“Every business owner needs to be his or her own CFO!”
So says Jay Goltz in the May 2009 issue of Fortune Small Business, page 17. I couldn’t agree more!
“Delegating that task to a bookkeeper or an outside accounting firm means putting your life into their hands. They generally don’t know the ins and outs of your business well enough to make critical decisions.”
Over 25 years in business, working only with remodelers, I’ve met many who have delegated not just the bookkeeping but more importantly the understanding of bookkeeping and financial reporting to others. The line typically is something like “I just hate that stuff, I don’t do it, Jennifer (or some other name, typically female) handles everything. She pays the bills, she balances the checkbook, she does payroll.”
But, I ask who LOOKS AT the reports, who understands the trends, who cares about what they mean?
Now more than ever, you – as owner – must be your own CFO.