Scott Smith’s Post

Why do we so rarely see strategic financial accountants in the startup space? Firstly, they cost a lot. Most startups can’t justify the costs of a full-stack finance team with fixed annual salaries draining upwards of $300,000 from their business. Secondly, it’s actually quite a narrow field of expertise. It takes a different approach of accounting to blend commercial and financial strategy and apply that to a fast-growing business. Lucky for you, this is the whole reason why we started SBO Financial. Our goal was to be a different type of accounting firm that could provide the full stack of financial services – including CFO, management accounting and bookkeeping – for a fraction of the cost. We love delving into financial stories, going beyond tax to help you make impactful decisions. If you're looking for a different kind of accountant to accelerate your startup's growth, reach out to us – our inbox is wide open. 📧 info@sbo.financial 🖥 https://sbo.financial/

Signs that your bookkeeping may be broken. We often get questions from founders and investors on when it’s time to upgrade a startup’s finance function. Here’s my top observations and signals that your bookkeeping is broken: 1️⃣Inconsistencies: You notice discrepancies or missing entries in your books. 2️⃣Delayed Financials: You're unable to get timely monthly or quarterly reports. 3️⃣Lack of Forecasting: You struggle to predict cash flow or budget for the future. 4️⃣Manual Data Entry: You're spending too much time on manual reconciliations or data entry. 5️⃣ Tax Hiccups: You're facing compliance issues or unexpected tax liabilities. 6️⃣ Investor Questions: You can't readily answer investor questions about financial health or metrics. 7️⃣ Scaling Challenges: Your current system can't handle increased volume or complexity. If any of these resonate, it might be time to level up your finance function. A scalable financial function is the backbone of a thriving startup. Don't wait until it's too late. As always, DM me if you think you’re needing help on what to do. We are here to help! 🤓 #startupfinance #fractionalfinance #startups

Signs that your bookkeeping may be broken. We often get questions from founders and investors on when it’s time to upgrade a startup’s finance function. Here’s my top observations and signals that your bookkeeping is broken and upgrade your finance support: 1️⃣ Inconsistencies: You notice discrepancies or missing entries in your books. 2️⃣ Delayed Financials: You're unable to get timely monthly or quarterly reports. 3️⃣ Lack of Forecasting: You struggle to predict cash flow or budget for the future. 4️⃣ Manual Data Entry: You're spending too much time on manual reconciliations or data entry. 5️⃣ Tax Hiccups: You're facing compliance issues or unexpected tax liabilities. 6️⃣ Investor Questions: You can't readily answer investor questions about financial health or metrics. 7️⃣ Scaling Challenges: Your current system can't handle increased volume or complexity. If any of these resonate, it might be time to level up your finance function. A scalable financial function is the backbone of a thriving startup. Don't wait until it's too late. As always, DM me if you think you’re needing help on what to do. We are here to help! 🤓 #startupfinance #fractionalfinance #startups

Finance in the strategy room: the unsung hero for start-ups 🚀 Tech & SaaS founders, ever wondered how your finance team can be a game-changer in shaping your start-up's strategy? Dive into our latest article to discover: ✅ The evolving role of finance teams: Beyond just number crunching. ✅ The importance of understanding the business and its objectives. ✅ Active participation in strategic discussions: A finance team's unique perspective. ✅ Using data to drive strategy: Uncovering trends and challenges. ✅ Supporting the execution: Monitoring performance, managing cash flow, and more. Dave Eaton, a fractional CFO, emphasises the need for finance to challenge and align with the founders' goals, ensuring they're achievable and sensibly planned. A strong finance team isn't just about managing money; it's about driving success and sustainable growth for your start-up. Dive in to learn more 👇 https://lnkd.in/eHiQCagS How does your finance team support your strategic goals? Share your thoughts below! 🤔 #TechStartups #FinanceStrategy #SaaS #StartupGrowth #CFO

𝗚𝗲𝘁 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗨𝗻𝗱𝗲𝗿 𝗖𝗼𝗻𝘁𝗿𝗼𝗹. 3 𝙨𝙞𝙜𝙣𝙨 𝙩𝙝𝙖𝙩 𝙮𝙤𝙪𝙧 𝙨𝙩𝙖𝙧𝙩𝙪𝙥 𝙣𝙚𝙚𝙙𝙨 𝙖 𝙘𝙤𝙣𝙩𝙧𝙤𝙡𝙡𝙚𝙧: Identifying the right moment to hire a controller can be pivotal for a startup’s growth and financial health. 1 • Complex Financial Operations: As your startup grows, financial operations often become more complex, involving multifaceted transactions, regulatory compliance requirements, and the need for detailed financial forecasting and analysis. If you're finding it increasingly difficult to manage these complexities with your current team, it's a sign that you might benefit from the specialized expertise of a controller. 2 • Difficulty in Strategic Financial Planning: If your startup is at a stage where making strategic financial decisions, such as budget allocations, pricing strategies, or investment in growth opportunities becomes challenging due to lack of precise financial data or analysis, a controller can provide the necessary financial insights. They play a key role in strategic planning by offering accurate financial reports and forecasts that help in making informed decisions. 3 • Preparation for Scaling or Investment: If your startup is preparing for significant growth, scaling operations, or seeking investment, having a controller can be crucial. They ensure that your financial records are accurate, organized, and compliant with accounting standards. This not only helps in presenting your startup more favorably to potential investors but also lays a solid foundation for scaling your operations smoothly. At www.arightco.com, we provide expert Finance, Accounting, & Strategic Advisory solutions for IT and SaaS organizations. Offering endless scalability, allowing our services to grow with you from inception to exit. #accounting #accountingservices #linkedin #linkedinaccounting #startuplife #startupfinance #arightco

FULL STACK Finance Pro Want to know more? Keep reading. A full stack finance pro is a RARE BREED. ☑ They possess a wide range of FINANCE SKILLS. ☑ They're NOT JUST BUDGET WIZARDS. ☑ BUT also INSIGHTFUL FORECASTERS. ☑ They CRUNCH numbers with the precision. ☑ And DECODE financial jargon into a simplified words. But, here's the KICKER. They aren't CONFINED within the rigid walls of finance. ☑ They ZOOM OUT to the big picture by: → DIVING INTO STRATEGY → WEARING MULTIPLE HATS → DABBLING IN OPERATIONS → MOONLIGHTING in SALES & MARKETING ☑ They're the Swiss Army knife of the CORPORATE. ☑ They understand how the GEARS fit together. And more IMPROTANTLY, ☑ They make those gears work in HARMONY. Why does this MATTER, you ask? ☑ Well, they hold the key to a goldmine of INSIGHTS. ☑ They can catapult your business to new HEIGHTS. ☑ They'll show you not just where your money IS going. ☑ But where it SHOULD be going. Ready to bring a Full Stack Finance Pro to your team? Let's talk. Drop a 📩 in the comments or hit that 'Connect' button. Let's bring the magic to your finance department! P. S. Reposts are appreciated 🔂 P. P. S. Term author is Josh - give him a follow. ----------------------------------------- #FullStackFinancePro #FinanceMagic #BusinessGrowth 🚀 You're SaaS company in early stage and wanna boost your business by leveraging FP&A? Jump on a call with me. (link on my LinkedIn profile) 🔥 Wanna move to FP&A? Check out my Featured section and book a coaching session with me. (link on my LinkedIn profile) 📚 Get my e-book "the Ultimate FP&A BI Guide for SaaS" (link on my LinkedIn profile) 💪 I am Aleksandar, B2B Startup & Scaleup FP&A/CFO & Founder of Fiscallion, and I am obsessed with Startups, Scaleups, Finance & Investors. Did you like this content? 👍 Give this post a thumbs up ➕ Follow me for more Finance & Accounting Resources & Tips 🔔 Ring the bell icon on my profile to be notified of future posts like this one 👀 Know a founder drowning with FP&A? 👇 Tag them below!

📑 Founders, don't underestimate the power of a well-organized Chart of Accounts! 💡 Our guide, shared by Vanessa Kruze, CPA, walks you through the process of building a COA that serves as a solid foundation for your startup's financial management. 🏗️ Link to the article in the original Kruze Consulting post. #ChartOfAccounts #StartupFinance #FinancialManagement #Accounting

🚀 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 𝗳𝗼𝗿 𝘀𝘁𝗮𝗿𝘁𝘂𝗽𝘀🚀 Charting your financial journey? We bring you key strategies for effective financial management tailored to startups. 💡 𝗦𝗧𝗥𝗔𝗧𝗘𝗚𝗜𝗖 𝗙𝗜𝗡𝗔𝗡𝗖𝗜𝗔𝗟 𝗣𝗥𝗔𝗖𝗧𝗜𝗖𝗘𝗦:  • Implement real-time accounting practices for instant financial information. • Strategically manage AP & Vendor relationships for cost control and operational efficiency. • Execute financial clean-up strategies, including Controller Review, to establish a solid foundation. 🌐 𝗧𝗔𝗫 𝗘𝗙𝗙𝗜𝗖𝗜𝗘𝗡𝗖𝗬 𝗣𝗟𝗔𝗡: • Develop and implement a strategic tax planning framework for maximum benefits. • Create a roadmap for seamless tax compliance to navigate complexities effectively. 🤝 𝗙𝗜𝗡𝗔𝗡𝗖𝗜𝗔𝗟 𝗦𝗧𝗥𝗔𝗧𝗘𝗚𝗜𝗘𝗦 𝗦𝗨𝗣𝗣𝗢𝗥𝗧𝗘𝗗 𝗕𝗬 𝗖𝗙𝗢: • Collaborate with a seasonal CFO for strategic financial planning, ensuring alignment with business objectives. • Implement CFO-supported strategies for successful equity and debt raises. 📊 𝗗𝗔𝗧𝗔-𝗗𝗥𝗜𝗩𝗘𝗡 𝗗𝗘𝗖𝗜𝗦𝗜𝗢𝗡 𝗠𝗔𝗞𝗜𝗡𝗚: • Leverage predictive budgeting for proactive financial planning. • Turn raw financial data into actionable insights with strategic data science analytics. Need help in implementing effective financial strategies? Let us help you get where you want to be.🚀 #financialstrategies  #startupsuccess #startup #startupbusiness #financeandaccounting

📊 Founders, Your Chart of Accounts is Your Financial Roadmap! 📈 As a founder, have you ever felt lost in a sea of financial data? 🌊 Your chart of accounts (COA) is the key to navigating those choppy waters! 🧭 Think of your COA as a comprehensive list of all the accounts used by your startup to record financial transactions. It's the backbone of your accounting system, providing a systematic way to organize, categorize, and track your financial activities. 💰 Why is it so important? 🤔 🔸 Financial Reporting: A well-structured COA facilitates accurate and standardized financial reporting, giving stakeholders insights into your startup's financial health. 🔸 Budgeting and Forecasting: By categorizing expenses and revenues, you can effectively budget and forecast future financial performance. 🔸 Compliance and Taxation: A properly maintained COA helps ensure compliance with regulations and simplifies the tax filing process. 🔸 Analysis and Insights: With a detailed COA, you can conduct in-depth financial analysis and gain valuable insights, like identifying cost-saving opportunities or evaluating product profitability. As a founder, I've seen countless startups struggle with financial organization. Don't let that be you! Invest the time to build a solid COA tailored to your startup's unique needs. 🌟 Remember, your COA is your financial roadmap. Use it wisely, and you'll navigate your startup to success! 🚀 #ChartOfAccounts #StartupFinance #Accounting 🔗 For a deep dive into building and managing your startup's chart of accounts, check out our comprehensive guide in the first comment below! 👇

🚀 Attention startup founders! Your Chart of Accounts is your secret weapon for financial success. 📊 From facilitating accurate reporting to enabling strategic decision-making, a well-structured COA is a must-have. 💼 Check out the full guide in the original Kruze Consulting post. #ChartOfAccounts #StartupFinance