The CFO'S Perspective

The last decade has seen an unparalleled push for greater efficiency. Increased automation across all business sectors has ushered in a focus on “faster” and “cheaper.” And while these are certainly important pursuits amidst rising labor and materials costs, they certainly should not be a company’s only focus. Chasing faster and cheaper almost always comes at the expense of “better,” which is a shame because “better” can actually go a long way in achieving both.

It's a tough environment for small businesses in the United States, particularly new ones. The Bureau of Labor Statistics reports that almost 20% fail in their first year and only about half make it to five years. The threats are piling up, and they range from failing to find a viable product or service to customer service gaffes and even cybersecurity issues. But some of the biggest problems that small businesses face are financial in nature.

Financial woes can impact a company of any size. 2018 marks the 10-year anniversary of the height of the financial crisis when regulators walked into Seattle's Washington Mutual and shut down one of this nation's largest regional savings and loans for good. Few longtime area residents have forgotten the impact that Frederick & Nelson had on the area's retail scene, before becoming victim to some strategic and financial missteps. Whether a company is large or small, public or private, many of these issues begin at the granular level.

The value of working with a bookkeeper is undisputed; bookkeepers are professionals at managing the day-to-day financial transactions of business, providing the business owner with the information necessary to make sound financial decisions for the future. What’s more, there is no doubt that regardless of the type of business that you operate, bookkeeping and accounting services are invaluable, and essential for efficient operation.