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The Financial Mentor with David Boyar: Lifting the lid on business

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Does the business owner need to control the finance systems?

by David Boyar |

Finance, Business Owner

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February 13 , 2019


It’s easy to feel that you need to be on top of every aspect of your business.

But, in fact, if you had financial control and visibility, you wouldn’t need to maintain overall control and divert your time and energy into areas that aren’t tapping into your natural talent.

Do You Manage Your Cash Flow?

Often, the business owner falls into financial planning and strategy because they’re the person that’s available to do it. But, finance and accounting are a really critical part of the business - it requires senior people to look at it.

It’s usually the last piece of the business that the owner and the founder delegate to somebody else. The business owner starts doing everything themselves. You’re finding the leads, closing the deal, delivering the work, doing the accounting and financing, as well as doing the marketing. You’re doing everything.

As you grow and the business matures, you start to push a lot of these responsibilities onto other people in the organisation or onto advisers. But, as the business owner, you still have to look at what the numbers mean, irrespective of whether you are the most qualified person to do this.

You would be able to add a lot of value to your business if you didn’t have to deal with delegable tasks or could spend less time on delegable tasks. That’s where having a proper financial control team on your staff comes into it. 

Outsourced CFO's streamline your business

When you bring on the help of our Melbourne Outsourced CFO’s, you gain more time to work on where your natural abilities actually lie. We encourage having the right team and the right support in place.

How do you know when you are ready to delegate these tasks?

The first hint is when you start the think, “There are better things I could be doing. Why can’t I just get a report that tells me these things that I just spent one hour, two hours, trying to work out for myself?”

Another point where it starts to become apparent is once you begin to hit the $1 million turnover point. Things become a little bit more complicated. And, at $2 million, you enter a whole new tax bracket, a whole new tax environment and a lot of changes.

As the business owner, you need to pose the question: “Is it time that I started to get more value out of the financial experts? Do I have enough control? Do I have enough visibility?"

Want to learn more about the benefits of outsourcing some of your financial functions? If so, discover the benefits of a Outsourced CFO, and why you should consider utilising the expertise of a Outsourced CFO here.



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The Financial Mentor with David Boyar: Lifting the lid on business