This is the third article in the series Release Your Fear of Finance.


Much has been said about the Great Resignation—why people are leaving their jobs and what they plan to do next. But it’s equally important to pay attention to the people who chose to stay. These employees  may have to cover the responsibilities and gaps of their former coworkers. It’s a real multitasking bonanza.  

As much as we love to brag about being able to multitask, research has proven this to be a fallacy. Multitasking fragments our processing and negates our ability to think deeply and effectively because we are forced to jump from thought to thought.

Placing too much responsibility on one person isn’t new though. Especially in the field of financial strategy, professionals are often asked to manage the roles of multiple people because some tasks are assumed to be one and the same. This just isn’t the case.

We recommend that you have five people in place to cover the following financial strategy roles:

#1 THE BOOKKEEPER ACCOMPLISHES FINANCIAL TASKS

Process all incoming mail, pay bills, generate invoices, classify all transactions, make bank deposits, implement collection efforts, process payroll, generate 1099s, and close the books.

#2 THE ACCOUNTANT ENSURES ACCURACY OF REPORTS

Make adjusting journal entries, reconcile accounts, generate reports, and create the annual budget.

#3 THE CFO OR ANALYST MANAGES CASH FLOW

Monitor bank balances, analyze weekly A/R and A/P reports, analyze monthly and quarterly reports, recommend actions to adjust operating expenses, reduce debt, and generate quarterly distributions.

#4 THE CEO OR STRATEGIST MAINTAINS THE FINANCIAL HEALTH OF THE ORGANIZATION AND CULTIVATES GROWTH

Set short- and long-term goals using financial data.

#5 THE CPA OR TAX AGENT MANAGES AND REPORTS TAX LIABILITIES

Recommend quarterly adjustments to mitigate unexpected tax liabilities, keep the entity in compliance, and file tax returns.

Having the right financial management team in place is essential! You need a powerful team to keep your financial engine running correctly to power your company toward those growth goals. Finding the right people for these roles isn’t easy though. That’s why Officeheads has a team full of experts in place to cover each of these roles for our clients, all under one roof. The best part? No more multitasking for your in-house staff! Your team gets to focus on achieving company goals and day-to-day operations.

Lack of focus is a major contributor to a fear of finance. Without the time or human capital to invest in financial strategy, it becomes even scarier! Officeheads can help. Our in-house team of experts empower business leaders to face their financial management fears and conquer them. If you are ready to face your fear of finance, reach out today. We have courage to share!