The Financial Professional To Hire for Your Business
Navigating the financial landscape of a small business can be complex and daunting. Understanding when and which financial professionals to hire for your small business crucial for efficient management and growth. In this blog, we’ll outline the key financial professionals to hire for your small business and the different stages of your business journey, from the initial $50k-100k mark to the significant milestone of $750k-1M in revenue.
1. Bookkeeper and CPA: The $50k-100k Mark
The Role of a Bookkeeper
Bookkeepers are the unsung heroes of small business finance. They meticulously handle day-to-day accounting tasks such as recording income, purchases, receipts, and payments. By keeping your financial records organized and up-to-date, they lay a solid foundation for further financial analysis and decision-making.
Why Hire a CPA?
Certified Public Accountants (CPAs) bring a higher level of expertise, particularly in tax planning and compliance. They ensure that your financial statements are accurate and prepared efficiently for tax time.
Cost and Services
The cost of hiring a bookkeeper typically ranges from $20 to $50 per hour, or a monthly fee of $300-700 for basic services. CPAs, on the other hand, may charge higher rates given their specialized skill set.
Who to Hire?
At Centure Financial, we offer comprehensive bookkeeping services using platforms like QuickBooks Online and WaveApps to maintain impeccable financial records for your business. Apply to work together.
2. Payroll Processor: The $100k-250k Mark
As your business grows and the employee count increases, managing payroll can become complex. Payroll processors specialize in calculating wages, deductions, taxes, and ensuring compliance. They are essential for error-free and timely employee compensation.
The Investment
Costs for payroll processing services vary, typically around $500-1,000 per cycle, with additional fees for setup and maintenance.
3. Finance Manager: The $250k-500k Mark
A finance manager or controller brings a strategic perspective to your financial operations. They are responsible for overseeing all financial activities, providing insights for decision-making, and ensuring the smooth operation of the financial department.
Financial Commitment
The salary for a finance manager ranges from $70,000 to $150,000 annually, with fractional services available at $1,000-5,000 per month.
CTA
At Centure Financial, you gain access to a dedicated Finance Manager to oversee and strategize your financial operations effectively. See our service menu.
4. Fractional CFO: The $500k-750k Mark
Hiring a fractional CFO is a game-changer at this stage. They bring C-suite expertise, guiding your company’s financial direction, crafting strategies, managing budgets, and identifying growth opportunities.
Cost Considerations
The cost for a fractional CFO ranges between $2,200 and $6,000 per month.
5. Wealth Manager: The $750k-1M Mark
When your business income starts to intertwine with personal financial goals, a wealth manager becomes indispensable. They offer tailored advice on investment strategies, retirement planning, and overall wealth management.
Investment in Wealth Management
Wealth managers typically charge a percentage of assets managed, a flat fee, or a combination of both.
Now You Know The Financial Professionals to Hire For Your Business
Recognizing the right time to invest in financial expertise is key to the sustained growth and success of your small business. Each professional, from bookkeepers to wealth managers, plays a distinct role in guiding your financial journey. Understanding their roles and knowing when to bring them on board can make a significant difference in how smoothly and successfully your business operates.
At Centure Financial, we are committed to providing comprehensive financial services tailored to your business’s unique needs. From bookkeeping to CFO services, our goal is to help you master your finances, understand your numbers, and build a powerful and profitable brand.
