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Building A Financial Team Can Lead To Financial Success
You have been in business for several years and you have been handling the finances for your business. One day you get tired of managing the money, receipts and all the paperwork to prepare for taxes. You begin to think to yourself who you can contact, what steps you can take! You put the thought of your mind and continue running your business. A week later you are driving down the road and you hear a thirty second commercial on the radio. The voice says, “Have you been managing your business finances for several years and now you have grown tired? Now is your chance to contact Journey to Wholeness. They will teach you about building a financial team. Contact them at www.journeytowholeness.net” Then it returns to music.
You begin thinking to yourself – what is a financial team? Who makes up a business financial team and can there be a downside to a financial team? When building a financial team the following are important:
1) Bookkeeper
2) Accountant
3) Personal Banker
4) Financial Planner
The role of the bookkeeper is to handle your monthly bank statements and
reconciling your account. You would give this person all of your receipts so that they have all the necessary paperwork to give you the summary of your account. The bookkeeper can generate reports based on your monthly statements. The bookkeeper can advise you on sales tax and a sales tax license if you need that for your business
Next is the accountant. The accountant would do your taxes at the end of the
year with the various statements from the bookkeeper. This should be a fairly easy connection based on who your bookkeeper is. The accountant can advise you of all the deductions you should be taking for your business. I have often talked to business owners that did not have an accountant and invariably did not deduct all that was allowed.
Personal banker is the person that you would discuss over different lines of credit and
financial tools you might need for personal and business. You could discuss with the personal banker a business account, setting up the account and even having a business line of credit.
Financial planner is the person that will help you with long term goals such as life insurance, disability and retirement planning. Even if you do not talk to this person initially, make sure you eventually take the time to talk to a financial planner and discuss long-term goals.
The bookkeeper is not necessary if you are skilled and knowledgeable in managing your personal finances. Pitfalls to not having personal financial team working for you is that you do not accomplish financially what you would like to. You end up in debt and do not know how to remove the debt as well as get back on your feet. When you do not set goals, you have nothing to work towards.
A Financial Team is outside looking in with an unbiased opinion. That can help you achieve goals and dreams for you and your family. Maybe after reading this you are asking yourself, do you need a financial coach? You might because they can provide one-on-one coaching or counseling based on where you are. They also could connect you to others member for your financial team.
Too many people on the team can spoil it if they are not in agreement about what needs to be done. If you are in the beginning phase of building a financial team, I recommend starting out with the bookkeeper and accountant. Either one of them if not both of them should be able to recommend a financial planner. You should already know your personal
banker.
Take the time today to assess where you are and if you need a financial team. The time a financial team could save you and teach you could mean the difference between success and failure in your business. It is my hope that you would prepare your business for success.
Dr. Taffy Wagner is a speaker, publisher and author of Debt Dilemma, Homebuyer’s Helper, e-books Spare Change and Every Little Bit Helps. She is the financial advisor for Christian Business Talk Radio. Dr. Taffy conducts seminars on business and personal finances. She is the co-founder of Journey to Wholeness, where she and her husband provide mentoring, counseling and coaching for individuals, couples, business owners and organizations so they can achieve success in the life. She is available to speak to groups, coach individuals and provide mentoring. Contact her through her website at http://www.businessmoneymatters.com/
ACS provides non profit credit counseling, credit management and consolidation services to consumers
ACS provides credit repair, credit counseling and free consolidation information to consumers. ACS helps people solve debt problems by providing free credit counseling articles and resources. ACS is a non-profit community organization whose staff members have the training and experience to assist you.
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