What Your Growing Company Needs to Keep Its Books in Order

If you own a growing business, your accounting activities must keep up with the growth. Thus, you must ensure you have the right personnel or tools to handle the increase in work. If your books are in disarray, a Southwest Florida accountant can put the basic elements in place, so you can handle continued growth effectively. Accurate and timely financial data allow you to make informed decisions, allowing past growth to fuel future growth. A solid financial foundation is important to achieve sustainable business growth. To keep your books in order and streamline your accounting activities, below are accounting must-haves to invest in:

Robust Systems

Your accounting system should be keeping pace with the evolving needs of your organization. But your needs don’t end with your accounting software. You also need an enterprise resource planning (ERP) system that handles and facilitates future growth. Anything associated with managing transactions, generating financial reports, and tracking expenses should scale as your business grows. That is why you must concentrate on making system upgrades. When looking for solutions to accommodate your growth, consider options that supplement the effort of your accounting personnel with automation for improved efficiency. 

The Right People

Managing the growth of your company is not just about system upgrades. You must also hire the right personnel in the right places. This means having people who are qualified to be in certain roles on board. But just because you want to fill roles does not mean you can ask your employees to wear several hats. The best thing you must do is identify accounting roles that help drive growth and hire experts into them to make sure they are handled correctly. Working with a third-party accounting firm can help you fill accounting roles without the costs of maintaining an in-house accounting firm. 

Experienced Leadership

Your executive department will drive the growth strategy. This makes experienced senior financial leadership necessary for a fast-growing company. If you don’t want to hire a full-time CFO, think about outsourced options such as a third-party controller or a fractional CFO to leverage their expertise and insights. 

Attention to Compliance

As your company grows, managing compliance can be challenging. Due to the constantly changing business regulations, your company can easily fall short if you don’t stay on top of regulatory changes that might impact it. Risk assessments are necessary once such changes are made to ensure you stay compliant with certain regulations and avoid penalties or fines that could hamper growth. 

About Author

Varnado Rohr

See author's posts