HOW TO KNOW WHEN IT'S TIME TO CALL IN THE PROS FOR FINANCIAL REPORTING
- shneor fridman
- Sep 19, 2024
- 2 min read
As a CEO or business owner, you wear many hats, and while understanding your company’s financials is crucial, there are times when relying solely on your internal financial team just isn’t enough. There comes a point when calling in external experts becomes necessary for the health of your business.
Why You Might Not Be Getting the Full Picture
Even the best bookkeepers and controllers can miss the mark when it comes to specific business nuances. Maybe they don't fully grasp the complexity of your operations or are overwhelmed by rapid growth. For instance, a bookkeeper might produce financial reports that simply don’t align with what you know about the business. That’s when the alarm bells should start ringing.
Key Indicators You Need External Help
Financial Reports Don’t Add Up If you consistently find yourself questioning the accuracy of your financial statements, something is off. This could indicate that your bookkeeper doesn’t fully understand the business's unique financial structure. You shouldn’t need a finance degree to read your own reports.
Your Business Is Growing Rapidly When your company is scaling fast, your financial team may struggle to keep up. With growth comes complexity—multiple revenue streams, new departments, and increased expenses—and your internal team might not have the capacity to manage it all efficiently.
High Turnover in the Finance Department If your business has seen frequent changes in financial staff, it’s likely that critical knowledge is being lost along the way. When you’re dealing with high turnover, bringing in external experts ensures continuity and stability in your financial reporting.
Software Limitations In some cases, your accounting software may not be adequate for the scale or complexity of your business. If you find your system is producing incomplete or overly simplified reports, it’s time to seek external advice on upgrading or replacing your software.
The Trust Factor
Trust plays a crucial role in financial reporting. You must have confidence not only in your financial team but also in the systems they use. External experts can provide an unbiased perspective and help you bridge any trust gaps that may exist.
When your gut tells you something is off, don’t ignore it. Trust your instincts and bring in external pros who can ensure your financial reporting is accurate, consistent, and aligned with your business goals.

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