Basic Financial Management System and the Best Rochester Accountant

July 1, 2013

Financial management is one area where the most reliable and reputable Rochester accountant – from Rizzo DiGiacco Hern & Baniewicz, of course – can be of valuable assistance to your business. Keep in mind that the best financial management system should include where, why and how to secure financing on one hand and how to use the funds toward the achievement of the business goals on the other hand.

Indeed, effective and efficient management of cash inflow and cash outflow are two of the most important aspects of running a successful business! This is also one of the reasons why large companies opt for CFO outsourcing in cases when an in-house chief financial officer has impractical implications (i.e., higher personnel costs from salaries, benefits and bonuses). With an outsourced CFO, the business can avail of effective financial management at reasonable costs.

Overall Functions

What exactly can the Rochester accountant assigned to your business do for it? It should be noted that financial management is the process of effectively and efficiently managing the financial resources of the organization including bookkeeping, accounting and internal auditing; planning, implementing, and evaluating compliance with the budget; collecting accounts receivable; planning risk management measures; and determining insurance needs.

From the above mentioned functions, you can easily conclude that our qualified accountant can give more than his two cents’ worth of opinions. You can ask – and be given, for that matter – for his professional opinion, which will be based on a comprehensive education, training and work experience in accountancy. With such background under his belt, you are assured that your financial management system will be better for it.

Important Decisions

Our Rochester accountant can provide valuable assistance in a particular aspect of financial management – deciding who will manage your financial records and books of accounts. Keep in mind that your decision on this matter will affect several aspects of your business – salary costs, compliance with the laws, and decision-making processes based on the reliability, accuracy and timeliness of the financial records, among others.

Your assigned accountant can discuss the pros and cons of your options in this matter, said options of which include:

• In-house bookkeepers and accountants (This is suitable for large organizations where the complexity of the business demands such structure and where the budget allows for it)

• In-house bookkeepers with a Rochester accountant hired to prepare specialized documents like tax returns.

• External bookkeepers managing the books and external accountants handling the formal reporting functions.

You may also want to look into the benefits of CFO outsourcing. Said benefits include enjoying the services of a professional chief financial officer sans the burden of paying for regular salaries, benefits and bonuses, thanks to the flat fees.

Perhaps the best services that our Rochester accountant can provide for small and mid-sized businesses including start-ups is in setting up an effective, efficient and customized bookkeeping and accounting system. Why is this so? Well, because for a financial management system to be effective, it must rely on the accurate, reliable and timely records and reports from the bookkeeping and accounting system.

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