#11 - Step 4 of The Financial Operating System: Upgrade Accounting Operations

Episode notes

When business owners initially try to start using financial performance metrics to better manage their businesses, they often struggle to get accurate, timely, and consistent metrics reporting. Usually, this is because of inadequate accounting operations. In this episode we discuss the 3 pillars of accounting operations and the Finance Stack and typical areas in which each may need to be upgraded: People, Process, and Technology. We define the roles and responsibilities in the accounting and finance function: Bookkeeper Accountant Controller Chief Financial Officer (CFO) Tax Preparer We clarify the differences between accountants, tax preparers, auditors, and CFOs as they relate to small businesses. We discuss how small businesses can determine and get the finance stack they need at a cost they can afford.