Defining Financial Capabilities
When it comes to growing a business, finances play a major role. Financial capabilities means that you are aware of the funds available to invest in your business, not only at its inception but anytime during its lifetime. Knowing your financial status at any given moment and having comprehensive records pertaining to the initial investment in the company as well as all income and expenses is an essential component for growing a business.
Having a CPA to help at the start, to offer advice when needed and to handle year end reports is a must. The second recommended finance support person is someone to handle the day to day record keeping. Yes, there are many great software packages such as QuickBooks, but this is an item that can be outsourced at a very reasonable price thus allowing you to focus on growing the business.
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