Business is a number’s game.
To get full control of your company, knowing where money is going and coming from is your leverage in effectively navigating a business towards success. If numbers such as income and expenses are managed effectively, it builds a strong avenue for potential growth and achieving your goals by creating strategies to weather unexpected financial downturns.
But how do you win the number’s game?
By building a great F&A Team.
Since all businesses, regardless of industry, depend on tactical financial management, you need to have a great finance and accounting team to keep your company headstrong in the number’s game because they play a key role in guaranteeing your win.
We listed 3 reasons how they can secure your success:
- They keep clean financial records
Finance and accounting both essentially record your company’s past, present and future financial activities. Although finance focuses mainly on future acquisition and accounting leans more on tracking your past financial transactions, they are your ledger in tracking income and expenses on your current and future operations.
Through them, you can maintain accurate data of your financial activities that can help you understand your business’s cash flow and preempt future acquisitions, potential savings and prospective revenue.
- F&A circumvent legal problems
A team of F&A experts make sure that they adhere to important business laws because they know that overlooking a minor detail could have major implications to tax management and extirpate a company. Poor financial records can lead unavoidable audits and possibly face unnecessary legal troubles.
Reliable and responsible F&A team ensures statutory compliance is practiced accordingly by following economic laws and regulations. On top of it, they are also ISO 27001:2013 and ISO 9001:2015 certified. They make certain that liabilities such as sales tax, VAT, income tax, and pension funds, to name a few, are appropriately addressed.
- Help develop financial strategies
A high-performing F&A team not only keeps a clean financial record and assists you in avoiding any legal problems, they are also your ally in developing financial strategies to keep your business growing and helping you achieve your financial goals. They can generate financial reports and thoroughly analyze your company’s books which you can use to have a better understanding of your company’s cash flow giving you an avenue to develop optimal financial strategies.
Business owners who have a better view of their fiscal records empower them to make informed financial decisions and map out plans to secure their growth and success. Lastly, knowing your current financial standing can also help you identify new areas of growth that can be used to create more opportunities for business accomplishments.
Challenges in building great F&A Team
The next step to secure your victory in the number’s game is to employ the right experts and build a great F&A team. But, there are two hurdles in doing so; salary and available talents.
Higher and Increasing Salary
Finance and accounting belongs to the high paying talents in the job market. A US Bureau of Labor Statistics (BLS) records that the median pay for a Financial Analyst in 2014 was $78,620 per year, $37.80 per hour but it is projected to grow by 12% in 2024. Accounting on the other hand has a median pay of $65,940 per year, $31.70 per hour and is projected to increase by 11% in 2024, which is also an above-average growth rate.
This means that to build an F&A team means to invest on the right people because employing them requires paying a hefty amount for their salary.
Shrinking Talent Pool
In addition, there’s a limited pool of talents for the F&A profession in the US.
Finance and accounting talents aged 55 and up have increased in the past 10 years. This makes the talent pool of younger, experienced and highly qualified candidates shrinking. Although there are fresh graduates and novice F&A professionals in the pool, companies prefer those that have years of experience making the hunt more challenging.
Right Partner, Great Team
One sure way for a business to build a great finance and accounting team is by finding an outsourcing partner who has access to the talent pool talents while ensuring up to 70% savings on operation cost. A premier outsourcing partner will take care of scouting the best fit people for your company and employing high performing finance and accounting specialists that match your unique needs. Because of their access to world-class talents and a speed to market hiring process, you can easily build a great F&A team and focus more on navigating your business towards success.
Partnership with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.
We can build you a great, high-performing F&A team! Here are some examples below:
Let’s work together to build a great Finance and Accounting Team.
Start small. Exceed expectations. Think infinitely. Think Infinit-O.