Which Financial Professionals Do You Need in Your Business?

Which Financial Professionals Do You Need in Your Business?

basics cfo podcast May 24, 2023

When starting a business, it is important to have some professional assistance that fits the specific needs of your business.

Generally, the first step is to hire a bookkeeper to compile and collect financial data and categorize transactions. This is important in making informed business decisions and preparing for taxes. It is not recommended for business owners to do their own accounting unless they have knowledge in the area.

Then comes the question, who should you hire next? With so many different financial professionals out there, which is the best option to help you with your business?

As the business matures and revenue increases, it is often beneficial to hire a strategic advisor who can provide guidance on navigating the business and implementing growth strategies. I will cover the different types of professionals and the services they often provide in the episode today.


The key takeaways from this episode are:
1. Setting proper expectations is key to avoiding disappointment and misunderstandings in business and customer service interactions.
2. Communicating expectations upfront and any changes proactively is important for ensuring that both parties are aligned.
3. Reflection on past experiences can help us improve communication and align expectations in future interactions.


What you'll hear in this episode:
[2:38] What does each type of accountant do?
[5:23] What is a bookkeeper and what do they do?
[8:23] What is accounting? What is a tax professional?
[12:30] What are the layers of professionals that you can use in your business?
[14:41] The importance of having a tax advisor in your corner.


Related episodes:

The Hidden Costs of Not Hiring a Tax Pro

CFO vs Accountant: Which is the Right Fit for Your Business?

How to Hire a Tax Planner with Jackie Meyer



Connect with Shannon:

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Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.