When should I upgrade the finance function in my business?
If the owner is still approving every payment, chasing every invoice and trying to understand performance from the bank balance, the finance setup is probably lagging behind the business.
The signs I would look for
If the owner is still approving every payment, chasing every invoice and trying to understand performance from the bank balance, the finance setup is probably lagging behind the business.
Your reporting needs change as you grow
As transaction volume, staff and complexity increase, year-end accounts and basic bookkeeping stop being enough. The business needs regular reporting, clearer controls and somebody responsible for interpreting the numbers.
You don't have to jump straight to an internal finance team
The answer isn't automatically to employ a finance team. Many businesses move from basic bookkeeping to outsourced bookkeeping and reporting, then add strategic finance support before an internal hire becomes economical.
Make the change before things start breaking
It's easier to improve systems when the business is healthy than when cash is tight or growth has exposed every weakness at once. Upgrade when the current process is becoming stretched, not after it has failed.
Outsourced Finance & Bookkeeping
Still have a question?
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