years, and she walked through her first-hand experience in this episode of One Next Step.
She also provided ways to help entrepreneurs wisely manage and spend their money.
Here, we recap it all with a nice bow.
Budgeting Tells You Where Your Money Is Going, Not Where It's Been
Budgeting helps you to look at the overall picture and make good decisions. Budgeting is just a guide, not a tactic of intimidation or fear.
When working within your budget, a financial specialist can help you streamline your finances by telling you where you need to pump the breaks and where you can invest more.
As you and your organization navigate or enter the season of annual business planning, you can turn meaningful commitments into measurable financial outcomes shared with leaders and team members.
Build a plan for your company’s money by teaching you how to create an annual budget by using this template to start by creating a rough draft of your annual budget.
This will help you clarify your plan for revenue and expenses so you’ll have an understanding of what must come in, what must go out, and how much should be left over for your bottom line.
To Save Money, You Have to Know Where It's Going
Financial specialists can offer solutions by looking at your history, pain points, where you’re over budget, and make recommendations on where to cut back and how to save.
All of this information comes from your chart of accounts — an accurate report of your money and where it’s going.
With our “Freeing Your Time with a Bookkeeper” worksheet, you will be able to take the first step towards a successful start with your dedicated Financial Specialist.
Here are some of the questions provided in the worksheet for you to begin thinking about.
- Have you ever used a Financial Specialist? What was your experience?
- What are some of the most valuable things a Financial Specialist can help you with currently?
- Do you currently have a budget? How often do you review and/or change it?
- What other questions do you have during the selection process?
Accounting Services Can Help Your Business Manage Expenses
Accounting services can help entrepreneurs who are frustrated with managing expenses. They’ll work with you and make recommendations so that you don’t have to be in the nitty-gritty details of running your business.
For more must-haves to get started, we’ve curated a checklist for you to reference. Here are the main points.
- Lay Everything Out
- Establish Systems
- Locate Documents
- Setting Guidelines
- Establish, Explain and Execute
How Hiring Accounting Services Works
With BELAY, you get a highly vetted BELAY Financial Specialist intentionally matched with you as well as a Talent Acquisition Recruiter, a Placement Coordinator, and a Client Success Consultant.
First, you'll tell us about yourself and your organization.Complete this form to talk with someone on our team. They’ll discover your unique needs so we understand how to help you be more successful.
Next, you'll meet your Client Success Consultant.Once you sign your custom agreement, a Client Success Consultant guides you every step of the way.
Then, you'll work with your new Financial Specialist.We embark on a proven search process to find the right person to help grow your organization.
We have endless resources to help you in the process of discovering financial clarity and growing your organization.
Check out the BELAY Blog to find more helpful tips and how-tos for small businesses, churches, and entrepreneurs.