Innovators and their finance departments are generally at odds. Innovators view the finance team as a bunch of suits with no understanding of what it takes to create great products. The finance team sees the innovators in product development as freewheeling spenders who eschew financial constraints. Having worked in both camps, we do not believe this tale of mistrust has to be the norm.
Shrinking Your Monthly Close
The month-end close is a necessary ritual that every accounting department abhors, but diligently observes monthly. If you are related to an accountant, you likely have had to plan family vacations around the month-end close. The length of the month-end close varies significantly from company to company. Some companies, large and small, manage their month-end close in three to five days. Others take ten days to close their books. In our experience, the length of the close is inversely related to the employee satisfaction in the accounting department.
Before You Hire that CFO for Your Start-Up
There are many reasons why businesses make hiring decisions. As a business grows, one of those key roles needed is a Chief Financial Officer. Before you hire this role, it is important to think about alternatives, including an outsourced CFO who can easily meet all your needs but also produce additional value. Here are five reasons why you should consider an outsourced CFO.