We all do it. We glorify productivity and being able to “manage it all ourselves”. Some say it’s woven into the fabric of Western culture. Others say it’s a generational shift. Either way, it’s a mentality the vast majority of us can relate to.
But what if that mentality is actually preventing you from accomplishing your greater finance goals?
Be honest— how often do you sit down to analyze your spending habits, monitor your financial progress, and plan for the future?
And even if you are able to find the time to do these things on a regular, consistent basis, would your life be easier if you knew a team of professionals could help manage these tasks while protecting your best interests?
This is what a Business Finance Team is all about— expertly handling the details so you can worry less and enjoy life more.
But there’s just one catch: your experience will only be as good as the team you put in place. So, it’s imperative that you identify which finance functions are essential to your success.
Let’s take a closer look at the various options you’ll need to consider.
The 5 Business Finance Roles and Responsibilities
- Financial Planner
A financial planner is focused solely on your future economic welfare. Their job is to put tangible and comprehensive plans in place that, when adhered to, will ensure you achieve your financial goals. These plans can be related to investments, retirement, your child’s education fund, or any other business goal you may have as it pertains to money.
It is important to note, however, that financial planners do have limitations. They do not provide the in-depth audits or business operations financial forecasting services that an accountant would offer.
Chartered Professional Accountants (CPAs) typically work with larger amounts of money or individuals with more complex financial needs, whether it’s requiring assistance with tax compliance, conducting financial audits, or deeply analyzing financial records.
Working with an accountant is always recommended for those who need to interpret a substantial amount of financial data. But it also never hurts to have an accountant you trust— regardless of how complex or comprehensive your financial needs may be.
- Estate Planner
When building a financial team, the value of an estate planner should never be discounted. While preparing for our own incapacitation or death is a morbid experience, it is also one that greatly benefits those we love and care for most.
Estate planners are uniquely qualified to identify potential issues or concerns before they occur, ensuring your business wishes are fulfilled precisely as you intended them to be.
Your estate planner can assist you with a wide range of tasks, including: transferring your assets, preparing your will and other pertinent legal documents, selecting an executor, establishing trust funds, and much more.
Lawyers are the defensemen of your business finance team. They are there to advise you and represent you regarding any legal matters pertaining to your finances. They can ensure any documents you prepare are legally binding, protect you when you are transferring assets, or help you prepare business finance statements as part of a loan approval process.
The structure of a Business Finance Team is never complete without an experienced and qualified lawyer you can trust and depend on.
- Profit Advisors (That’s Us!)
Think of us as your financial quarterbacks— we aren’t just responsible for our job, we’re responsible for understanding every component of both your personal and business financial plans (and the people you’ve hired to make them happen).
We are here to help you identify your holistic finance needs and connect you with the appropriate resources. We work in collaboration with all the other roles listed above, providing information and insight to each team member on your behalf.
Need to connect with a lawyer? We can recommend one. Too busy to communicate a change in your budget to your financial planner? We can make the call for you. Need someone to maintain a bird’s eye view of your business finances while you focus on other priorities? We’ve got you covered.
Are you interested in learning more about how our relationship-focused advisory services can alleviate stress and turn your hopes into realities? Reach out today. We’d be happy to chat about how we can contribute to your success.